Eos Energy raises $76.9 million from warrant exercises before expiration

Eos Energy Enterprises Inc. (NASDAQ: EOSE) received approximately $76.9 million in gross proceeds from the exercise of about 6.7 million public warrants since September 30, the company announced Monday.

The warrants, which were originally issued when the energy storage company went public, carried an exercise price of $11.50 per share. The EOSEW public warrants expired on November 17 and are no longer trading on any exchange.

The company stated that a small number of additional warrant exercises remain in process through brokerages, with potential additional settlements over the coming days. The warrants had been included in Eos Energy's fully diluted share count since their issuance.

Eos Energy, based in Edison, New Jersey, manufactures zinc-based battery energy storage systems in the United States. The company said the additional capital will strengthen its liquidity position as it increases production of its Z3 technology and expands manufacturing capacity.

The funds will also support the company's execution against its commercial backlog and pipeline, according to the press release. Eos Energy's battery systems are designed for utility-scale, microgrid, commercial and industrial applications requiring 4 to 16 hours or more of energy storage duration.

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