Stifel Affirms ‘Buy’ rating on Eos Energy Enterprises (EOSE) Amid Capital injection

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) is one of the best green energy penny stocks to buy right now. On July 2, Stifel reiterated a ‘Buy’ rating on the stock and an 8.50 price target. The bullish stance comes as the stock shows impressive momentum following a receipt of additional government funding.

Stifel Affirms ‘Buy’ rating on Eos Energy Enterprises (EOSE) Amid Capital injection

A technician wearing a safety vest standing alongside a commercial-scale energy storage stack.

The company has secured $22.7 million in funding as part of the U.S. Department of Energy’s (DOE) Loan Programs Office. It marks the second time Eos Energy Enterprises has secured financing under the facility. It has already utilized $90.8 million under the initial tranche of a $303.5 million loan facility.

Eos Energy is to use the new funding to support capacity expansion efforts as it seeks to meet the growing demand for its solutions. The company is in the process of scaling its manufacturing capabilities. It has also made significant progress in strengthening its balance sheet.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) specializes in the designing, manufacturing, and marketing of zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial applications. It provides long-duration energy storage systems, primarily using its Znyth zinc battery technology.

While we acknowledge the potential of EOSE to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than EOSE and that has 100x upside potential, check out our report about this cheapest AI stock.

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