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Eos Energy Enterprises Invited to Submit Part II Loan Application by U.S. Department of Energy
Zinc battery company to expand domestic manufacturing capabilities EDISON, N.J., Feb. 24, 2022 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE)
About this update from Eos Energy Enterprises, Inc.
[{"type":"text","content":"Zinc battery company to expand domestic manufacturing capabilities\nEDISON, N.J., Feb. 24, 2022 (GLOBE NEWSWIRE) -- Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos”), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced it has advanced through Part I of the U.S. Department of Energy’s (“DOE”) Renewable Energy and Efficient Energy Loan Program. To be invited to submit a Part II loan application, Eos had to demonstrate to the DOE that Eos’s Znyth™ battery employs innovative technology and avoids or reduces greenhouse gas emissions. Eos will now proceed to Part II of the loan application process in support of the previously announced expansion of its Turtle Creek domestic manufacturing facility to more than triple capacity to 800MWh by year-end. Located outside of Pittsburgh, PA, the expanded Turtle Creek facility is expected to create more than 125 green jobs and provide Eos with an additional 46,000 square feet of space to expand production of its Znyth™ aqueous zinc battery technology as customer demand continues to grow. “We are very excited and grateful to DOE for inviting Eos to submit a Part II loan application,” said Joe Mastrangelo, Chief Executive Officer of Eos. “DOE is providing high growth U.S. companies like Eos with the opportunity to lead the global energy transition by driving a domestic manufacturing rebirth in the United States. Eos has invested in a domestic supply chain where 80% of our raw materials are within a five-hour drive of our factory––and our goal is to be above 90% by the end of 2022. We are excited to start the Part II process and continue to grow Eos as a leader in flexible, long duration energy storage.” The Renewable Energy & Efficient Energy Projects Loan Program provides incentives to new and established renewable energy providers to implement projects, including manufacturing projects, to support and help reinvigorate, advance, and transform America’s energy infrastructure. Through its Title 17 Innovative Energy Loan Guarantee Program, it can help finance catalytic, replicable, and market-ready renewable energy and efficient energy technologies with $3.0 billion of available loan guarantees. The Program aims to help eliminate gaps in commercial financing for energy projects in the United States that utilize innovative technology ...