Eos Energy Closes $303.5 Million Loan Guaranteed by the U.S. Department of Energy to Support Project AMAZE and American Made Manufacturing Expansion

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Eos Energy Enterprises, Inc.
Eos Energy Enterprises, Inc.

Loan supports next phase of Company’s growth, expected to bring annual production capacity to 8 GWh, meeting long duration battery energy storage systems’ growing demand

First Title 17 Battery loan closed under the current administration after an application and approval process that began in January 2021

Loan supports innovative technology development and closes 15 months after conditional loan commitment and detailed due diligence review

Eos’ technology combined with Cerberus Capital Management and DOE funding addresses critical needs essential to long-term United States energy security

TURTLE CREEK, Pa., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), a leading provider of safe, scalable, efficient, and sustainable zinc-based long duration energy storage systems, today announced the successful closing of a $303.5 million loan guaranteed by the U.S. Department of Energy’s (“DOE”) Loan Programs Office (“LPO”) (“the DOE loan”), marking the first Title 17 battery loan closed under the current administration. The DOE loan is a key step in advancing Project American Made Zinc Energy (AMAZE) and is expected to fund the expansion of Eos’ manufacturing capacity to 8 GWh by 2027 to meet the growing demand for longer duration battery energy storage systems.

“Five years ago, we made the strategic decision to bring our manufacturing operations back to the U.S. from China – a move that has been transformative to our business and positioned Eos at the forefront of the American manufacturing renaissance,” said Eos Chief Executive Officer Joe Mastrangelo. “Since then, we’ve made significant advancements in our battery technology, retooled our manufacturing facilities for greater efficiency, and established a U.S.- based supply chain with over 90% domestic content, all of which has brought us to this milestone today with the DOE. The DOE loan provides capital to scale our operations to meet the surging demand for reliable, long-duration energy storage solutions, all while supporting American manufacturing.”

According to Fortune Business Insights, the battery energy storage system market in the U.S. is projected to grow significantly, reaching an estimated value of USD $31.4 billion by 2032, driven by the increasing adoption of renewable energy and the need for enhanced grid stability. To meet this demand, the Company, backed by its September 30, 2024, $589 million order backlog and $14.2 billion commercial pipeline, plans to use the funding to build four fully automated, state-of-the-art manufacturing lines. With one line already in commercial operation and having achieved 10-second battery manufacturing cycle times, these lines are expected to enable the production of Eos’ zinc-based batteries designed to offer a reliable, cost-effective, and safe alternative to incumbent technologies and support the transition to a more sustainable energy grid.