In a deal brokered by Apricum for its client Eos, the solar division of Korean green energy company OCI comes on board as investor in the final closing of Eos’ round C equity financing to support commercial launch of its grid-scale batteries.
Berlin, May 26, 2015 – The global investor search conducted by Apricum – The Cleantech Advisory on behalf of its client Eos, an American energy storage company with a leading cost position for grid-scale battery systems, results in the successful signing of Korean strategic investor OCI.
Eos has already demonstrated the viability of its technology, an innovative zinc hybrid cathode-based technology. The USD 23M round C equity financing was led by financial investor AltEnergy LLC. Next to OCI, other investors in the round included NRG Energy and Fisher Brothers, prior investors in Eos.
OCI with a revenue of USD 2.2B produces and markets inorganic chemicals, fine chemicals, petrochemicals and insulation chemicals, and is one of the largest global producers of solar grade silicon. OCI’s strategic investment in Eos represents further expansion into the renewable energy industry, building on its current production of polysilicon and solar cells, as well as the development of solar power projects.
“Apricum played a crucial role in the final close of our successful series C equity raise by bringing in a key strategic investor, which diversifies our investor base. Apricum's team is world class and their network of global relationships to decision makers of major strategic companies is very impressive and made all the difference,” said Michael Oster, CEO of Eos Energy Storage.
“We are pleased to have brought together two leaders in their fields, which now enables the commercial delivery of Eos’ energy storage system. At a cost point of USD 160/kWh, it truly has the ability to be a game changer in the industry,” said Apricum Principal Florian Mayr.
Apricum acted as financial advisor to Eos working closely with the company’s management from investor identification to negotiation and closing.
Apricum – The Cleantech Advisory is a transaction advisory and strategy consulting firm specialized in renewable energy technologies. Apricum’s team combines many years of corporate finance experience with an in-depth understanding of renewable energy market dynamics. Apricum has an extensive global network of synergistic investors and hi-tech growth companies, providing expertise and support to close the most favorable transactions. Apricum is headquartered in Berlin and has representative offices in the USA, UK, Saudi Arabia, Mexico, Brazil, India, China, Turkey, South Korea and Japan.
About Eos Energy Storage, LLC
Eos is developing a low-cost energy storage solution for electric utilities, with additional applications in commercial and industrial, telecom and residential markets. Eos’ mission is to produce safe, robust, cost-effective energy storage solutions that are less expensive than incumbent alternatives, such as gas turbines for power generation. Eos is located in Edison, NJ, and New York, NY.
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