Eos Energy announces $500M program for long-duration energy storage demand

Eos Energy Enterprises announced Project AMAZE ,American Made Zinc Energy, a $500M planned expansion and a significant milestone to build 8 GWh of clean energy storage production capacity. Project AMAZE supports Eos’ strategy to address increased long-duration energy storage demand driven by the Inflation Reduction Act, IRA implementation, using its Eos Z3 energy storage system. The project secured an up to $398.6M conditional commitment for a loan guarantee from the DOE LPO, the result of a rigorous and thorough due diligence process by the DOE that, if the loan is finalized, would fund 80% of Eos’ planned expansion. In 2018, Eos brought its production and supply chain back to the United States from China, and the expanded facility would further build on Eos’ investment in American manufacturing with the increased production of its zinc-based energy storage systems…The Eos Z3 battery contains predominately American components and is specifically designed for mass production and meeting low-cost, long-duration, grid-scale stationary energy storage needs. .. “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,” said Joe Mastrangelo, CEO of Eos Energy Enterprises.