Eos Energy Storage has raised US$23 million in a latest financing round to help fund the production of its grid-scale battery systems.
The financing was led by AltEnergy LLC, an energy technology and infrastructure investment firm. Other investors included OCI and some 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 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. Priced at US$160/kWh, demand for the Aurora product has surged since Eos launched the commercial offering in January, the company said. 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.”
“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.”