Eos Energy Enterprises, Inc. Borrows Additional $9.6 Million Under Previously Announced Credit Facility
August 05 2022 - 5:26PM
Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading
provider of safe, scalable, efficient, and sustainable zinc-based
energy storage systems, today announced it has borrowed an
additional $9.6 million pursuant to the previously announced senior
secured term loan facility with Atlas Credit Partners. The
additional borrowing increases the total loan amount to $94.7
million and is subject to the same terms and conditions as the $85
million loan announced earlier this week.
“This facility continues to provide the flexibility to
fast-track our manufacturing capacity expansion to accelerate the
shift to clean energy and to deliver against our $460 million
orders backlog,” said Randall B. Gonzales, Chief Financial Officer
of Eos.
After closing costs and other expenses, the funding will provide
additional capital for the Company’s continued manufacturing
capacity expansion, development of next generation energy storage
systems and software, and for general corporate purposes.
About Eos Eos Energy Enterprises, Inc. is
accelerating the shift to clean energy with positively ingenious
solutions that transform how the world stores power. Our
breakthrough Znyth™ aqueous zinc battery was designed to overcome
the limitations of conventional lithium-ion technology. Safe,
scalable, efficient, sustainable — and manufactured in the U.S. —
it's the core of our innovative systems that today provide utility,
industrial, and commercial customers with a proven, reliable energy
storage alternative. Eos was founded in 2008 and is headquartered
in Edison, New Jersey. For more information about Eos (NASDAQ:
EOSE), visit eose.com.
Forward-Looking StatementsThis press release
includes certain statements that may constitute "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to,
statements regarding our anticipated use of proceeds from the
senior secured term loan facility, statements that refer to
projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intends," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. Factors
which may cause actual results to differ materially from current
expectations include, but are not limited to: changes adversely
affecting the business in which we are engaged; our ability to
forecast trends accurately; our ability to generate cash, service
indebtedness and incur additional indebtedness; our ability to
develop efficient manufacturing processes to scale and to forecast
related costs and efficiencies accurately; fluctuations in our
revenue and operating results; competition from existing or new
competitors; the failure to convert firm order backlog to revenue;
risks associated with security breaches in our information
technology systems; risks related to legal proceedings or claims;
risks associated with changes in federal, state, or local laws;
risks associated with potential costs of regulatory compliance;
risks associated with changes to U.S. trade policies; risks
resulting from the impact of global pandemics, including the novel
coronavirus, Covid-19; and risks related to adverse changes in
general economic conditions. The forward-looking statements
contained in this press release are also subject to additional
risks, uncertainties, and factors, including those more fully
described in Eos’s most recent filings with the Securities and
Exchange Commission, including Eos’s most recent Annual Report on
Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further
information on potential risks that could affect actual results
will be included in the subsequent periodic and current reports and
other filings that Eos makes with the Securities and Exchange
Commission from time to time. Moreover, Eos operates in a very
competitive and rapidly changing environment, and new risks and
uncertainties may emerge that could have an impact on the
forward-looking statements contained in this press release.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and, except as required by law, Eos assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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Contacts |
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Investors: ir@eose.com |
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Media: media@eose.com |
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