Eos Energy Storage, a US-based battery technology provider backed by energy company NRG Energy and solar power provider OCI Solar Power, has secured $23m in a private placement to unnamed investors.
Eos develops and produces grid-scale battery systems that can store energy at megawatt-level. Its main customers are energy utilities but the company’s technology can also be deployed by telecommunications, commercial and industrial, and residential customers.
The capital will be used by Eos to expand the manufacturing and supply of its Eos Aurora battery. Aurora is a low-cost DC battery system designed for the grid-scale market with four hours of discharge capability.
OCI and NRG contributed to a $23m series C round led by investment firm AltEnergy that closed in May 2015, with NRG and real estate developer Fisher Brothers having previously invested in an $18.9m series B round that closed in late 2014.