Eos Energy Enterprises, Inc. - EOSE STOCK NEWS

Eos Energy Enterprises (NASDAQ: EOSE) has received its first loan advance of $68.3 million from the Department of Energy's Loan Programs Office, representing 80% of eligible costs for the Mon Valley Works expansion project. This funding is part of a larger $303.5 million loan guarantee and marks the first Title 17 battery loan to be funded under the current administration.

The loan covers capital expenditures and operating expenses for Project AMAZE's production expansion. The company's first state-of-the-art manufacturing line has been operational since June 2024, and this funding will support the procurement of a second line. The announcement follows 616 MWh in new customer orders and a partnership with FlexGen targeting a 50 GWh market opportunity.

Eos Energy Enterprises (NASDAQ: EOSE) and FlexGen Power Systems have signed a Joint Development Agreement to create America's first fully-integrated domestic battery energy storage system (BESS). The partnership combines Eos' Z3™ batteries with FlexGen's HybridOS™ Energy Management System, targeting a pipeline opportunity of over 50 GWh.

The collaboration aims to deliver a streamlined solution for utilities, independent power producers, and energy consumers, reducing the complexity of developing and operating grid-scale energy storage projects. The integrated solution will feature domestic inverter and transformer packages, emphasizing American-made technology to support clean energy demands while contributing to energy independence.

Eos Energy Enterprises (NASDAQ: EOSE) has secured a 400 MWh standalone storage order with International Electric Power (IEP) for deployment at Marine Corps Base Camp Pendleton in San Diego County. The project, partially funded by the California Energy Commission's Long Duration Energy Storage Program, is scheduled for delivery in 2025. This marks the second agreement and third project with IEP, following a successful delivery in Texas earlier this year.

The project will utilize Eos Z3™ Cubes, which are non-flammable and require no cooling systems, manufactured at their Turtle Creek, Pennsylvania facility. This order follows a recent 216 MWh order with City Utilities, demonstrating Eos' expanding market presence.

Eos Energy Enterprises (NASDAQ: EOSE), a U.S. manufacturer of zinc-based long duration energy storage systems, has appointed David Urban to its Board of Directors, effective December 16, 2024. Urban, a renowned political strategist and Republican advisor from Western Pennsylvania, brings over three decades of experience in lobbying, politics, business, law, and military service.

As Managing Director at BGR Group and Of Counsel at Torridon Law PLLC, Urban advises clients across energy, telecommunications, and defense sectors. His appointment aims to strengthen Eos's position in the American energy storage market through his expertise in government relations, public policy, and strategic communications.

Eos Energy Enterprises (NASDAQ: EOSE) has secured a $303.5 million loan guaranteed by the U.S. Department of Energy's Loan Programs Office, marking the first Title 17 battery loan under the current administration. The funding will support Project AMAZE, aimed at expanding manufacturing capacity to 8 GWh by 2027. The company plans to build four automated manufacturing lines to meet growing demand, backed by a $589 million order backlog and $14.2 billion commercial pipeline. The loan, structured in four tranches, will cover 80% of eligible costs and matures in June 2034. Project AMAZE is expected to create up to 1,000 temporary and permanent jobs in the Mon Valley region.

Eos Energy Enterprises (NASDAQ: EOSE) has appointed Francis Richey as Chief Technology Officer. Richey, previously Senior Vice President of R&D, has been with Eos since 2015, advancing from Senior Battery Scientist through various leadership roles. He played a key role in developing the Eos Z3™ battery and holds nine patents. With a Ph.D. in Chemical and Electrochemical Engineering from Drexel University, Richey's expertise includes electrochemical engineering and battery product development. In his new role, he will focus on driving innovation, enhancing software capabilities, and developing advanced storage solutions.

Eos Energy Enterprises (NASDAQ: EOSE) has signed a Memorandum of Understanding (MOU) with Wabash (NYSE: WNC) to enhance the delivery of large-scale battery energy storage systems. The proposed partnership aims to leverage Wabash's manufacturing expertise and national distribution network to streamline Eos' supply chain and scale operations. The collaboration comes as U.S. energy storage deployments are projected to reach 251 GWh over the next four years, doubling current deployment rates. The partnership focuses on integrating Eos' Znyth™ technology with Wabash's logistical infrastructure to meet growing industry demand for energy storage solutions.

Eos Energy Enterprises (NASDAQ: EOSE) reported Q3 2024 financial results with revenue of $0.9 million, significantly lower due to supply chain delays in Z3 enclosures. The company posted a net loss of $342.9 million with adjusted EBITDA loss of $46.1 million. Cost of Goods Sold increased 21% to $25.8 million. Positive developments include securing an additional $65 million from Cerberus after achieving performance milestones, and announcing a 216 MWh order from City Utilities of Springfield. The commercial pipeline grew to $14.2 billion with orders backlog of $588.9 million. Due to supply chain issues, 2024 revenue forecast was revised to approximately $15 million.

Eos Energy Enterprises (NASDAQ: EOSE) has signed a significant agreement with City Utilities of Springfield, Missouri to provide 216 MWh of energy storage across two project sites. The deal, marking Eos' largest municipal order to date and first in Missouri, will deliver 36 MW with six-hour duration using Eos' Z3™ technology. The system will help City Utilities maintain a planning reserve margin of over 36% by 2026. The project utilizes U.S.-manufactured, nonflammable battery technology as an alternative to lithium-ion, serving more than 120,000 electric customers in Springfield.