NEW YORK--(BUSINESS WIRE)--Eos Energy Storage LLC (“Eos” or the “Company”), a developer and manufacturer of grid-scale battery systems, today announced that it has completed the initial closing of the sale of preferred units in a private placement transaction resulting in gross proceeds of approximately $23.0 million. The Company expects to use the net proceeds of the private placement for scale-up of contract manufacturing and commercial deployment of the Eos Aurora 1000|4000 DC battery product. The private placement is being managed by a nationally recognized investment bank.
This notice is issued pursuant to Rule 135c under the Securities Act of 1933, as amended (the “Securities Act”), and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation, or sale of the securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification of the securities under the securities laws of such state or jurisdiction.
The securities offered in the private placement have not been registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States without being registered with the Securities and Exchange Commission (“SEC”) or through an applicable exemption from SEC registration requirements. Securities of the Company were offered only to accredited investors.
About Eos Energy Storage
Eos is developing a low-cost grid-scale energy storage solution for electric utilities, with additional applications in commercial and industrial, telecom, and residential markets. Eos’s mission is to produce safe, robust, cost-effective storage solutions that are less expensive than incumbent alternatives, such as gas turbines and grid infrastructure. Eos is located in Edison, NJ, and New York, NY. More information is at www.eosenergystorage.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITAGATION REFORM ACT OF 1995: This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements that relate to the existing and anticipated closing of the placement. Such forward-looking statements made by the Company involve risks and uncertainties and are subject to change based on factors beyond the Company’s control, including the fact that the closing of the private placement is subject to various conditions, some of which are outside of the company’s control. There can be no assurance that the contemplated sale will close. The Company takes no obligation to publicly update or revise any forward-looking statements.
