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Eos Energy Announces Strategic Investment of up to $315.5 Million from Cerberus to Propel Eos’ Expansion and Path to Profitability
Significant strategic investment supports Company’s growth plans in an accelerating long duration battery storage market and enables Eos to restructure
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"Significant strategic investment supports Company’s growth plans in an accelerating long duration battery storage market and enables Eos to restructure existing debt\nTURTLE CREEK, Pa. and NEW YORK, June 24, 2024 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (\"Eos\" or the “Company”), a leading provider of safe, scalable, efficient, and sustainable zinc-based long duration energy storage systems, today announced a strategic investment of up to $315.5 million from an affiliate of Cerberus Capital Management LP (“Cerberus”), to support its growth plans during a secular shift in global energy markets. The demand for safe alternatives to incumbent battery technologies is increasing and the world is facing significant energy growth along with an increased focus on higher energy independence and security. Cerberus is a global leader in alternative investing with a dedicated platform focused on supply chain integrity and national security. The companies believe that this investment should accelerate Eos’ operating capabilities and industry position. The long-duration energy storage segment is forecasted to more than double by 2030, driven by increased energy demand from data centers and artificial intelligence growth combined with lower carbon energy mix targets and supportive government policies. This investment is structured to allow the Company to meet growing market demand effectively as evidenced by Eos’ $13.3 billion pipeline and $602.7 million orders backlog as of March 31, 2024. This funding supports Eos’ plan to scale operations and execute on its path to profitability. “We are thrilled to partner with Cerberus at a pivotal moment in Eos’ history. This investment provides the critical funding needed to execute our profitability roadmap, while also providing our customers with the confidence that Eos can produce at scale,” said Eos Chief Executive Officer Joe Mastrangelo. “Cerberus’ investment, combined with their deep operational and technical knowledge, enables us to expand our manufacturing capacity, streamline our supply chain, and strengthen our market position.” This partnership leverages both companies’ commitments to advancing domestic manufacturing and innovation and strengthens Eos’ position as a leading provider of American-made energy storage solutions. As the United States continues to transition...