NEW YORK and NEWPORT BEACH, Calif., July 14, 2026 (GLOBE NEWSWIRE) -- Frontier Power USA (“FPUSA” or the “Company”), a long-duration energy storage development and investment platform, and Bimergen Energy Corporation (NYSE American: BESS) (“Bimergen”), a U.S. energy infrastructure developer, today announced that FPUSA has selected the Wildfire BESS Project, a 100 MW / 400 MWh battery energy storage project located in Caldwell County, Texas. The project has been selected for conversion onto the FPUSA platform under the parties’ existing strategic framework, is expected to utilize Eos Energy Enterprises, Inc. (Nasdaq: EOSE) (“Eos”) Z3 long-duration batteries, and closing remains contingent upon the negotiation and execution of definitive documentation and the successful closing of Eos’s recently announced rights offering.

The Wildfire selection follows FPUSA’s previously announced conversion of a 480 MWh portfolio of ERCOT-based projects from the Bimergen portfolio and FPUSA’s selection of four projects representing approximately 920 MWh under its strategic framework with Stella Energy Solutions. Together, the closed and selected projects represent approximately 1.8 GWh of battery energy storage capacity. That total equals approximately 90% of FPUSA’s 2 GWh capacity reservation agreement with Eos.

The transaction is expected to be documented on economic terms consistent with the previously completed Bimergen portfolio transaction.

The Company’s closed and selected project portfolio is focused on projects targeting near-term notice-to-proceed milestones in 2026 and early 2027, supporting FPUSA’s objective of converting late-stage development opportunities into construction-ready assets on an accelerated schedule.

Execution Against the 2 GWh Capacity Reservation Agreement

FPUSA was formed to accelerate deployment of utility-scale, long-duration battery storage infrastructure by integrating development, committed manufacturing capacity, institutional capital, project financing and insured performance under a single platform. The Company’s 2 GWh capacity reservation agreement with Eos is intended to provide dedicated access to American-made long-duration battery supply and support execution certainty across FPUSA’s late-stage project pipeline.

Since announcing the platform, FPUSA has advanced three asset portfolios toward deployment:

The initial Bimergen portfolio represented FPUSA’s first completed conversion from its exclusive project pipeline and the initial deployment under the Eos capacity reservation agreement. That transaction covered a 480 MWh portfolio comprising three ERCOT-based projects, including two “Texas 10” projects and the 100 MW / 400 MWh Redbird project.

The Stella project selection represented the first projects to advance under FPUSA’s strategic framework with Stella, covering four projects totaling approximately 230 MW / 920 MWh of battery storage capacity. Those projects were selected for conversion onto the FPUSA platform and are expected to utilize Eos Z3 long-duration batteries.

The Wildfire selection adds a further 100 MW / 400 MWh project in ERCOT and reflects continued execution of FPUSA’s strategy to identify, select and convert late-stage storage projects that can use FPUSA’s reserved Eos manufacturing capacity.

In addition, FPUSA has visibility on approximately 4 GWh of near-term pipeline opportunities across multiple markets. To the extent FPUSA is able to convert or select additional projects from that pipeline, the Company would look to increase the capacity available under its capacity reservation agreement with Eos to support continued platform growth.

FPUSA Capitalization and Project Financing

FPUSA’s equity capital base is anchored by the previously announced commitment from funds and accounts managed by Cerberus Capital Management and is expected to be further supported by the investment from Hudson Bay Capital and proceeds from the Eos rights offering.

Hudson Bay’s commitment includes a $50 million direct equity commitment into FPUSA, subject to certain conditions, as part of a broader $125 million Hudson Bay commitment in support of the Company. The remaining $75 million comprises an investment by Hudson Bay into Eos to support Eos’s investment in FPUSA.

FPUSA is also working with KKR Capital Markets LLC under its engagement to support the structuring of long-term project financing across the platform. That engagement is targeting investment-grade financing solutions and is intended to support a comprehensive financing framework across bank and institutional markets, including construction financing, tax credit-related financings and long-term project finance solutions, and to help establish a repeatable capital structure for FPUSA’s selected project portfolio.

“Wildfire is another important step in the execution of the FPUSA platform,” said Aaron Maczonis, Managing Director at Cerberus Capital Management. “With this selection, FPUSA has now closed or selected approximately 1.8 GWh of projects against its 2 GWh capacity reservation agreement with Eos. That is real progress against the core strategy: securing high-quality late-stage projects, aligning them with committed American-made battery supply, and converting them into construction-ready assets through a platform built for speed, financing certainty and scale. Bimergen has been an important origination and development partner, and we look forward to completing definitive documentation and advancing Wildfire toward NTP.”

“Wildfire reflects the depth of Bimergen’s development work in ERCOT,” said Cole Johnson, Co-CEO of Bimergen Energy. “This is our second transaction under the framework with FPUSA, and it shows how the model is designed to work: Bimergen originates and develops late-stage projects, and the platform converts them into construction-ready assets with committed American-made battery supply and institutional capital behind them. We look forward to completing documentation and moving Wildfire toward construction.”

About Frontier Power USA

FPUSA is a long-duration energy storage development and investment platform focused on accelerating the deployment of utility-scale battery infrastructure across the United States. Formed through an anchor investment by funds and accounts managed by Cerberus, the platform integrates development, committed manufacturing capacity, institutional capital, project financing and insured performance under a single banner, allowing development-stage pipelines to convert into construction-ready assets and 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.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc. (Nasdaq: EOSE) is accelerating the shift to American energy independence with energy storage solutions that transform how the world stores power. Eos’s BESS features the company’s Znyth™ technology, a proven chemistry with readily available, non-precious-earth components, designed for utility-scale, microgrid, commercial and industrial long-duration energy storage applications. Learn more at eose.com.

Contact

support@frontierpowerusa.com

Forward-Looking Statements

Except for historical information, the matters set forth in this press release are “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the selection and expected conversion of the Wildfire project, the negotiation and execution of definitive documentation, the expected use of Eos Z3 batteries, the Eos rights offering, the Cerberus and Hudson Bay investments, project financing efforts, and FPUSA’s project pipeline and capacity reservation agreement. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including the risk that definitive documentation is not executed, that the rights offering does not close, and that projects do not reach notice to proceed or commercial operation on the anticipated timeline or at all, as well as the risk factors described in Eos’s and Bimergen’s filings with the Securities and Exchange Commission. None of FPUSA, Bimergen or Eos undertakes any obligation to update forward-looking statements except as required by law. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. The rights offering is being made only by means of the applicable prospectus filed with the SEC.