Eos Energy Storage raises $15 million

Eos Energy Storage grid-scale energy storage
Pic courtesy of Eos Energy Storage
Eos Energy Storage grid-scale energy storage

Pic courtesy of Eos Energy Storage

Eos Energy Storage has announced the completion of its USD$15 million Series B financing round with participation from a syndicate of 21 strategic and financial investors. The round supports Eos’s commercialisation of its safe, low-cost and long-lasting grid-scale battery technology.

Eos’s Aurora grid-scale energy storage product has been specifically engineered to help utilities operate more efficiently and create savings for consumers by time-shifting peak energy demand while providing greater resilience to the electricity grid. Eos will begin deploying the Aurora in 2014. The company is in advanced discussions with several US states regarding the location of its pilot manufacturing facilities.

Two high-profile investors in this round are Princeton, New Jersey-based NRG Energy and Fisher Brothers. Eos is NRG’s first investment in the energy storage industry. Fisher Brothers is a privately owned New York City-based real estate firm which owns Plaza Construction, a contractor with experience building urban power plants and renewable energy projects.

Fisher Brothers is also a co-sponsor, with Morgan Stanley, of the City Investment Fund, a founding member of Perella Weinberg Partners and a founding partner of Convergent Energy + Power, an energy storage asset development company.

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