Eos Energy secures Cerberus delayed draw term loan full funding

Edison-based Eos Energy Enterprises Inc on Monday announced it had received access to the final $40.5 million of the Delayed Draw Term Loan (DDTL) after having met the third set of performance milestones agreed upon between the firm and an affiliate of Cerberus Capital Management.

“The Eos team is making measurable progress, consistently meeting critical operational targets and positioning the Company for profitable growth,” Nathan Kroeker, chief financial officer said.

Eos said that the $210.5 million DDTL announced in June 2024 is now fully funded after having met operational milestones related to its state-of-the-art manufacturing line, raw materials cost-out, Z3 technology performance improvement, and orders backlog cash conversion.

Eos said it surpassed its January raw materials cost-out target by 6% while delivering manufacturing cycle times below 10 seconds.

“With the term loan fully funded, combined with Department of Energy (DOE) loan guarantee first disbursement in December, Eos has a strong foundation and sufficient capital to continue implementing Project AMAZE. We’re executing our strategy to scale production into strong customer demand for long duration energy storage. Cash from customer projects now play an important role in funding working capital and our American-made system can play a critical role in America achieving energy independence,” Kroeker said.