EDISON, N.J., April 28, 2022 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced that it has entered into a $200 million common stock standby equity purchase agreement (the “SEPA”) with an affiliate of financing partner Yorkville Advisors (“Yorkville”). The purchase agreement gives Eos the right, but not the obligation, to sell up to $200 million of common equity to an affiliate of Yorkville at the time of Eos’s choosing during the two-year term of the agreement.
“We are seeing rapid demand growth in stationary energy storage which requires additional capital to further expand manufacturing capacity and product development,” said Joe Mastrangelo, Chief Executive Officer of Eos. “This financing commitment is a key enabler to continue our positive growth trajectory and we’re thrilled to partner with Yorkville at this crucial point in Eos’ journey.”
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