Zinc hybrid cathode battery and storage system maker Eos Energy has received its second loan advance from the US Department of Energy’s (DOE’s) Loan Programs Office (LPO).
The company has received US$22.7 million, fully utilising the first tranche of US$90.9 million linked to the completion of its initial “state-of-the-art” manufacturing line.
In November 2024, Eos closed a loan agreement with the LPO for US$303.5 million to support approximately 80% of the project American Made Zinc Energy (AMAZE), the company’s plan to create 8GWh of annual production capacity from automated lines by 2027.
Eos is expanding to support 6GWh outlined in recent memoranda of understanding (MOUS), which are expected to turn into purchase orders. This move is driven by increased demand for “buy American” and “build American” solutions and the expanding needs of AI-driven load growth, data centres, and safety-focused storage markets.
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Eos claims its adaptable discharge ability—enabling partial, multiple, and extended cycling—perfectly aligns with the complex needs of the world’s largest power consumers.
The company has placed an order for its second advanced manufacturing line, what it says is a significant move to grow US production and provide safe, reliable, long-duration energy storage (LDES) for customers.
During US president Donald Trump’s first term, the LPO was shuttered. This time around, the office remains somewhat active but appears to have shifted focus from funding under the Biden administration.
Energy Secretary Chris Wright recently urged the Senate to fully fund the LPO, calling it ‘the most efficient tool’ for supporting early-stage energy technologies.
Law firm Holland & Knight said in a May blog about the reconciliation bill’s potential impact on the LPO:
“Secretary Wright’s comments follow a period of growing interest in LPO-backed investments – from advanced nuclear to critical materials supply chains – that align with the Trump Administration’s goals for energy dominance, supply chain security and grid resilience.”
“As the Senate takes up its version of the reconciliation package, stakeholders across industry and government will be watching closely to see how these priorities are reflected in the final outcome.”
Recent activity from the LPO has been aimed at restarting the Palisades Nuclear Plant in Michigan.
On 20 June, the office announced the release of a fourth loan to help fund the plant’s restart, disbursing US$100,451,904 of the up to US$1.52 billion loan guarantee.
Nathan Kroeker, Eos Chief Commercial Officer and Interim Chief Financial Officer said of the company’s loan advance:
“The loan proceeds from the DOE, which follow the recently upsized convertible notes and common stock offerings, continue to strengthen our financial position and position us to scale U.S. production, and advance the build out of our second state of the art manufacturing line.”
