Eos Energy Storage, an Edison, NJ, and New York, NY-based developer of energy storage technology, closed a $15m Series B financing round.
21 strategic and financial investors participated in the round including NRG Energy, Inc. (NYSE: NRG) and Fisher Brothers.
The company intends to use the funds to commercialize its grid-scale battery technology.
Led by Steve Hellman, President, and Michael Oster, CEO, Eos provides Aurora, a grid-scale energy storage product for electric utilities to time-shift peak energy demand. The company plans to start deploying Aurora in 2014 and is raising a Series C round the production and delivery of the systems.
It also develops additional applications in the industrial, telecoms and transportation industries.