Zinc battery storage company Eos Energy Enterprises has received positive news from the US Department of Energy (DOE) regarding a US$398.6 million loan.

The four most high-profile energy storage system (ESS) companies that listed via SPAC mergers – Eos, Energy Vault, ESS Inc and Stem – have seen their share prices fall by an average of 80% since going public.

Zinc battery firm Eos Energy Enterprises has responded to a short seller note which saw its share price nearly halve on Thursday last week.

Revenues for zinc battery firm Eos Energy Enterprises rebounded in the first three months of 2023, having fallen sharply in Q4 2022.

Zinc battery firm Eos Energy Enterprises had a disappointing Q4 2022 with revenue falling both year-on-year and quarter-on-quarter, although its orders booked and order backlog continue to grow strongly.

Eos Energy Enterprises won’t meet 2022 guidance but expects revenue recognition to be pushed out into next year.

Invinity Energy Systems and Eos Energy Enterprises are providing long duration energy storage systems to the ‘biggest renewables microgrid project in the US’, being developed for the Viejas Tribe of Kumeyaay Indians in Southern California.

Eos Energy Enterprises now has an order backlog worth US$457.3 million following a busy quarter for the US zinc-based battery storage solutions provider.

Zinc-based battery energy storage system provider Eos Energy Enterprises has secured a US$85 million loan facility with Atlas Credit Partners (ACP).