Eos Energy Stock Soars After Securing 400 MWh Standalone Storage Order: Retail Sentiment Hits 6-Month Highs
By Stocktwits Inc | First Published Dec 18, 2024, 9:21 PM ISTThe project is set to be deployed at Marine Corps Base Camp Pendleton in San Diego County, with expected delivery to begin in 2025. It is partially funded by the California Energy Commission’s (CEC) Long Duration Energy Storage Program.
Shares of Eos Energy Enterprises Inc (EOS) soared nearly 12% on Wednesday after the firm 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.
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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.
The project is set to be deployed at Marine Corps Base Camp Pendleton in San Diego County, and delivery is expected to begin in 2025. It is partially funded by the California Energy Commission’s (CEC) Long Duration Energy Storage Program.
Eos Energy’s senior vice president of global sales Justin Vagnozzi said the company’s partnerships with IEP and the CEC are instrumental as it continues to scale and commercialize its Eos Z3, the firm’s zinc-powered aqueous liquid battery module.
Following the announcement, retail sentiment on Stocktwits inched up further into the ‘extremely bullish’ territory (80/100), hitting nearly six-month highs.
Retail chatter indicated that most Stocktwits followers of the ticker expressed bullish takes on the stock.
Earlier this month, the company announced the closing of a $303.5 million loan guaranteed by the U.S. Department of Energy’s (DOE) Loan Programs Office.
The loan is expected to fund the expansion of its manufacturing capacity to 8 GWh by 2027 to meet the growing demand for longer-duration battery energy storage systems.
Meanwhile, TD Cowen recently raised its price target on the stock to $3 from $2.50 while keeping a ‘Hold’ rating, highlighting the DOE loan.
Cowen reportedly sees this as an important development for the firm, as the DOE loan is a lower cost of capital compared to the company’s delayed draw term loan and revolver with Cerberus.
Notably, shares of Eos Energy have gained a whopping 316% since the beginning of the year.
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