Eos Energy Enterprises has entered into a $200 million common stock standby equity purchase agreement (SEPA) with an affiliate of financing partner Yorkville Advisors.
The purchase agreement gives Eos the right to sell up to $200 million of common equity to an affiliate of Yorkville at the time of Eos’s choosing during the two-year term of the agreement.
“We are seeing rapid demand growth in stationary energy storage, which requires additional capital to further expand manufacturing capacity and product development,” said Joe Mastrangelo, CEO of Eos. “This financing commitment is a key enabler to continue our positive growth trajectory and we’re thrilled to partner with Yorkville at this crucial point in Eos’ journey.”
The shares will be issued to the investor at a discounted price of 97.0 percent of the three-day volume-weighted average price following notification by the company to the investor to draw upon the facility. In addition, the SEPA all