Shares of Eos Energy Enterprises experienced a significant boost in premarket trading following the announcement that the company has secured a loan commitment from the Department of Energy (DOE) to support its production expansion.
The stock surged 51% to $4.90 during the premarket session on Friday, building on an already impressive performance that had seen the share price more than double this year.
According to Eos Energy Enterprises, the DOE has made a conditional commitment for a loan guarantee of up to $398.6 million, which would finance approximately 80% of the planned expansion. The company clarified that the DOE conducted thorough legal, technical, and commercial due diligence on the project before offering its commitment.
Despite this positive development, Eos Energy Enterprises emphasized that there are still several steps to be completed before the DOE disburses the loan. These steps include fulfilling certain due diligence requirements and meeting specific technical conditions.
Eos Energy Enterprises has set out plans for a $500 million expansion project, aiming to increase its annual production capacity to 8 GWh of storage by 2026. Alongside this growth, the company also anticipates an increase in its U.S. workforce from around 300 employees to nearly 1,000 over the same period.
The expansion project aligns with Eos Energy Enterprises' response to the growing demand for long-duration energy storage prompted by the Inflation Reduction Act.
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