Eos Energy Enterprises has successfully achieved all four performance milestones ahead of the August 31, 2024 deadline, securing a $30 million tranche from Cerberus Capital Management's strategic investment. The milestones encompassed objectives in automated production, materials cost reduction, Z3 technology performance, and backlog conversion.The company demonstrated significant operational progress, achieving production cycle times under 10 seconds with first-pass yield targets in the high 90s on its battery manufacturing line. In connection with the additional draw, Eos issued 7 shares of Series A-2 Preferred Stock to Cerberus, representing a 4.9% increase in Applicable Percentage with a liquidation value equivalent to 28,806,463 shares of Common Stock.The remaining two tranches of $65 million and $40.5 million can be drawn following October 31, 2024, and January 31, 2025, testing dates, subject to meeting performance milestones. Additionally, the U.S. Department of Energy has extended the expiration date of the $398.6 million conditional commitment letter through December 31, 2024, allowing more time to finalize transaction documents.

Eos Energy Enterprises has successfully achieved all four performance milestones ahead of the August 31, 2024 deadline, securing a $30 million tranche from Cerberus Capital Management's strategic investment. The milestones encompassed objectives in automated production, materials cost reduction, Z3 technology performance, and backlog conversion.The company demonstrated significant operational progress, achieving production cycle times under 10 seconds with first-pass yield targets in the high 90s on its battery manufacturing line. In connection with the additional draw, Eos issued 7 shares of Series A-2 Preferred Stock to Cerberus, representing a 4.9% increase in Applicable Percentage with a liquidation value equivalent to 28,806,463 shares of Common Stock.The remaining two tranches of $65 million and $40.5 million can be drawn following October 31, 2024, and January 31, 2025, testing dates, subject to meeting performance milestones. Additionally, the U.S. Department of Energy has extended the expiration date of the $398.6 million conditional commitment letter through December 31, 2024, allowing more time to finalize transaction documents.