Capital raise exceeded original targets; FPUSA also announces first Stella project conversion and initial Eos Z3 purchase order for Blanquilla Phase 1
NEW YORK and THE WOODLANDS, Texas, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Frontier Power USA ("FPUSA" or the "Company") today announced that it has closed its previously announced equity capital raise with investments from funds and accounts managed by affiliates of Cerberus Capital Management, L.P. ("Cerberus"), Eos Energy Enterprises, Inc. (Nasdaq: EOSE) ("Eos") and Hudson Bay Capital Management LP ("Hudson Bay") totaling approximately $263 million. The financing exceeded FPUSA's original target and supports the Company's continued conversion of late-stage battery storage projects into construction-ready assets.
The capital raise includes a $100 million investment from Cerberus, approximately $113 million from Eos and $50 million from Hudson Bay.
FPUSA also announced that it has acquired the Blanquilla BESS Project from Stella Energy Solutions ("Stella"), converting one of the four projects previously selected under its strategic framework with Stella. Stella is expected to provide development and EPC services for the Stella projects converted onto the FPUSA platform, as well as the Bimergen projects previously purchased by FPUSA. The remaining three selected Texas 10 projects are expected to be converted in the third quarter of 2026.
Blanquilla is a 200 MW / 800 MWh, four-hour battery energy storage project that will utilize Eos Z3 long-duration battery systems. In connection with the acquisition, FPUSA executed a $100 million purchase order with Eos for Phase 1 of the Blanquilla BESS Project under the parties' previously announced 2 GWh Capacity Reservation Agreement.
FPUSA is in final negotiations with offtake providers and expects Blanquilla to benefit from the Technology Performance Insurance ("TPI") framework arranged with Ariel Green. The project is expected to be financed through FPUSA equity and debt financing arranged through FPUSA's previously announced engagement with KKR Capital Markets.
Together with the Blanquilla transaction, FPUSA has converted 1,280 MWh of usable energy capacity, while continuing to advance approximately 5 GWh of projects that have been acquired, selected or are under active diligence, and an identified overall pipeline opportunity of approximately 16 GWh. The capital raise and initial Blanquilla purchase order support FPUSA's repeatable model for acquiring, financing, constructing and operating battery storage projects across high-growth U.S. markets.
About Frontier Power USA
Frontier Power USA is a long-duration energy storage development and investment platform focused on accelerating the deployment of utility-scale battery infrastructure across the United States. The platform integrates development, committed manufacturing capacity, institutional capital, project financing and insured performance within a single platform. Learn more at frontierpowerusa.com.
About Stella Energy Solutions
Stella Energy Solutions is a U.S.-based utility-scale clean energy platform focused on the development, construction, and operation of battery energy storage and solar infrastructure. Headquartered in The Woodlands, Texas, Stella and its team have developed, built, and operated more than 4.4 GWh of utility-scale battery storage projects across the United States, with a particular focus on ERCOT and other high-growth markets.
Forward-Looking Statements
Certain statements in this press release, including statements regarding expected future project conversions, development activities, offtake arrangements, financing, insurance arrangements and FPUSA's broader project pipeline, are forward-looking statements. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. FPUSA undertakes no obligation to update any forward-looking statement except as required by applicable law.
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