Eos Energy Enterprises Inc. said Oct. 5 that its wholly-owned subsidiary Hi-Power LLC entered into a $25 million equipment financing agreement with Trinity Capital Inc.
The funds will be used to acquire equipment that will expand production of Eos’s proprietary aqueous Znyth batteries, and provides room for a massive opportunity for the Edison-based company.
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“Securing this equipment financing is a key milestone in our ability to expand our manufacturing capacity and effectively balance our capital allocation strategy,” said Sagar Kurada, chief financial officer of Eos. “As we continue to ramp up our manufacturing operations, we expect to have even greater visibility into managing our customer commitment and orders backlog, and improve our delivery lead times.”
“We are proud to partner with the team at Eos, whose mission to build a greener planet for future generations is being driven by their breakthrough Znyth technology,” said Ryan Little, managing director of Trinity Capital.