The planned business combination of Eos and B. Riley Principal Merger Corp. II would accelerate the growth of Eos’ clean battery technology.
The company’s technology focuses on low-cost, safe and environmentally friendly energy storage based on zinc-powered batteries. Eos also deploys large scale storage solutions in the United States. BRPM II, a blank check company specialized in business combinations, proposed a transaction that would provide Eos with about $225 million of new equity financing.
"A transaction with BRPM II would be a natural next step in Eos' growth from an R&D focused organization to one focused on mass commercialization and scaled manufacturing," said Joe Mastrangelo, Chief Executive Officer of Eos. "Bryant Riley, Dan Shribman, and the B. Riley team have a proven track record in leading successful SPAC transactions, as well as extensive experience in public markets, and we believe that this proposed combination would enhance Eos' ability to provide flexible solutions to our customers while creating value for our current and future stakeholders and partners."