12:45 PM EST, 01/27/2025 (MT Newswires) -- Eos Energy Enterprises ( EOSE ) said Monday it accessed the final tranche of a term loan facility after meeting certain milestones.

The company said the $40.5 million under a delayed draw term loan is fully drawn after achieving the third set of performance milestones agreed upon between Eos and an affiliate of Cerberus Capital Management.

"With the term loan fully funded, combined with Department of Energy loan guarantee first disbursement in December, Eos has a strong foundation and sufficient capital to continue implementing Project AMAZE," Eos CFO Nathan Kroeker said in a statement.

As part of the credit agreement, the company issued non-voting series B-4 convertible preferred stock to Cerberus that is convertible into roughly 16.2 million common shares.

Cerberus' term loan facility had total funding of $210.5 million, according to Eos.

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