Eos Energy Achieves First Performance Milestones Related To Cerberus Strategic Investment, Allowing The Co To Draw An Additional $30M On The Delayed Draw Term Loan From Cerberus To Fund Ongoing Operations And Production Expansion To Meet The Growing Demand For Long Duration Energy Storage Solutions; Remaining 2 Tranches May Be Drawn In The Amounts Of $65M And $40.5M

Author: Benzinga Newsdesk | August 29, 2024 08:41am

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) ("Eos" or the "Company"), a leading provider of safe, scalable, efficient, and sustainable zinc-based long duration energy storage systems, today announced the successful achievement of all four of the first performance milestones previously agreed upon between Eos and an affiliate of Cerberus Capital Management LP ("Cerberus") as part of Cerberus's strategic investment in the Company. Achieving these specific performance milestones allows the Company to draw an additional $30 million on the Delayed Draw Term Loan from Cerberus to fund ongoing operations and production expansion to meet the growing demand for long duration energy storage solutions.

 

The achieved milestones include objectives related to the Company's automated production line, materials cost-out, improvements in Z3 technology performance and backlog/cash conversion. Among the key accomplishments, Eos has successfully achieved production cycle times of less than 10 seconds while exceeding first pass yield targets in the high 90s on its first state-of-the-art battery manufacturing line, a significant milestone that positions the company for future profitability.

Posted In: EOSE