TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
Investing.com -- Eos Energy Enterprises Inc (NASDAQ:EOSE) stock surged 10% after the company announced it has received its second loan advance of $22.7 million from the Department of Energy’s Loan Programs Office. This advance completes the full draw of the first tranche totaling $90.9 million, which supports the completion of the company’s first state-of-the-art manufacturing line.
The loan advance covers 80% of eligible costs incurred as part of Eos Energy’s production expansion plans related to Project AMAZE. These funds will help the company expand its operational capacity to meet growing customer demand for its zinc-based battery energy storage systems.
"Production volumes at our first state-of-the-art manufacturing line are growing every week as we progress toward realizing the full 2 GWh capacity on Line 1," said Nathan Kroeker, Eos Chief Commercial Officer and Interim Chief Financial Officer. He added that the DOE loan proceeds, combined with recently upsized convertible notes and common stock offerings, strengthen the company’s financial position to scale U.S. production.
Eos Energy has submitted a purchase order for its second manufacturing line to support 6 GWh in recently signed MOUs that are expected to convert to purchase orders. The company is positioning itself to meet demand from AI-driven load growth, data centers, and safety-conscious storage markets.
The DOE funding follows Eos Energy’s successful closing of $336 million in concurrent offerings of common stock and convertible senior notes. This financing has restructured the company’s balance sheet, lowered its cost of capital, and enhanced its ability to grow U.S.-based operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.