Eos Energy Achieves Second Set of Performance Milestones Related to Cerberus Strategic Investment
Eos Energy Enterprises (NASDAQ: EOSE) has successfully achieved all four performance milestones required under its strategic investment agreement with Cerberus Capital Management LP. This achievement enables Eos to access an additional $65 million from the Delayed Draw Term Loan facility. The company, which specializes in zinc-based long duration energy storage systems, met the second set of performance targets outlined in their agreement with Cerberus.
Eos Energy Enterprises (NASDAQ: EOSE) ha raggiunto con successo tutti e quattro i traguardi di performance richiesti dal suo accordo di investimento strategico con Cerberus Capital Management LP. Questo risultato consente a Eos di accedere a ulteriori $65 milioni dal fondo di prestito a lungo termine con prelievo posticipato. L'azienda, specializzata in sistemi di stoccaggio di energia a lungo termine a base di zinco, ha soddisfatto il secondo insieme di obiettivi di performance delineati nel loro accordo con Cerberus.
Eos Energy Enterprises (NASDAQ: EOSE) ha logrado con éxito los cuatro hitos de rendimiento requeridos bajo su acuerdo de inversión estratégica con Cerberus Capital Management LP. Este logro permite a Eos acceder a $65 millones adicionales de la instalación de préstamo a plazo diferido. La empresa, especializada en sistemas de almacenamiento de energía de larga duración a base de zinc, cumplió con el segundo conjunto de objetivos de rendimiento establecidos en su acuerdo con Cerberus.
Eos Energy Enterprises (NASDAQ: EOSE)는 Cerberus Capital Management LP와의 전략적 투자 계약에 따른 모든 네 개의 성과 이정표를 성공적으로 달성했습니다. 이 성과는 Eos가 연기된 인출 조건부 대출 시설에서 추가로 $65 million에 접근할 수 있도록 합니다. 아연 기반의 장기 에너지 저장 시스템을 전문으로 하는 이 회사는 Cerberus와의 계약에 명시된 두 번째 성과 목표 집합을 충족했습니다.
Eos Energy Enterprises (NASDAQ: EOSE) a réussi à atteindre tous les quatre jalons de performance requis dans le cadre de son accord d'investissement stratégique avec Cerberus Capital Management LP. Cette réalisation permet à Eos d'accéder à un supplément de 65 millions de dollars de la facilitation de prêt à terme différé. L'entreprise, spécialisée dans les systèmes de stockage d'énergie à long terme à base de zinc, a satisfait au deuxième ensemble d'objectifs de performance énoncés dans leur accord avec Cerberus.
Eos Energy Enterprises (NASDAQ: EOSE) hat erfolgreich alle vier Leistungsmeilensteine erreicht, die im Rahmen seiner strategischen Investitionsvereinbarung mit Cerberus Capital Management LP erforderlich sind. Dieser Erfolg ermöglicht es Eos, auf zusätzliche 65 Millionen Dollar aus der verzögerten Darlehensfazilität zuzugreifen. Das Unternehmen, das sich auf zinkbasierte Energiespeichersysteme mit langer Dauer spezialisiert hat, hat die zweite Reihe von Leistungszielen erreicht, die in ihrer Vereinbarung mit Cerberus festgelegt sind.
- Secured access to $65 million in additional funding through Delayed Draw Term Loan
- Successfully met all four performance milestones required by Cerberus agreement
- Increasing debt obligations through new term loan drawdown
Insights
This milestone achievement unlocks significant financing for Eos Energy, strengthening their working capital position with an additional
The structured nature of this financing through performance-linked milestones is particularly positive, as it aligns management incentives with operational goals while minimizing immediate dilution to existing shareholders. This additional liquidity enhances Eos's ability to execute on their growth strategy in the expanding long-duration energy storage market.
TURTLE CREEK, Pa., Oct. 31, 2024 (GLOBE NEWSWIRE) -- 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 second 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 performance milestones enables the Company to draw an additional
About Eos Energy Enterprises
Eos Energy Enterprises, Inc. is accelerating the shift to clean energy with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.
Contacts
Investors: ir@eose.com
Media: media@eose.com
Forward Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue, contribution margins, orders backlog and opportunity pipeline for the fiscal year ended December 31, 2024, our path to profitability and strategic outlook, the tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act of 2022, the delayed draw term loan, milestones thereunder and the anticipated use of proceeds therefrom, statements regarding our ability to secure final approval of a loan from the Department of Energy LPO, or our anticipated use of proceeds from any loan facility provided by the US Department of Energy, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.
Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future, including the discretionary revolving facility from Cerberus; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act, uncertainties around our ability to meet the applicable conditions precedent and secure final approval of a loan, in a timely manner or at all from the Department of Energy, Loan Programs Office, or the timing of funding and the final size of any loan that is approved; the possibility of a government shutdown while we work to meet the applicable conditions precedent and finalize loan documents with the U.S. Department of Energy Loan Programs Office or while we await notice of a decision regarding the issuance of a loan from the Department Energy Loan Programs Office; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; risks resulting from the impact of global pandemics, including the novel coronavirus, Covid-19; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.
The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
FAQ
How much additional funding did Eos Energy (EOSE) secure from Cerberus in October 2023?
What performance requirements did Eos Energy (EOSE) meet for Cerberus funding?
What type of funding did Eos Energy (EOSE) receive from Cerberus?
