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.

Energy storage and energy management solutions provider Electriq Power has completed a special purpose acquisition company (SPAC) merger.

At look at the fortunes, prospects and claims made by three energy storage technology firms that joined the SPAC-driven public listing wave.

Bushveld Minerals is restructuring its investment in vanadium redox flow battery (VRFB) firm CellCube, increasing it slightly to 27.6%, as part of its own energy storage business carve-out.

Electriq Power looks set to become the latest in a series of SPAC listings in the energy storage sector, with the US home energy storage firm set to hit a US$495 million valuation.

Dragonfly Energy Corp, a battery technology company that with a patented solid state battery technology, has completed a listing through a merger with a SPAC.

SPAC Mustang Energy PLC is increasing its effective stake in CellCube to around 25% while a company launching a vanadium mine project in Australia has injected US$3.5 million in a new flow battery maker.

Lithium-ion battery pack manufacturer Dragonfly Energy expects revenues to increase 47% this year, during which it will complete a Nasdaq listing through a SPAC merger, before doubling in 2023.