EOSE News & Events

Eos Energy announced a $75M equity investment from Hudson Bay Capital Management to support Eos' investment in Frontier Power USA. Hudson Bay has also committed to invest $50M directly into FPUSA, subject to certain conditions. The commitment brings FPUSA's expected equity investment up to approximately $375M, assuming full subscription in the company's proposed rights offering. Under FPUSA's planned financing model, that equity base is expected to support more than $1.5B of deployable project capital at approximately 75% loan-to-value. The Hudson Bay investment is additive to the previously announced $100M commitment from Cerberus Capital Management and Eos' own expected contribution of up to $150M, which the company intends to fund through the upcoming rights offering. Hudson Bay's $75M investment into Eos is being made on the same economic terms as the planned rights offering and is expected to allow its participation in the offering as a holder of record.

Eos Energy announced the pricing of a registered direct offering to Hudson Bay Capital Management of 13,683,634 shares of common stock and 6,004,378 warrants, each warrant to purchase one share of common stock at an exercise price of $5.481 per share. Each share of common stock is being offered and sold together with 0.4388 of an accompanying Warrant at an aggregate offering price of $5.481. The offering is expected to close on July 1. The proceeds from the offering are expected to be approximately $75M. Eos expects to use the net proceeds from the offering as well as any proceeds from its proposed rights offering to fund its contribution to Frontier Power USA Parent. Hudson Bay Capital Management has also committed to invest $50M directly into FPUSA, subject to certain conditions. The commitment brings FPUSA's expected equity investment up to approximately $375M, assuming full subscription in the company's proposed rights offering. Under FPUSA's planned financing model, that equity base is expected to support more than $1.5B of deployable project capital at approximately 75% loan-to-value.