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B. Riley Principal Merger Corp. II (BMRG) has completed its business combination with Eos Energy Storage, resulting in the formation of Eos Energy Enterprises, Inc. The combined entity boasts a pro forma market capitalization of approximately $500 million. The new company will trade on the Nasdaq under the symbols EOSE and EOSEW starting November 17, 2020. Eos aims to address global energy storage challenges with its innovative zinc battery solutions. The leadership team remains unchanged, spearheaded by CEO Joe Mastrangelo and a robust board of directors.
B. Riley Principal Merger Corp. II (BMRG) plans to transfer its common stock and warrants listing to The Nasdaq Capital Market from NYSE following its business combination with Eos Energy Storage LLC, expected to close around November 16, 2020. Post-combination, BMRG will rebrand as Eos Energy Enterprises, Inc., with new ticker symbols 'EOSE' for common stock and 'EOSEW' for warrants. This strategic move aims to align BMRG with innovative tech companies, enhancing visibility and growth potential.
Eos Energy Storage has announced a $250 million agreement to provide over 1 GWh of energy storage projects to Hecate Energy over the next 24 months. These projects will be implemented in Colorado, New Mexico, and Texas, combining standalone battery storage with solar PV solutions. This agreement expands Eos' pipeline commitments to 3 GWh. Eos emphasizes the shift toward longer-duration energy storage systems, which enhance grid resilience. The company is also pursuing a merger with B. Riley Principal Merger Corp. II, which will rename the combined entity to Eos Energy Enterprises and list on Nasdaq under 'EOSE'.
Eos Energy Storage has secured an exclusive agreement with Babcock & Wilcox (B&W) to supply its Znyth® zinc battery systems to B&W's global clients. This partnership allows Eos to utilize B&W's expertise in renewable energy solutions, enhancing market reach. The merger agreement with B. Riley Principal Merger Corp. II (BMRG) aims to transition Eos into a publicly listed entity, rebranded as Eos Energy Enterprises, Inc. The Znyth® system offers unique advantages over lithium-ion batteries, including enhanced safety and lower operational costs.
Eos Energy Storage LLC has partnered with Verdant Microgrid to provide its Znyth™ Zinc Hybrid Cathode Technology for microgrids in California, starting Q4 2020. This collaboration aims to enhance energy efficiency and reliability. B. Riley Principal Merger Corp. II (BMRG) has a definitive merger agreement with Eos, facilitating Eos's transition to a publicly listed company under the name Eos Energy Enterprises, Inc. The Znyth™ technology is noted for its cost-effectiveness and safety compared to lithium-ion batteries, utilizing non-rare earth materials and enabling extensive applications in energy generation and storage.
