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letter of intent (LOI)

Eos aims to drive development of its Zinc ESS technology with LOI

Wed, 07/01/2020 - 10:36 -- Paul Crompton

Privately held zinc battery developer Eos Energy Storage signed a letter of intent (LOI) on 24 June with the goal of opening a $225 million finance opportunity by becoming a publicly listed company.

The proposed transaction would provide Eos with $225 million of additional new equity financing, including $50 million of proceeds from a fully backstopped PIPE by B. Riley Financial, assuming no public shareholders of BRPM exercise their redemption rights at closing.

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