Eos Energy Enterprises NASDAQ:EOSE, the Pittsburgh-based maker of zinc-based long-duration energy storage systems, said it expects roughly $263 million of gross equity for Frontier Power USA, its joint venture with Cerberus Capital Management, exceeding the $250 million target set when the venture was announced. Eos shares were down 3.02% premarket.

The total comes from three holders: about $113 million from Eos, $100 million from Cerberus and $50 million from Hudson Bay Capital Management. Eos funded its share partly through a rights offering that expired July 21 and raised $37.7 million. The company distributed rights for 27.4 million units at $5.481 each and received subscriptions for 6.9 million. CEO Joe Mastrangelo said he exercised his own rights alongside other board members and management.

Combined with roughly 75% loan-to-value project debt, Eos expects the equity base to support more than $1 billion of deployable project capital. Frontier Power USA holds a pipeline of about 16 GWh, of which 5.0 GWh has been purchased, selected or is under diligence, including 1.8 GWh under construction or approaching notice to proceed. Initial capitalization is expected to close in early August.