Benzinga | Oct 5, 2021 12:36PM EDT

Eos Energy Enters $25M Equipment Financing Agreement With Trinity Capital

* Eos Energy Enterprises Inc (NASDAQ:EOSE) subsidiary HI-POWER LLC has entered into a $25 million equipment financing agreement with Trinity Capital Inc (NASDAQ:TRIN).

* The company plans to use funds to acquire equipment to expand the production of its proprietary aqueous Znyth batteries.

* Located near more than 80% of Eos's suppliers, the Pittsburgh, Pennsylvania-based manufacturing facility produces long duration (3-12 hour) energy storage solutions.

* "Securing this equipment financing is a key milestone in our ability to expand our manufacturing capacity and effectively balance our capital allocation strategy," commented CFO Sagar Kurada.

* Eos Energy had cash and cash equivalents of $75 million as of June 30, 2021.

* Price Action: EOSE shares are trading lower by 2.09% at $13.13, while TRIN is down by 1.90% at $15.98 on the last check Tuesday.