Eos Energy Secures $304M DOE Loan to Scale U.S. Battery Manufacturing
Eos Energy Enterprises has closed on a $303.5 million loan from the U.S. Department of Energy’s Loan Programs Office (LPO) to expand its long-duration, zinc-based battery manufacturing facility in Turtle Creek, Pennsylvania. The loan will support the addition of four automated production lines, scaling capacity to 8 GWh annually by 2027. Two lines are currently covered under the finalized loan agreement, with the remaining two pending further approvals.
The loan follows an earlier conditional award of $398.6 million and complements an investment of up to $315.5 million from Cerberus Capital Management. As of Q3 2024, Eos holds a $589 million backlog (2.3 GWh) and a $14.2 billion commercial pipeline (59 GWh), positioning it as a key player in the U.S. energy storage market.
Eos’ Z3 battery system, made primarily with domestic materials, offers a lithium-free solution for three- to 12-hour energy discharge applications. The company expects its U.S.-made technology, combined with tax credits under the Inflation Reduction Act, to provide a competitive advantage for utilities and renewable developers.
Despite a $417.7 million net loss in the first nine months of 2024, the company sees this funding as a catalyst for scaling sustainable and profitable domestic manufacturing.
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