Eos Energy receives first loan advance from DOE for $68.3M

Eos Energy (EOSE) announced that it has received the first loan advance from the Department of Energy’s, or DOE, Loan Programs Office in the amount of $68.3M. 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. 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.