Eos Energy Successfully Closes $600 Million Convertible Senior Notes Offering and Registered Direct Offering of Common Stock, Enhancing Financial Liquidity and Fueling U.S. Manufacturing Expansion

Core Insights - Eos Energy Enterprises has successfully closed a convertible senior notes offering and a common stock offering, raising approximately $580.5 million and $458.2 million respectively, significantly strengthening its balance sheet [1][2][3] - The financing will enhance Eos' manufacturing capabilities and support its commercial pipeline, which has reached $22.6 billion, indicating strong demand for long-duration energy storage solutions [3][4] - The company aims to capitalize on the growing energy supercycle and position itself as a leader in the long-duration energy storage market [5] Financing Details - The convertible senior notes have a 1.75% interest rate and are due in 2031, with a total principal amount of $600 million issued [1] - The common stock offering involved 35,855,647 shares sold at $12.78 per share [2] - Proceeds from the offerings will be used to retire $200 million of 6.75% convertible senior notes due 2030 and to enhance liquidity by adding approximately $474 million to the balance sheet [8][9] Strategic Implications - The refinancing will lower Eos' cost of capital and interest expenses, providing the liquidity necessary for operational growth and U.S.-based production [4] - The company has issued a warrant to the U.S. Department of Energy for up to 570,000 shares, allowing for potential equity upside as Eos scales its business [6] - The successful financing and oversubscription reflect strong investor confidence in Eos' market potential and strategic direction [3][4]