Batteries maker Eos Energy targets USD 40m via share offering

US zinc-based batteries manufacturer Eos Energy Enterprises Inc (NASDAQ:EOSE) announced today it expects to raise about USD 40 million (EUR 36.4m) in gross proceeds through the sale of shares.

The Edison, New Jersey-based long-duration energy storage specialist said in a statement it has agreed to sell an aggregate of 16 million shares of its common stock at USD 2.50 apiece in a registered direct offering.

In a concurrent private placement, it will also issue unregistered warrants to purchase up to an additional 16 million shares. They will be exercisable at USD 3.14 apiece, but not until six months have passed from the issuance.

The closing of the offering is seen to occur on or about April 14, 2023.

Eos Energy said it will use the net proceeds from the offering as working capital for general corporate purposes.

(USD 1.0 = EUR 0.910)

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