Eos Energy Enterprises raises $8M via equity offering

Batteries being installed by a crew.

Eos Energy Enterprises on Monday launched a direct registered offering to raise $8 million.

The Edison-based company said it will offer 3.6 million shares at a purchase price of $2.221 per share.

The company has also agreed to issue in a concurrent private placement unregistered warrants to purchase up to an aggregate of 3.6 million shares of common stock.

The warrants will have an exercise price of $2.50 per share, become exercisable no later than July 15, and will expire five years from the initial exercisability date.

The company intends to use the net proceeds from the offering as working capital as it awaits a determination from the Departmet of Energy’s loan program office on its loan application.