Eos Energy Enterprises, a developer of zinc-based long duration energy storage (LDES) systems, manufactured in the United States, has received the first loan advance from the Department of Energy’s (DOE) Loan Programs Office in the amount of $68.3 million. The loan advance, which covers 80% of eligible costs incurred to date on the Mon Valley Works expansion project, represents the maximum allowable amount under the program at this time.
The loan advance covers both capital expenditures and project associated operating expenses incurred as part of the company’s production expansion plans related to Project AMAZE in the Mon Valley Works. These funds support Eos’ ongoing efforts to enhance its operational capacity and further its strategic growth objectives.
“Our first state-of-the-art manufacturing line has been operational since June 2024, and this funding is a significant milestone towards expanding our manufacturing capacity and being able to procure line 2. The loan proceeds from the DOE, coupled with our strategic partnership and investment from Cerberus Capital Management, facilitates our growth plans to capitalize on the growing need for long duration energy storage solutions”, says Nathan Kroeker, Eos Chief Financial Officer
This announcement comes on the heels of 616 MWh in new customer orders and an announced partnership with FlexGen to address a preliminary 50 GWh market opportunity, highlighting the growing demand for American-made long duration energy storage.
