Eos Energy Gets First Loan Advance Of $68.3M From DOE Loan Programs Office: But Retail Mood Sours
Synopsis
Eos Energy said the advance covers both capital expenditures and project associated operating expenses incurred as part of the company's production expansion plans related to Project AMAZE in the Mon Valley Works.
Eos Energy Enterprises Inc (EOSE) announced on Friday that it had received the first loan advance of $68.3 million from its $303.5 million loan guarantee from the Department of Energy's (DOE) Loan Programs Office.
Eos Energy said the advance covers both capital expenditures and project-associated operating expenses incurred as part of the company's production expansion plans related to Project AMAZE in the Mon Valley Works.
CFO Nathan Kroeker said the loan proceeds and the firm’s strategic partnership and investment from Cerberus Capital Management facilitate its growth plans to capitalize on the growing need for long-duration energy storage solutions.
The company also announced a joint development agreement (JDA) with FlexGen Power Systems to develop and introduce a fully integrated, domestic battery energy storage system (BESS) solution that combines Eos’ Z3 batteries with the FlexGen HybridOS Energy Management System (EMS).
Despite the announcements, retail sentiment on Stocktwits dipped into the ‘bearish’ territory (43/100) from ‘extremely bullish’ a day ago.
Retail chatter, however, indicated mixed opinions on the stock’s near-term potential.
Eos Energy was in the news recently after the company secured a 400 MWh standalone storage order with International Electric Power (IEP).
IEP is an independent power producer and has core competencies in asset operations and optimization, energy market analysis and contracting, and project financing and deal execution.
Eos said this marks the second agreement and third project with IEP and builds on the firm’s prior delivery of its battery systems to a Texas-based IEP project earlier this year.
Meanwhile, shares of EOSE were trading over 5% lower in Friday’s pre-market session. The stock has gained over 311% year-to-date.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.