Eos Energy Achieves Second Set of Performance Milestones Related to Cerberus Strategic Investment
31 Octubre 2024 - 2:01PM
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the
“Company”), a leading provider of safe, scalable, efficient, and
sustainable zinc-based long duration energy storage systems, today
announced the successful achievement of all four of the second
performance milestones previously agreed upon between Eos and an
affiliate of Cerberus Capital Management LP (“Cerberus”) as part of
Cerberus’s strategic investment in the Company. Achieving these
performance milestones enables the Company to draw an additional
$65 million from the Delayed Draw Term Loan.
About Eos Energy
Enterprises
Eos Energy Enterprises, Inc. is accelerating the
shift to clean energy with positively ingenious solutions that
transform how the world stores power. Our breakthrough Znyth™
aqueous zinc battery was designed to overcome the limitations of
conventional lithium-ion technology. It is safe, scalable,
efficient, sustainable, manufactured in the U.S., and the core of
our innovative systems that today provides utility, industrial, and
commercial customers with a proven, reliable energy storage
alternative for 3 to 12-hour applications. Eos was founded in 2008
and is headquartered in Edison, New Jersey. For more information
about Eos (NASDAQ: EOSE), visit eose.com.
Contacts Investors: ir@eose.comMedia:
media@eose.com
Forward Looking Statements
Except for the historical information contained
herein, the matters set forth in this press release are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to,
statements regarding our expected revenue, contribution margins,
orders backlog and opportunity pipeline for the fiscal year ended
December 31, 2024, our path to profitability and strategic outlook,
the tax credits available to our customers or to Eos pursuant to
the Inflation Reduction Act of 2022, the delayed draw term loan,
milestones thereunder and the anticipated use of proceeds
therefrom, statements regarding our ability to secure final
approval of a loan from the Department of Energy LPO, or our
anticipated use of proceeds from any loan facility provided by the
US Department of Energy, statements that refer to outlook,
projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intends," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements are based on our management’s beliefs,
as well as assumptions made by, and information currently available
to, them. Because such statements are based on expectations as to
future financial and operating results and are not statements of
fact, actual results may differ materially from those
projected.
Factors which may cause actual results to differ
materially from current expectations include, but are not limited
to: changes adversely affecting the business in which we are
engaged; our ability to forecast trends accurately; our ability to
generate cash, service indebtedness and incur additional
indebtedness; our ability to achieve the operational milestones on
the delayed draw term loan; our ability to raise financing in the
future, including the discretionary revolving facility from
Cerberus; risks associated with the credit agreement with Cerberus,
including risks of default, dilution of outstanding Common Stock,
consequences for failure to meet milestones and contractual lockup
of shares; our customers’ ability to secure project financing; the
amount of final tax credits available to our customers or to Eos
pursuant to the Inflation Reduction Act, uncertainties around our
ability to meet the applicable conditions precedent and secure
final approval of a loan, in a timely manner or at all from the
Department of Energy, Loan Programs Office, or the timing of
funding and the final size of any loan that is approved; the
possibility of a government shutdown while we work to meet the
applicable conditions precedent and finalize loan documents with
the U.S. Department of Energy Loan Programs Office or while we
await notice of a decision regarding the issuance of a loan from
the Department Energy Loan Programs Office; our ability to continue
to develop efficient manufacturing processes to scale and to
forecast related costs and efficiencies accurately; fluctuations in
our revenue and operating results; competition from existing or new
competitors; our ability to convert firm order backlog and pipeline
to revenue; risks associated with security breaches in our
information technology systems; risks related to legal proceedings
or claims; risks associated with evolving energy policies in the
United States and other countries and the potential costs of
regulatory compliance; risks associated with changes to the U.S.
trade environment; risks resulting from the impact of global
pandemics, including the novel coronavirus, Covid-19; our ability
to maintain the listing of our shares of common stock on NASDAQ;
our ability to grow our business and manage growth profitably,
maintain relationships with customers and suppliers and retain our
management and key employees; risks related to the adverse changes
in general economic conditions, including inflationary pressures
and increased interest rates; risk from supply chain disruptions
and other impacts of geopolitical conflict; changes in applicable
laws or regulations; the possibility that Eos may be adversely
affected by other economic, business, and/or competitive factors;
other factors beyond our control; risks related to adverse changes
in general economic conditions; and other risks and
uncertainties.
The forward-looking statements contained in this
press release are also subject to additional risks, uncertainties,
and factors, including those more fully described in the Company’s
most recent filings with the Securities and Exchange Commission,
including the Company’s most recent Annual Report on Form 10-K and
subsequent reports on Forms 10-Q and 8-K. Further information on
potential risks that could affect actual results will be included
in the subsequent periodic and current reports and other filings
that the Company makes with the Securities and Exchange Commission
from time to time. Moreover, the Company operates in a very
competitive and rapidly changing environment, and new risks and
uncertainties may emerge that could have an impact on the
forward-looking statements contained in this press release.
Forward-looking statements speak only as of the
date they are made. Readers are cautioned not to put undue reliance
on forward-looking statements, and, except as required by law, the
Company assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise.
Eos Energy Enterprises (NASDAQ:EOSE)
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