Energy Storage Firm Eos Nabs Conditional Loan Guarantee of up to $400 Million

Long-term energy storage company EOS Energy Enterprises (EOSE.O) has received a conditional commitment for an up-to $400 million loan guarantee from the federal government, an office of the U.S. Department of Energy said on Thursday.

The loan guarantee is for construction of four manufacturing lines to produce next-generation utility and industrial scale

zinc bromine battery energy storage systems in Turtle Creek, Pennsylvania, the Loan Programs Office said.

EOS said the total cost of the project, called AMAZE, will be $500 million.

If finalized, the project is expected to manufacture enough power storage annually by 2026 to provide electricity to more than 300,000 average U.S. homes instantaneously, or meet the annual power demand of about 130,000 homes if the units are fully charged and discharged daily, the LPO said.

AMAZE is expected to create up to 50 union contractor construction jobs and as many as 650 new operations jobs when at full capacity, it said.