On June 21, 2024, Eos Energy Enterprises, Inc. entered into a strategic investment agreement with Cerberus Capital Management LP, securing up to $315.5 million to support the company's growth and path to profitability. The investment includes a $210.5 million delayed draw term loan and a $105 million revolving credit facility. The initial funding of $75 million was received at closing, with Cerberus receiving penny warrants and non-voting convertible preferred stock equivalent to 33% of Eos' outstanding equity, potentially increasing to 49% depending on operational milestones. The investment will help Eos scale operations, streamline supply chains, and strengthen market position in the long-duration energy storage segment. Eos also used part of the proceeds to retire existing debt, improving its balance sheet. The investment is seen as...Show More

On June 21, 2024, Eos Energy Enterprises, Inc. entered into a strategic investment agreement with Cerberus Capital Management LP, securing up to $315.5 million to support the company's growth and path to profitability. The investment includes a $210.5 million delayed draw term loan and a $105 million revolving credit facility. The initial funding of $75 million was received at closing, with Cerberus receiving penny warrants and non-voting convertible preferred stock equivalent to 33% of Eos' outstanding equity, potentially increasing to 49% depending on operational milestones. The investment will help Eos scale operations, streamline supply chains, and strengthen market position in the long-duration energy storage segment. Eos also used part of the proceeds to retire existing debt, improving its balance sheet. The investment is seen as a testament to Eos' vision and a validation of the need for American-made battery storage solutions. The transaction details include operational milestones through April 2025, with additional funding contingent upon achievement. The investment is structured to allow Eos to meet growing market demand, evidenced by a $13.3 billion pipeline and $602.7 million orders backlog as of March 31, 2024. Eos continues to work with the U.S. Department of Energy regarding a loan guarantee. A press release was issued on June 24, 2024, and a conference call was scheduled to discuss the investment.