The grid-scale battery systems developer and manufacturer Eos Energy Storage has secured $15 million in new financing/proceeds via a new private placement with AltEnergy, as per recent reports.
In addition to the private placement involving AltEnergy, Eos Energy Storage is also planning to place another $10 million with accredited investors — bringing the total new proceeds/financing to $25 million.
The structuring of the private placement invokes two separate closings — the first of which already happened, on December 1, 2014; and the second of which is set to occur in the first financial quarter of the current fiscal year.
Reportedly, the proceeds/financing from the private placement will be used by Eos Energy Storage, for the most part, to aid in the pilot manufacturing scale-up and continuing commercialization of Eos’s Aurora 1000|4000 DC battery product.
This news follows on the heels of Eos Energy Storage’s announcement of plans to demonstrate this grid-scale battery system at Pacific Gas & Electric’s Smart Grid Lab in San Ramon, California — a demonstration being aided with a $2.1 million award granted by the California Energy Commission.
This Aurora battery system is reportedly notably cheaper to manufacture than existing energy storage solutions, while still possessing a long working life and good stability/reliability.
The company is aiming for its new energy solution to be utilized as a means of reducing the effects of peak demand issues on the grid and to aid with the integration of solar and wind energy generating capacity into the grid.
As well as PG&E, the Electric Power Research Institute, the Lawrence Berkeley National Laboratory, Stem, and ETM Electromatic are all aiding with the demonstration project.
Image Credit: Eos Energy Storage