Eos Energy Storage Raises $23 Million to Support Manufacturing of Grid-Scale Batteries and Fulfillment of 3,000 MWh of Qualified Pre-Orders
By Business Wire News
By Business Wire News
Eos Energy Storage today announced a final closing of a $23 million Round C equity financing, supporting commercial launch of the company’s grid-scale battery technology. The round was led by AltEnergy LLC, an energy technology and infrastructure investment firm. Other investors included major strategic partners such as OCI and nearly all of Eos’s prior investors including NRG Energy and Fisher Brothers, a New York-based real-estate firm. The funding will accelerate the company’s transition to commercial manufacturing and product sales and deliveries.
Eos is now selling its Aurora 1000|4000, a containerized 1MW/4MWh DC battery system, which will support renewable energy integration, peak demand reduction, and lowering of customer electricity bills. At a disruptive price of $160/kWh, demand for the Aurora product has surged since Eos launched the commercial offering in January. Qualified pre-orders now exceed 3,000 MWh and are growing rapidly, with deliveries beginning next year.
“We’re gratified to see this response both from our investors and from the market,” says Eos CEO Michael Oster. “Demand is being driven by utilities and developers in key international markets spanning six continents. We couldn’t have found better financial partners to work with as we scale up to supply gigawatt-hours of commercial systems into a diversified project pipeline.”
Eos has developed a long-lasting ZnythTM battery technology that uses safe water-based electrolyte, innovative metal coatings, and a novel hybrid cathode to enable extremely low-cost electricity storage. Aurora systems are currently being tested with Con Edison of New York and GDF SUEZ and in the coming months with Pacific Gas & Electric in California. Major utilities—including NRG, Exelon, AEP, Enel, National Grid, and others—have joined Eos’s Genesis program to support development, field testing, and commercial deployment of the Aurora product.
“We have evaluated the entire energy storage landscape and view Eos as the clear leader in cost, safety, and performance,” said AltEnergy Founder and Managing Director Russell Stidolph. “It’s the combination of great technology and a strong management team that we believe will make Eos a big winner in the multibillion-dollar stationary storage market. As investors, we appreciate the company’s emphasis on capital efficiency and believe that Eos is on track to deliver a game-changing product in 2016.”
Eos provides full DC battery systems, and through its Aegis Program is partnering with major system integrators to deliver a turnkey AC energy storage solution to end-use customers. Aegis Partners include Toshiba, Gamesa Electric, Ideal Power, and other major global organizations that will sell, install, and service AC-integrated battery systems combining Eos’s Aurora product with leading power conversion and software controls. Eos batteries can be pre-ordered for deliveries beginning in 2016 through the company’s website.
About Eos Energy Storage, LLC
Eos is developing a low-cost energy storage solution for electric utilities, with additional applications in commercial and industrial, telecom, and residential markets. Eos’s mission is to produce safe, robust, cost-effective energy storage solutions that are less expensive than incumbent alternatives, such as gas turbines for power generation. Eos is located in Edison, NJ, and New York, NY. More information is available at www.eosenergystorage.com.
About AltEnergy LLC
AltEnergy is an investment firm that focuses on early-stage opportunities in the energy sector. It plays an active role in assisting its portfolio companies realize their full potential by providing them with patient capital and business development resources. AltEnergy’s investment portfolio includes the Tres Amigas superstation, an infrastructure project connecting the three major transmission grids in the U.S., energy efficiency and demand response software technology provider Viridity Energy, and numerous renewable energy projects that will create a multi-hundred megawatt pipeline for Eos batteries.