Eos Energy bags USD 25m in fresh funding

The Eos Energy Block containerised solution. Source: Eos Energy Enterprises Inc

October 6 (Renewables Now) - US zinc-based energy storage solutions provider Eos Energy Enterprises Inc (NASDAQ:EOSE) yesterday said it has secured USD 25 million (EUR 21.5m) in financing from debt provider Trinity Capital Inc (NASDAQ:TRIN), which will be used to boost production of the company's batteries.

Eos will acquire equipment to boost production of its aqueous Znyth batteries, which provide energy storage for three to 12 hours. The batteries can be used in applications across the energy supply chain, including utilities and industrial and commercial sites.

The company's manufacturing facility is based in Pittsburgh, Pennsylvania.

“As we continue to ramp up our manufacturing operations, we expect to have even greater visibility into managing our customer commitment and orders backlog, and improve our delivery lead times," chief financial officer Sagar Kurada commented.

(USD 1 = EUR 0.862)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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