Eos Energy Enterprises secured approximately $263 million in gross equity for its Frontier Power USA (FPUSA) joint venture. The total funding exceeded the initial $250 million target. Cerberus Capital Management and Hudson Bay Capital Management contributed to the round alongside Eos.
Eos provided roughly $113 million of the total capital. A recently completed rights offering generated $37.7 million of Eos's contribution. FPUSA will use the funds to develop and operate long-duration energy storage projects using proprietary zinc-based battery technology.
The equity is expected to support over $1 billion in deployable capital when combined with project debt. FPUSA reports a total project pipeline of approximately 16 GWh. Approximately 1.8 GWh of projects are currently under construction or nearing commencement. These projects will support company revenue through 2026 and 2027.