B. Riley Principal Merger Corp. II and Eos Energy Storage Announce Letter of Intent for Business Combination
NEW YORK and EDISON, N.J., June 24, 2020 /PRNewswire/ -- B. Riley Principal Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U) ("BRPM II"), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley Financial"), and privately held Eos Energy Storage LLC ("Eos") today announced they have executed a letter of intent ("LOI") for a business combination transaction ("transaction") which would result in Eos becoming a publicly listed company.
Founded in 2008, Eos Energy Storage is an established provider of long-duration energy storage focused on providing a domestic solution to a global need: low-cost, safe, and environmentally friendly energy storage. Eos has proven its technology over a ten-year period of testing, development, deployment, and operation, and is focused on accelerating the growth of clean energy in the United States by deploying large-scale storage solutions that deliver reliable and cost-competitive power in a safe and environmentally sustainable way. The Eos Aurora® system is designed to meet the requirements of the grid-scale energy storage market using Eos' patented aqueous, zinc-powered battery technology to offer a safe, scalable, fully recyclable, and sustainable alternative to lithium-ion battery power. Its patented Znyth® technology requires just five core commodity materials – all of which are Earth-abundant, non-conflict minerals, and are 100% recyclable. Eos' battery is non-flammable and does not require any moving parts or pumps, which allows for simple upkeep and market-leading low-cost operations.