US-based advanced battery developer Eos Energy Storage closed a $23m series C round yesterday featuring solar power producer OCI Solar Power and energy company NRG Energy.
Energy and infrastructure-focused investment firm AltEnergy led the round, which also included “nearly all of Eos’s prior investors”, including real estate firm Fisher Brothers.
Eos produces and sells low-cost energy storage systems generally used to store surplus power generated by renewable energy installations for use later.
The company’s latest product is a 1 MW battery system for renewable energy integration and peak demand reduction that it is selling at a price of $160/kWh. It will use the series C capital to suport its commercial launch and fulfill pre-orders.
Eos raised $18.9m in series B funding from investors including NRG, which oversees a solar portfolio ranging from mega-scale plants to small rooftop systems, over a three-year period leading up to November 2014.
California Energy Commission awarded Eos $2.1m the following month to support a demonstration version of a grid-scale version of its advanced battery storage system.