Eos Energy Enterprises Inc. has closed on a $303.5 million loan from the U.S. Department of Energy that will support the company’s growth objectives in the energy storage sector, including a factory expansion.
What is Eos?
Eos Energy describes its core products as “safe, scalable, efficient, and sustainable zinc-based long-duration energy storage systems.” The company says it intends to change how the world stores power through its Znyth aqueous zinc battery technology, designed to “overcome the limitations” of existing lithium-ion options.
Funding for Capacity Enhancements
According to a recent press release, Eos has closed on the first of the Biden administration’s Title 17 battery loans. The $303.5 million sum was awarded after a painstaking approval process, with due diligence steps taking place as far back as January 2021. Ultimately, the DOE loan will assist Eos in expanding its manufacturing capacity as demand for its products grows. Eos is also privately funded by Cerberus Capital Management, and the combined investments will support an increase in capacity to 8 GWh within the next three years.
A Boost for Reshoring, Energy Security
The company calls this latest advancement “a key step in advancing Project American Made Zinc Energy (AMAZE).” Eos CEO Joe Mastrangelo noted that the company decided five years ago to reshore manufacturing to the U.S. from China, a move he calls “transformative to our business.” The company’s effort to modify its supply chain has served as an added benefit, especially regarding long-term U.S. energy security. Eos says its U.S.-based supply chain now supports a product with 90% domestic content.
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