Eos Energy Storage and B. Riley Principal Merger Corp II are merging and the combined company is being renamed Eos Energy Enterprises Inc, Kallanish reports.

The merged company is trading on the Nasdaq Capital Market under the new ticker symbols EOSE and EOSEW.

The merged company has a projected pro forma market capitalisation of about $500 million, the companies say in announcing the closure of the previously announced deal.

The new company will be led by Eos’ current executive management team led by ceo Joe Mastrangelo and cfo Sagar Kurada.

B. Riley Principal Merger Group II is a special purpose acquisition company sponsored by an affiliate of B. Riley Financial Inc with headquarters in New York City. New Jersey-based Eos Energy Storage is a leading manufacturer of zinc battery storage systems.

“This milestone is the culmination of more than a decade of commitment to addressing the world’s energy storage challenges,” says Mastrangelo in a statement. “We have a proven, safe and sustainable storage solution that’s ready to help accelerate and scale the clean energy transition.”

Says Dan Shribman, B. Riley Financial chief investment officer: “In Eos, we found an ideal partner to complete this business combination. The market opportunity for Eos is extremely promising….We’re proud to be a strategic partner as Eos looks toward a bright future ahead.”