Eos Energy (EOSE) Secures $22.7 Million DOE Loan for Manufacturing Expansion

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) is one of Goldman Sachs’ top penny stock picks. The company revealed on July 1 that it received a second loan advance of $22.7 million from the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO). This advance completes the first tranche of $90.9 million, following an initial $68.3 million received in December 2024.

Eos Energy (EOSE) Secures $22.7 Million DOE Loan for Manufacturing Expansion

An assembly line of lithium-ion batteries for energy storage solutions with workers in the background.

The total DOE loan guarantee, finalized in November 2024, amounts to $303.5 million ($277.5 million principal and $26 million capitalized interest) to support Project AMAZE (American Made Zinc Energy). The loan covers 80% of eligible costs for capital expenditures and project-related operating expenses for manufacturing expansion in Turtle Creek, Pennsylvania. The loan facility, maturing on June 15, 2034, allows up to four draws, each tied to production milestones.

Eos stated that the funds will be used to support the completion of its first state-of-the-art manufacturing line and to procure a second line. The expansion aims to scale production to meet the growing demand for long-duration energy storage, particularly for AI-driven load growth, data centers, and safety-conscious storage markets.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) is a U.S.-based energy storage company. It designs, manufactures, and sells zinc-based battery energy storage systems for utility-scale, microgrid, and commercial applications. Its flagship product is the Znyth™ battery.

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Disclosure: None. This article is originally published at Insider Monkey.