Eos Energy Enterprises (NASDAQ: EOSE) entered into a binding amended and restated term sheet on June 30, 2026, to form a joint venture with affiliates of Cerberus Capital Management and Hudson Bay Capital Management through a new Delaware entity called Frontier Power USA Parent, LLC.

Under the agreement, Cerberus affiliate CCM Frontier JV Holdco, LLC will contribute $100 million to the joint venture in exchange for 100 million Class A-2 Units at $1.00 per unit, plus founder's equity in the form of 50,000,001 Class A-1 Units. Hudson Bay affiliate HBC MSF Capital Solutions Blocker II LLC will contribute $50 million in exchange for 50 million Class C Units at $1.00 per unit.

Eos Energy plans to fund its share of the joint venture partly through a rights offering targeting $150 million. Participating stockholders would receive units priced at $5.481 each, with each unit consisting of one common share and 0.4388 of a warrant exercisable at $5.481 per share. The rights offering proceeds may not exceed $150 million without Cerberus's written consent.

Eos Energy will also issue warrants to Cerberus to purchase 20,017,772 common shares and warrants to Hudson Bay to purchase 10,008,886 common shares, both at an exercise price of $5.481 per share. Both warrant sets expire 10 years after closing.

The joint venture will be governed by a seven-member board, with four seats appointed by Cerberus and up to three by Eos Energy. Day-to-day management will be delegated to a Cerberus affiliate under a management services agreement.

Closing conditions include completion of the rights offering, consent from the Department of Energy, and execution of a Commercial Framework Guidelines document. The amended term sheet replaces a prior binding term sheet dated May 12, 2026. Definitive agreements have not yet been signed.