Eos Energy Storage, a developer and manufacturer of grid-scale battery systems, announced a private sale of shares to investment firm AltEnergy. Eos expects to receive $15 million in gross proceeds from the private placement and plans to place an additional $10 million with accredited investors for total gross proceeds of $25 million.
The placement has been structured in two closings. The first closing occurred on December 1, 2014, and the second closing is expected to occur in the first financial quarter of the current fiscal year. Proceeds from the financing will be used primarily for pilot manufacturing scale-up and ongoing commercialization of Eos’ Aurora 1000|4000 DC battery product.
In late 2014, Eos Energy Storage said it will demonstrate its grid-scale battery system at Pacific Gas & Electric’s (PG&E’s) Smart Grid Lab in San Ramon, Calif., with the support of a $2.1 million award from the California Energy Commission.