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Eos Energy Storage, a privately held developer of electric batteries for the utility and transportation industries, disclosed in a regulatory filing that it has increased its currently open venture capital round to $12 million.
In its newly amended SEC filing, Eos indicates that it plans to eventually raise a total of up to $20 million in its current round of venture capital.
Founded in 2007, Eos is focused on developing low-cost batteries using zinc-air technology, which are powered by oxidizing zinc with oxygen from the air. The batteries have high energy densities and are relatively inexpensive to produce, according to the company.
Zinc-air batteries can range in size from very small (button cells for hearing aids) to very large ones used to power electric vehicles.
Steven Amendola, Eos’ inventor, is also the inventor and founder of Renewable Silicon International (RSi), a silicon processing technology which has been funded by the Quercus Trust and has started manufacturing at its plant in Easton, Penn.
Image credit: Eos Energy Storage