Eos Energy Merger Agreement

EOS Energy Enterprises, Inc. has announced a merger agreement with B. Riley Principal Merger Corp. II, a special purpose acquisition company (SPAC), that will result in EOS becoming a publicly traded company. The deal is expected to close in the third quarter of 2021.

EOS Energy Enterprises is a leading provider of safe, sustainable, and efficient energy storage solutions. Its proprietary zinc battery technology offers high energy density, long life, rapid response times, and low cost. The company`s innovative storage systems are used in a range of applications, including solar and wind power integration, microgrids, and industrial and commercial backup power.

B. Riley Principal Merger Corp. II is a blank-check company that was formed for the purpose of acquiring one or more businesses or assets through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination. The SPAC raised $230 million in its initial public offering in December 2020.

Under the terms of the merger agreement, EOS will receive up to $225 million in cash from B. Riley Principal Merger Corp. II, which includes $155 million held in the SPAC`s trust account and up to $70 million in additional financing from a group of institutional investors. The combined company will have an estimated pro forma enterprise value of $521 million.

The merger will provide EOS with the capital needed to accelerate the development and commercialization of its energy storage solutions, expand its global reach, and pursue strategic acquisitions. The company plans to focus on key growth markets such as California, Texas, Hawaii, and Australia.

The merger agreement is subject to approval by B. Riley Principal Merger Corp. II`s shareholders, as well as other customary closing conditions. The transaction is expected to close in the third quarter of 2021, at which point EOS will begin trading on the Nasdaq under the ticker symbol “EOSE.”

In summary, the merger agreement between EOS Energy Enterprises and B. Riley Principal Merger Corp. II will enable EOS to become a publicly traded company and secure the funding needed for further growth and expansion. The deal highlights the increasing demand for sustainable energy solutions and the role of SPACs in facilitating mergers and acquisitions in the renewable energy sector.