Retail Supplier Parent Investing in Energy Storage Developer

A parent of several retail suppliers is investing in a firm developing energy storage technologies.

Eos Energy Storage announced the completion of its $15 million Series B financing round with participation from a syndicate of 21 strategic and financial investors. The round supports Eos's commercialization of its grid-scale battery technology.

Among the investors in this round is NRG Energy, Inc.

"Eos's technology is of strategic interest to NRG as we seek to enhance the value of our generation assets and evaluate novel energy storage business opportunities," said Denise Wilson, NRG Executive Vice President and President, New Businesses. "We have confidence in Eos's technology, its management team and the compelling value proposition the company will provide to the marketplace."

Eos said that its Aurora grid-scale energy storage product has been specifically engineered to help utilities operate more efficiently and create savings for consumers by time-shifting peak energy demand while providing greater resilience to the electricity grid. Eos will begin deploying the Aurora in 2014.