Zinc battery maker Eos Energy Storage again reworked its executive ranks ahead of a merger that will result in the Edison-based company’s listing on the Nasdaq stock market.
Mack Treece, who had been serving as chief financial officer, will become chief strategic alliances officer, a role the company said involves broader management responsibilities. Treece will be replaced as CFO by Sagar Kurada, who joins EOS after holding CFO posts at High Tower Advisors and several General Electric Co. operating units.
“Eos is entering a period of tremendous growth, and it is paramount that we have a solid leadership team that understands the opportunities for expansion,” said Eos Chief Executive Officer Joe Mastrangelo in a statement. “Sagar complements our team and brings the exceptional finance experience and skills that are needed as we transition into a publicly-traded company. Mack has made tremendous contributions to help bring Eos to its current level. Building a strong ecosystem is an important aspect of our business growth and I look forward to Mack’s contributions. I am excited to welcome Sagar to our team and I congratulate Mack on his new role.”
On June 24, Eos entered into a merger agreement with B. Riley Principal Merger Corp. II, a Nasdaq-listed special purpose acquisition company. The deal valued Eos at $290 million and will provide the target with about $225 million in new equity financing. A SPAC is an entity formed to raise capital through an initial public offering, then use the funds to acquire an existing company.
Earler in June, Eos named Balakrishnan Iyer chief commercial officer and Nathan McCormick senior vice president of operations. Iyer previously held executive roles at GE, Enel, Vestas and Schlumberger where he led global commercial activities. McCormick served for nearly 20 years in senior manufacturing, demand management and sourcing leadership positions at GE.
The company said Sagar will be responsible for financial strategy and direction and will oversee the controller, treasury, shareholder relations, accounting, tax, financial planning, and internal audit functions.
“I’m proud to be a part of the future of sustainable energy and have found an excellent fit with the team of Eos,” Sagar said in the company statement. “As we move forward, I am committed to maximizing long-term shareholder value, ensuring a balanced portfolio of growth initiatives, and maintaining the high level of integrity and transparency for which Eos is known.”
The Murphy administration has set a goal of deriving 100 percent of the state’s energy needs from renewable sources by 2050 and storage technology will likely play a crucial role meeting that goal. Eos is commercializing zinc hybrid batteries offering such benefits as 100 percent recyclability and a wide operating temperature range that precludes the need for cooling. The company has now run batteries for 10,000 hours in nine projects across three continents.=