Eos Energy Enterprises, Inc. (Eos), a leading energy storage system provider, has successfully met all four performance milestones set forth in a strategic investment agreement with Cerberus Capital Management LP. This achievement, announced on August 29, 2024, allows Eos to draw an additional $30 million from a Delayed Draw Term Loan to fund operations and expand production. The milestones were related to the company's automated production line, materials cost reduction, Z3 technology, and backlog/cash conversion. Eos has notably improved production cycle times and yield targets, positioning itself for future profitability. The company has also issued 7 shares of Series A-2 Preferred Stock to Cerberus, increasing Cerberus's applicable percentage of common stock to 24.8%. If stockholder approval is obtained, the Series A-2 Preferred Stock...Show More

Eos Energy Enterprises, Inc. (Eos), a leading energy storage system provider, has successfully met all four performance milestones set forth in a strategic investment agreement with Cerberus Capital Management LP. This achievement, announced on August 29, 2024, allows Eos to draw an additional $30 million from a Delayed Draw Term Loan to fund operations and expand production. The milestones were related to the company's automated production line, materials cost reduction, Z3 technology, and backlog/cash conversion. Eos has notably improved production cycle times and yield targets, positioning itself for future profitability. The company has also issued 7 shares of Series A-2 Preferred Stock to Cerberus, increasing Cerberus's applicable percentage of common stock to 24.8%. If stockholder approval is obtained, the Series A-2 Preferred Stock will convert into Series B-2 Preferred Stock, which is convertible into common stock, subject to a 49.9% beneficial ownership cap. Eos also announced an extension from the U.S. Department of Energy for a conditional commitment letter for a loan through the Clean Energy Financing Program, with the new expiration date set for December 31, 2024. The company is working to meet the conditions and secure the loan, although there is no assurance of success. A Special Meeting of Stockholders is scheduled for September 10, 2024, to vote on proposals related to Cerberus's investment.