Eos Energy announces $500m expansion programme

September 4, 2023

Zinc-powered long-duration stationary energy storage systems provider Eos Energy Enterprises has announced ‘Project AMAZE —American Made Zinc Energy’, a $500 million expansion programme aimed at increasing annual production to 8 GWh of storage capacity by 2026.

The US Department of Energy’s (DOE) Loan Programs Office (LPO) has issued a conditional commitment for a loan guarantee of up to $398.6 million, which, if the loan is finalised, is expected to fund 80% of the expansion in Pennsylvania.

“The issuance of conditional commitment by the DOE was preceded by legal, technical and commercial due diligence by the LPO to evaluate the loan and the project’s potential to meet market demand and commercial and environmental benchmarks,” a statement said. “While this conditional commitment demonstrates the department’s intent to finance the project, several steps remain for the project to reach critical milestones, and certain technical, legal and financial conditions must be satisfied before the department enters into definitive financing documents and funds the loan.”

Joe Mastrangelo, CEO of Eos Energy Enterprises, said: “We are excited to formally announce Project AMAZE. The IRA implementation requires us to move with speed and urgency if the energy industry is going to meet the demand for long-duration energy storage.At such a crucial moment in our global energy transition, time is of the essence. On behalf of all Eos employees, we want to thank the LPO for giving us the opportunity to reach this important milestone.  Project AMAZE should allow Eos to fully commercialise a safe American-made energy storage alternative aimed at creating a resilient, diversified lower carbon energy future.”