U.S.-based battery systems developer and manufacturer Eos Energy Storage has secured US$15 million in funding through a private placement with AltEnergy LLC.
Eos also 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’s Aurora 1000/4000 DC battery product.
Eos was recently awarded $2.1 million by the California Energy Commission. The funding supports development of innovative, grid-level advanced energy storage technology solutions.