Eos Energy Storage, a developer of zinc-air grid-scale battery technology, completed its $15-million Series B financing round with participation from a syndicate of 21 strategic and financial investors.
Eos has developed Znyth, a zinc hybrid cathode battery technology. According to Eos, Znyth has demonstrated more than 5,000 cycles to date with no physical degradation. The company saus it has overcome historical limitations of zinc-air batteries, with its innovations improving round-trip efficiency, energy density, cycle life, and run time.
Eos’s Aurora grid-scale energy storage product has been specifically engineered to help utilities operate more efficiently and create savings for consumers by time-shifting peak energy demand while providing greater resilience to the electricity grid.
The Aurora system is delivered in a standard 40’ container, and comes in 1 MWh and 6 MWh standard sizes, built, respectively, with 2 kWh and 12 kWh modules. Initial pricing is expected to be $160/kWh.
Eos will begin deploying the Aurora in 2014. The company is in advanced discussions with several states regarding the location of its pilot manufacturing facilities.
Eos is also developing the Vista zinc flow battery, targeted for electric vehicle as well as stationary applications. Based on the
Two high-profile investors in this round are Princeton, N.J.-based NRG Energy, Inc. and Fisher Brothers. Eos is NRG’s first investment in the energy storage industry.
Fisher Brothers is a privately owned New York City-based real estate firm which also owns Plaza Construction, a contractor with experience building urban power plants and renewable energy projects. Fisher Brothers is also a co-sponsor of the City Investment Fund (with Morgan Stanley), a founding member of Perella Weinberg Partners and a founding partner of Convergent Energy + Power, an energy storage asset development company with a pipeline of projects in New York, California and elsewhere.
Eos is actively raising capital for its Series C investment round to fund the production and delivery of Aurora energy storage systems to its utility partners in 2014.