Eos Energy achieves first performance milestones in Cerberus investment

Eos Energy Enterprises (NASDAQ:EOSE) +7.3% pre-market Thursday after saying it achieved all four of the first performance milestones that were part of Cerberus Capital Management’s strategic investment in the company.

Eos Energy (EOSE) said achieving the milestones will allow it to draw an additional $30M on the delayed draw term loan from Cerberus to fund ongoing operations and production expansion.

The achieved milestones include objectives related to the company’s automated production line, materials cost-out, improvements in Z3 technology performance and backlog/cash conversion.

Eos Energy (EOSE) said two remaining tranches may be drawn in the amounts of $65M and $40.5M, respectively, following the October 31 and January 31 testing dates upon the achievement of further applicable performance milestones.