Marks the first transaction executing FPUSA's strategy through conversion of its pipeline under the 2 GWh capacity reservation agreement with Eos
NEW YORK and NEWPORT BEACH, Calif., May 21, 2026 (GLOBE NEWSWIRE) -- Frontier Power USA ("FPUSA"), a long duration energy storage development and investment company, with its affiliates, today announced the signing of a transaction to acquire a 480 MWh portfolio of battery energy storage system ("BESS") development projects from Bimergen Energy Corporation (NYSE: BESS) ("Bimergen").
The portfolio comprises three ERCOT-based projects, including two "Texas 10" projects and a 100 MW / 400 MWh project with Notices-to-Proceed ("NTP") expected to begin in the middle of 2026. Subject to certain closing conditions, this transaction will represent the first acquisition completed with respect to FPUSA's exclusive project pipeline and will mark the initial deployment under FPUSA's previously announced 2 GWh capacity reservation agreement with Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos").
Under the terms of the transaction agreement, following the closing, an affiliate of FPUSA will fund 100% of the equity required for construction, pay Bimergen a development fee and fund transaction expenses. The affiliate of FPUSA is expected to contribute the project companies to FPUSA following the initial capitalization of FPUSA. FPUSA will, after such contribution, hold a 92.5% ownership interest in the project companies, while Bimergen will retain a 7.5% economic interest in recognition of its ownership and development contribution. The parties will collaborate to bring the projects to commercial operations.
The projects will utilize Eos' American-made Z3 long duration battery systems in alignment with the previously announced capacity reservation agreement between FPUSA and Eos. The agreement will provide FPUSA with dedicated access to manufacturing capacity, supporting deployment certainty across its late-stage opportunity pipeline.
FPUSA intends to deploy its previously announced Technology Performance Insurance ("TPI") framework arranged with Ariel Green to support the financing of the projects. The TPI structure is designed to enhance project bankability and enable access to long-term institutional capital for construction and operations.
Along with Bimergen, FPUSA is working with Stella Energy Solutions as execution partner on the development and delivery of the projects. Simpson Thacher & Bartlett LLP and Jackson Walker LLP acted as legal advisors to Cerberus Capital Management as owner of FPUSA, and Norton Rose Fulbright LLP acted as legal advisor to Bimergen.
FPUSA Commentary
"This transaction reflects the core strategy behind FPUSA - the first platform in the industry to integrate development, committed manufacturing capacity, institutional capital, and insured performance into a robust pipeline of construction-ready assets with speed and capital certainty. The ERCOT market continues to experience strong load growth, reinforcing the need for long-duration storage solutions that can be deployed reliably and at scale. These projects represent an important first step in capturing the opportunity set."
- Aaron Maczonis, Managing Director, Cerberus Capital Management
Bimergen Commentary
"We are pleased to partner with FPUSA on this transaction, which demonstrates our ability to originate, develop, and rotate high-quality energy storage assets while retaining an ongoing interest in their long-term performance. This model enables us to continue scaling our development platform while supporting the delivery of critical infrastructure in key U.S. markets."
- Cole Johnson, Co-Chief Executive Officer, Bimergen Energy Corporation
About FPUSA
FPUSA is a long duration energy storage development and investment platform organized to accelerate the deployment of utility-scale battery infrastructure across the United States. FPUSA is the first in the long-duration energy storage industry to integrate development, committed manufacturing capacity, institutional capital and insured performance under a single banner, allowing the conversion of development-stage pipelines into construction-ready assets at speed and scale - compressing the time from project commitment to commercial operation. Learn more at frontierpowerusa.com.
About Bimergen Energy Corporation
Bimergen Energy Corporation (NYSE American: BESS) is a U.S.-based renewable energy developer, asset owner and independent power provider focused on utility-scale battery energy storage systems and solar projects. Bimergen develops and operates infrastructure designed to enhance grid stability and support the integration of renewable generation across key U.S. markets, maintaining a diversified pipeline and partnering with institutional capital providers to advance projects through construction and long-term operation. Learn more at Bimergen.com.
Contact information:
support@frontierpowerusa.com
