EOS Energy achieves first performance milestones; shares rise

Eos Energy Enterprises

29/08/2024 15:44

** Shares of U.S.-based EOS Energy  EOSE.N  rise 15.23% to
$2.54
    ** Clean energy firm achieves all four of the first
performance milestones as part of New York-based investment firm
Cerberus' strategic investment
    ** This allows EOSE to draw an additional $30 mln on the
loan from Cerberus to fund ongoing operations and production
expansion to meet the rising demand for long duration energy
storage solutions
    ** Automated production line, materials cost-out,
improvements in Z3 technology performance and backlog/cash
conversion milestones achieved
    ** Including session's gains, stock is up 131.5% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))