Grid-scale battery system developer Eos Energy Storage (Eos) has secured $15m of a planned $25m in funding for a pilot manufacturing scale-up of its energy storage system (ESS).
The US startup’s ‘Aurora’ battery promises 75% round-trip efficiency and 10,000 life cycles at a price of $160 per kWh.
Eos will use the funding from investment firm AltEnergy to ramp up and commercialise its hybrid zinc cathode aqueous electrolyte-based battery.
The ESS is designed to reduce the effects of peak demand issues on the grid and increase the grid’s capacity into the grid through the integration of solar and wind energy.
“There is a significant opportunity to drive adoption of the EOS system on a global basis and this operation comfortably secures the Group’s financing development plan until we achieve positive cash flow,” said Eos CEO Marie Meynadier.
Eos has built prototype batteries for testing with utility partners such as GDF Suez and Pacific Gas & Electric at its headquarters in New York, US.
Energy giant GDF Suez recently commissioned the company to supply the Aurora ESS to GDF Suez’s research and development facility in Linkebeek, Belgium. Eos will also deploy AC-integrated battery systems with Con Edison in New York City this year.