Please replace the release dated October 23, 2020 with the
following corrected version due to multiple revisions.
The updated release reads:
EOS ENERGY STORAGE ACHIEVES LEADERSHIP
MILESTONE WITH KEY APPOINTMENTS TO ITS BOARD OF DIRECTORS
Eos Energy Storage LLC (“Eos”), a leading manufacturer of safe,
low-cost and long-duration zinc battery storage systems, today
announced key appointments to its board of directors.
Eos is pleased to announce that Audrey Zibelman, Dr. Krishna
Singh, and Alex Dimitrief will join the Eos board upon the closing
of the business combination with B. Riley Principal Merger Corp. II
(“BMRG”). In addition, Joe Mastrangelo, Chief Executive Officer of
Eos, has been invited to join the board. The board will provide
insight and counsel on the continued strategic direction of Eos
while also working with Eos and customers to accelerate the
adoption of Eos’ zinc-based battery solutions.
Audrey Zibelman currently serves as CEO of the Australian Energy
Market Operator (“AEMO”), which manages electricity and gas systems
across Australia. Ms. Zibelman will bring deep experience in
tackling the multifaceted challenges of clean energy adoption,
having led the effort to draw up the “Integrated System Plan”,
Australia’s 20-year blueprint to transition the country to
renewables. Starting in 2021, Ms. Zibelman will take up a newly
created leadership role at X, the moonshot factory, a subsidiary
entity of Alphabet Inc. Ms. Zibelman will be leading an early stage
team working to develop new technologies to enable safe, reliable
and affordable clean energy.
Alex Dimitrief is an experienced C-suite leader, former general
counsel and trial lawyer who has steered energy and other global
businesses through a wide range of complex legal, regulatory,
commercial and operational challenges. Mr. Dimitrief brings
valuable and practical perspectives drawn from a unique combination
of 20 years as a senior partner at a leading international law firm
and over ten years as a leader at one of the largest in-house legal
departments.
Dr. Krishna Singh is the founder, president and chief executive
officer of Holtec International, a supplier of equipment and
systems for the energy industry. With nearly 50 years of experience
in the nuclear power industry and as the holder of 119 patents, Dr.
Singh brings a unique perspective and knowledge that will
contribute to the success of Eos. In September 2019, Eos and Holtec
announced the formation of HI-POWER, LLC, a multi-gigawatt
manufacturing joint venture to produce Eos’ next generation of
aqueous zinc batteries. The state-of-the-art HI-POWER manufacturing
facility is located in Pittsburgh, PA.
Joe Mastrangelo, Eos’ Chief Executive Officer, brings over two
decades of experience as an energy industry leader, where he has
led diverse teams to develop and deploy commercial scale projects
around the world. Mr. Mastrangelo has broad operating experience
across the energy value chain including serving as Chief Executive
Officer of GE’s Power Conversion business, and over ten years of
experience at GE Oil & Gas in various leadership roles in
finance, quality, and commercial operations, culminating in being
named a GE Corporate Officer in 2008. Mr. Mastrangelo joined Eos as
a board advisor in March 2018 and assumed the role of Chief
Executive Officer in August 2019.
“It is a privilege to welcome these talented leaders to the
board at this exciting time in Eos’ 12-year history,” said Dan
Shribman, Chief Executive Officer of BMRG and Chief Investment
Officer of B. Riley Financial. “We look forward to their guidance
and assistance as we take Eos public and continue to generate the
incredible commercial momentum the company has seen over the last
several months.”
“It is a great honor to have the board’s support of these
accomplished leaders,” said Joe Mastrangelo. “Their experience and
knowledge are exceptional and, together, I know we can push Eos to
impressive new heights on our mission to accelerate clean energy
adoption. I look forward to working with the board and my team to
capitalize on the incredible market opportunity in front of us in
the battery storage space.”
Following the closing of the business combination, the board
will consist of seven members with each bringing extensive and
proven executive management and technology expertise to help Eos in
key areas of its business:
- Alex Dimitrief, is an experienced director, Chief Executive
Officer, C-suite leader and general counsel who has steered varied
energy-related and other global businesses through a wide range of
complex commercial, legal and organizational challenges. He has
previously served as a director of both public and non-public
companies including The We Company, Synchrony Financial (NYSE: SF)
and GE Capital Bank and presently sits on the Advisory Board of
Cresset Capital Management. As President and Chief Executive
Officer of General Electric’s Global Growth Organization, Mr.
Dimitrief was responsible for driving GE’s growth in more than 180
countries. Under Mr. Dimitrief’s watch in 2018, GE achieved $76
billion in international orders and secured billions in financing
for many of GE’s emerging market customers. As GE’s General
Counsel, Mr. Dimitrief served as the principal executive advisor to
GE’s Board and led a global team responsible for GE’s legal
matters, compliance, SEC reporting, government affairs and
environmental safety programs. In previous roles at GE, Mr.
Dimitrief was a leader of the transformation of GE Capital
(including the IPO/split-off of Synchrony Financial) and led joint
venture negotiations for GE Energy in China and Russia. In 2007,
Mr. Dimitrief came to GE from after 20 years as a senior partner at
Kirkland & Ellis LLP, where he “first chaired” and regularly
advised Boards about securities, restructuring, intellectual
property, product liability, environmental, governance and
commercial disputes.
- Joe Mastrangelo joined Eos as a board advisor in March 2018 and
assumed the role of Chief Executive Officer in August, 2019. Before
coming to Eos, Mr. Mastrangelo was president and chief executive
officer of Gas Power Systems since September 2015. As an energy
industry leader for the past two decades, Mr. Mastrangelo has
extensive experience leading diverse teams to develop and deploy
commercial scale projects around the world. Mr. Mastrangelo has
broad operating experience across the energy value chain including
serving as Chief Executive Officer of GE’s Power Conversion
business, applying science and systems of power conversion to
increase the efficiency of the world’s energy infrastructure. Mr.
Mastrangelo spent ten years with GE Oil & Gas, in leadership
roles in finance, quality, and commercial operations, culminating
in being named a GE Corporate Officer in 2008. Joe began his career
with GE in the company’s Financial Management Program and then
joined GE’s Corporate Audit Staff.
- Daniel Shribman, is BMRG’s Chief Executive Officer, Chief
Financial Officer and Director, has served as chief investment
officer of B. Riley Financial (Nasdaq: RILY) and as president of B.
Riley Principal Investments, LLC since September 2019 and September
2018, respectively. Mr. Shribman helps oversee the asset base of B.
Riley Financial alongside chief executive officer Bryant Riley.
Shribman has served as a member of the board of directors of Alta
Equipment Group Inc. (NYSE: ALTG) since February 2020, when it
completed its business combination with B. Riley Principal Merger
Corp., where Mr. Shribman was chief financial officer. Mr. Shribman
brings experience in both public and private equity to Eos. Prior
to joining B. Riley, Mr. Shribman was a Portfolio Manager at
Anchorage Capital Group, L.L.C., a special situation asset manager,
from 2010 to 2018.
- Dr. Krishna Singh, is the founder of Holtec International, a
diversified energy technology company with nine major operations
centers in seven countries on five continents, where he has served
as president and chief executive officer since 1986. Dr. Singh has
been active in the nuclear power industry since 1971 and is a
widely-published author in with over 70 technical papers, one
textbook and numerous symposia volumes. He is a prolific inventor
with and a prolific inventor (119 patents granted, many pending).
In addition to Holtec International, Dr. Singh serves on numerous
advisory boards in the energy industry including the Nuclear Energy
Institute and the University of California Nuclear Engineering
Department. Dr. Singh also serves as a member of the board of
overseers at the University of Pennsylvania School of Engineering
and Applied Science and a director of the Washington DC Atlantic
Counsel.
- Russell Stidolph has served as a director since 2014 and the
chairman of the board of Eos since 2018. Mr. Stidolph is the
founder AltEnergy, LLC a private equity firm focused on alternative
energy investing, where he has served as Managing Director since
2006. Prior to forming AltEnergy, Mr. Stidolph was a Principal at
J.H. Whitney & Co., LLC a middle-market private equity firm
based in New Canaan, Connecticut. While at J.H. Whitney Mr.
Stidolph was responsible for starting and developing the firm’s
alternative energy investing practice where he was responsible for
Hawkeye Renewables, LLC and Iowa Winds, LLC. Mr. Stidolph was both
the Chief Financial Officer and Vice Chairman of Hawkeye
Renewables, LLC before it was sold in 2006 to Thomas H. Lee
Partners, LP. Prior to joining J.H. Whitney, Mr. Stidolph was a
member of the corporate finance group at PaineWebber, Inc., that
was responsible for high yield and leverage finance origination.
Mr. Stidolph also acted as Senior Vice President and the Chief
Financial Officer of Tres Amigas, LLC and he still sits on the
Company’s Board of Directors, and was Chairman of the board of
directors of Viridity Energy, Inc before it was sold to Ormat
Technologies in 2017.
- Marian “Mimi” Walters, is Chief Commercial Officer for Leading
Edge Power Solutions, LLC. She is a former Member of the U.S. House
of Representatives (the “House”) from California’s 45th District
where she worked on key legislation, business and policy
initiatives related to energy, technology, environmental and
healthcare and served from 2015 to 2019. Ms. Walters was a member
of House Leadership and served on the influential Energy and
Commerce Committee. She was a member of the Communications and
Technology, Digital Commerce and Consumer Protection, and Oversight
and Investigations subcommittees. Prior to her election to
Congress, Ms. Walters was a member of the California State Senate
from 2008 to 2014, where she served on the Banking and Financial
Institutions Committee and was Vice Chair of the Appropriations
Committee. She previously served in the California State Assembly,
and was mayor and council member for the City of Laguna Niguel.
Prior to her career in public service, Ms. Walters was an
investment professional at Drexel Burnham Lambert and Kidder,
Peabody & Co.
- Audrey Zibelman, is Managing Director and Chief Executive
Officer of the AEMO, responsible for overseeing AEMO’s strategy,
operations and administrative functions. Ms. Zibelman also serves
on the CSIRO Energy Advisory Committee, the Melbourne Energy
Institute’s Advisory Board, and as a Director of the Melbourne
Recital Centre and the Advanced Energy Economy Institute. Ms.
Zibelman has extensive experience in the public, private and
not-for profit energy and electricity sectors in the United States.
Prior to joining AEMO in March 2017, her roles included Chair of
the New York State Public Service Commission (“NYPSC”), from August
2013 to March 2018, Executive Vice President and Chief Operating
Officer of system operator PJM from January 2008 to February 2013,
executive roles with Xcel Energy, from 1992 to 2004, one of the
United States largest integrated gas and electricity utilities and
served on a number of energy industry advisory groups and Boards.
During her tenure at the NYPSC, Ms. Zibelman led the design and
implementation of extensive regulatory and retail market changes to
modernize and transform the state’s electricity industry under New
York Governor Andrew M. Cuomo’s ‘Reforming the Energy Vision’ plan.
A recognized national and international expert in energy policy,
markets and Smart Grid innovation, Ms. Zibelman is a Founder and
past President and CEO of Viridity Energy, Inc., which she formed
after more than 25 years of electric utility industry leadership
experience in both the public and private sectors. Previously, Ms.
Zibelman was the Executive Vice President and Chief Executive
Officer of GO15 member organization, PJM, a regional transmission
organization responsible for operating the power grid and wholesale
power market which serves fourteen states across the eastern United
States. Ms. Zibelman also held legal and executive positions at
Xcel Energy, served as General Counsel to the New Hampshire Public
Utilities Commission, and was Special Assistant Attorney General in
the Minnesota Attorney General’s Office. During her career, Ms.
Zibelman has served on numerous industry-related and non-profit
boards, including, but not limited to the Midwest and Mid-Atlantic
Reliability Councils. Ms. Zibelman’s board experience also includes
Advisor to Secretary of Energy for the U.S. Department of Energy
and Advisory Council, New York State Energy Research and
Development Authority, the New York State Planning Board and the
New York State Emergency Planning Council.
As previously announced, BMRG, a publicly traded special purpose
acquisition company, and Eos have entered into a definitive merger
agreement for a business combination that would result in Eos
becoming a publicly listed company. Upon closing of the
transaction, the combined company will be renamed Eos Energy
Enterprises, Inc. (“Eos Energy”) and intends to list its shares of
common stock on Nasdaq under the ticker symbol “EOSE”.
About Eos Energy Storage LLC
At Eos, we are on a mission to accelerate clean energy by
deploying stationary storage solutions that can help deliver the
reliable and cost-competitive power that the market expects in a
safe and environmentally sustainable way. Eos has been pursuing
this opportunity since 2008 when it was founded. Eos has more than
10 years of experience in battery storage testing, development,
deployment, and operation. The Eos Aurora® system integrates Eos’
aqueous, Znyth® technology to provide a safe, scalable, and
sustainable alternative to lithium-ion.
https://eosenergystorage.com
About B. Riley Principal Merger Corp. II
BMRG was formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses.
Additional Information about the Business Combination
In connection with the business combination, BMRG has filed a
definitive proxy statement with the United States Securities and
Exchange Commission (“SEC”). BMRG stockholders and other interested
persons are advised to read the definitive proxy statement, in
connection with BMRG’s solicitation of proxies for the meeting of
stockholders to be held to approve, among other things, the
proposed business combination, because the proxy statement will
contain important information about BMRG, Eos and the proposed
business combination. The definitive proxy statement has been
mailed to BMRG stockholders as of the record date of October 22,
2020 for voting on the proposed business combination. Stockholders
can obtain copies of the proxy statement, without charge, at the
SEC’s website at www.sec.gov. Copies of the documents filed with
the SEC by BMRG, when and if available, can be obtained free of
charge by directing a written request to B. Riley Principal Merger
Corp. II, 299 Park Avenue, 21st Floor, New York, New York 10171 or
by telephone at (212) 457-3300.
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version on businesswire.com: https://www.businesswire.com/news/home/20201023005295/en/
For Eos Energy Storage LLC
Investors Ed Yuen ir@eosenergystorage.com
Media Balki G. Iyer media@eosenergystorage.com