Mentioned:
Eos Energy believes in the future of American battery storage. Which is exactly why they’ve just partnered up with one of the largest alternative asset management companies in the United States.
What’s happening:
- Eos Energy (NASDAQ: EOSE) and Cerberus Capital Management are launching a new independent company and investment platform for long duration battery energy storage known as Frontier Power USA
Why it matters:
- Cerberus Capital Management has publicly stated they will seed Frontier Power USA with $100M USD of growth capital as an anchor investment
Going deeper:
- Frontier Power USA will focus on building out grid scale storage projects in the United States and will initially launch with a 2 gigawatt-hour capacity reservation for Z3 battery systems manufactured by Eos Energy
- Eos Energy will own a meaningful equity stake in Frontier Power USA and be the primary provider of long duration battery systems that are used in projects being developed by Frontier Power USA
- Eos Energy has also launched a $150M USD rights offering to allow shareholders to participate in owning an equity stake in Frontier Power USA
The fine print:
- The exact terms of Eos Energy’s rights offering to fund Frontier Power USA have not yet been publicly disclosed
