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EOS nets US$23 million in equity financing

Utilities including Con Edison and PG&E in the states are looking to trial EOS' battery systems. Image: Eos Energy Storage facebook page.

Energy storage solution provider Eos Energy Storage has announced that it has raised US$23 million in Round C equality financing — which it will use to help its commercial launch of the company’s grid-scale battery technology.

Energy technology and infrastructure investment firm AltEnergy led the round of financing, while other investors included OCI, NRG Energy and Fisher Brothers.

Michael Oster, CEO of EOS, said: “We’re gratified to see this response both from our investors and from the market. Demand is being driven by utilities and developers in key international markets spanning six continents. We couldn’t have found better financial partners to work with as we scale up to supply gigawatt-hours of commercial systems into a diversified project pipeline.”

Eos is now selling its Aurora 1000|4000, a containerized 1MW/4MWh DC battery system, which will help improve renewable energy integration, lower peak demands and cut into consumers’ electricity bills. Pre-orders for the system have now surpassed 3000MWh and are continuing to grow, having been advertised on the market since January at a price of US$160 per kWh, with shipments starting in early 2016. The company claims the technology of its zinc hybrid cathode batteries, which use water-based electrolytes, enable the relatively low pricing.

Aurora systems are already being tested with Con Edison of New York and GDF SUEZ, while Pacific Gas & Electric (PG&E) out in California will also test the product in the near future.

Russell Stidolph, founder and managing director at AltEnergy, said: “We have evaluated the entire energy storage landscape and view Eos as the clear leader in cost, safety, and performance. It’s the combination of great technology and a strong management team that we believe will make Eos a big winner in the multibillion-dollar stationary storage market. As investors, we appreciate the company’s emphasis on capital efficiency and believe that Eos is on track to deliver a game-changing product in 2016.”

Tags: battery, investment, zinc, zinc hybrid cathode, investments, renewables integration