Expion360 Inc

Expion Energy closed the initial tranche of a private placement raising $9 million, with the potential for an additional $91 million from the same investors, to fund its newly acquired oil and gas exploration assets in Eastern Louisiana. The initial closing consisted of 8% convertible debentures and warrants to purchase roughly 2.1 million shares at $4.25, with net proceeds of about $8.2 million after fees. The lead investor is affiliated with the company's interim Chairman and former CEO. Proceeds will go toward the acquisition and working capital, following Expion's disclosure of its first move beyond its legacy battery business into oil and gas exploration. The acquisition includes about 3,000 net acres of existing leasehold, a wellbore, intellectual property, and mineral title research covering approximately 13,000 net acres, with the company paying an adjusted cash purchase price of about $3.425 million and committing up to $4 million for leasing activity.

Expion Energy, Inc., formerly Expion360 Inc., has acquired oil and gas assets in Eastern Louisiana, marking its first entry into the sector as the company broadens its strategy beyond its established energy storage business. The transaction includes approximately 3,000 net acres of existing leasehold, a wellbore and mineral title research covering roughly 13,000 net acres. Expion paid an adjusted $3.425 million in cash at closing and plans to fund an additional leasing programme ahead of drilling and testing targeted by February 15, 2027. Kevin Sellers has been appointed CEO as Expion builds its oil and gas platform, while the corporate name has changed from Expion360 Inc. to Expion Energy, Inc.

Expion360 reported a narrower second-quarter 2026 net loss of $1.34 per share, compared with a loss of $4.93 per share a year earlier. Net sales fell 32% to $2 million from $3 million, while gross profit rose 6% to $0.7 million and gross margin expanded to 32.4% from 20.8%. The company attributed the improved margin to discontinuing low-margin accessory resales and disciplined pricing on core battery products. Expion360 also expanded its relationship with Forest River, which selected its UL 1973-certified lithium-ion battery systems for the Georgetown and Dynamax Grand Sport motorized brands. Management said it remains on track to launch its first next-generation lithium battery in the second half of 2026.