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    Eos Energy Achieves First Performance Milestones Related to Cerberus Strategic Investment

    $30 million tranche further strengthens the Company’s balance sheet as Eos expands manufacturing operations in Turtle Creek

    TURTLE CREEK, Pa., Aug. 29, 2024 (GLOBE NEWSWIRE) -- 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 first 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 specific performance milestones allows the Company to draw an additional $30 million on the Delayed Draw Term Loan from Cerberus to fund ongoing operations and production expansion to meet the growing demand for long duration energy storage solutions.

    The achieved milestones include objectives related to the Company’s automated production line, materials cost-out, improvements in Z3 technology performance and backlog/cash conversion. Among the key accomplishments, Eos has successfully achieved production cycle times of less than 10 seconds while exceeding first pass yield targets in the high 90s on its first state-of-the-art battery manufacturing line, a significant milestone that positions the company for future profitability.

    “The team continues to execute on our operational targets and today’s announcement is a testament to their effort and focus,” said Nathan Kroeker, Eos Chief Financial Officer. “The partnership with Cerberus is demonstrating its strategic value as we execute our growth plans and bring a commercially scalable and ready alternative to market to meet the emerging need for longer duration energy storage that is safe, secure and manufactured in the US.”

    The remaining two tranches may be drawn in the amounts of $65 million and $40.5 million, respectively, following the October 31, 2024, and January 31, 2025, testing dates upon the achievement of the applicable performance milestones.

    Special Stockholder Meeting
    The Company will hold a virtual Special Meeting of Stockholders on September 10, 2024, at 10:00 a.m. Eastern Time where stockholders will be asked to consider and vote on two important proposals related to Cerberus’s strategic investment in the Company that are crucial to the company's strategic growth.

    The Board of Directors recommends that stockholders vote FOR the Issuance Cap Proposal and FOR the Adjournment Proposal.

    Only stockholders of record as of the close of business on July 31, 2024, are entitled to vote. You can vote online, by telephone, or by mailing your proxy card. For more detailed instructions on how to vote, please refer to the proxy materials sent to you or contact Eos’ Investor Relations at ir@eose.com. Your voice as a stockholder remains crucial in shaping the future of Eos, and every vote counts.

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    Eos Energy Achieves First Performance Milestones Related to Cerberus Strategic Investment $30 million tranche further strengthens the Company’s balance sheet as Eos expands manufacturing operations in Turtle CreekTURTLE CREEK, Pa., Aug. 29, 2024 (GLOBE NEWSWIRE) - Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the “Company”), a …