Frontier Power USA Acquires 480 MWh Battery Storage Projects from Bimergen Energy

Frontier Power USA announced the signing of a transaction to acquire a 480 MWh portfolio of battery energy storage system development projects from Bimergen Energy Corporation. The portfolio comprises three ERCOT-based projects, including two "Texas 10" projects and a 100 MW / 400 MWh project with Notices-to-Proceed 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 (EOSE). 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.