Grid-scale energy storage developer Eos Energy Storage has raised proceeds of US$23 million through the initial closing of a private placement transaction and expects to use the money to increase deployment of its battery storage product.
The firm now plans to scale-up the manufacturing and installations of its utility-scale Eos Aurora 1000|4000 DC battery product.
The 1MW/4MWh DC Aurora has four hours of discharge capability, immediate response time as well as modular construction, according to Eos’ website. Therefore, it can be scaled and configured to reduce cost and maximise profitability in utility, commercial and industrial, and military market segments.
The containerised DC system housed in four 40-foot containers costs US$160/kWh for volume purchases of 40MWh or more and US$200/kWh for orders less than 40MWh. It is projected to last 5,000 cycles for a 15-year calendar life.
The private placement is being managed by a nationally recognised investment bank.
Back in May 2015, Eos Energy Storage has announced that it had raised another US$23 million in Round C equality financing to help its commercial launch of the Aurora.
At the time utilities including Con Edison of New York, GDF SUEZ and Pacific Gas & Electric (PG&E) planned testing of the product.