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B. Riley Principal Merger, Eos Energy Storage to Enter Business Combination that Values Eos at USD 290m
Friday 26 June 2020

US-based special purpose acquisition company B. Riley Principal Merger Corp. II (BRPM II) has executed a letter of intent for a proposed business combination transaction with US-based clean battery technology provider Eos Energy Storage LLC to result in EON becoming publicly listed, the company said.

The transaction contemplates a pre-money valuation for Eos of approximately USD 290m.

The proposed transaction with BRPM II would provide Eos with approximately USD 225m of additional new equity financing, including USD 50m of proceeds from a fully backstopped PIPE by B. Riley Financial. The proposed transaction is expected to be completed in the fourth quarter of 2020.

Eos Energy Storage is an established provider of long-duration energy storage focussed on providing a domestic solution to a global need: low-cost, safe, and environmentally friendly energy storage.

B. Riley Financial said the proposed combination of BRPM II and Eos would provide Eos with the necessary capital to support the expansion of its capital-efficient and scalable solution.

Eos has secured over USD 160m of invested capital to date from key strategic and financial investors, including AltEnergy, Holtec International, Reservoir Capital Group, Generation Capital, Ospraie Management, Ace and company, Fisher Brothers, and Prisma Energy Solutions, among others.
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Date Published: 26/06/2020

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