Eos Energy Enterprises Announces ‘Project AMAZE,’ a $500M Program to Address Long-Duration Energy Storage Demand - Seite 2

The issuance of conditional commitment by the DOE was preceded by legal, technical and commercial due diligence by the LPO to evaluate the loan and the project’s potential to meet market demand and commercial and environmental benchmarks. While this conditional commitment demonstrates the Department’s intent to finance the project, several steps remain for the project to reach critical milestones, and certain technical, legal and financial conditions must be satisfied and diligenced to the satisfaction of DOE before the Department enters into definitive financing documents and funds the loan.

The Eos Z3 battery contains predominately American components and is specifically designed for mass production and meeting low-cost, long-duration, grid-scale stationary energy storage needs. Domestic production better positions Eos to access the 45X advanced manufacturing direct pay tax credits available under the IRA. The Eos Z3 battery is based on Eos’ 15-year history of developing the Znyth battery technology, which uses earth-abundant raw materials in its manufacturing and is intended to overcome many limitations in other stationary energy storage solutions.

“We are excited to formally announce Project AMAZE. The IRA implementation requires us to move with speed and urgency if the energy industry is going to meet the demand for long-duration energy storage,” said Joe Mastrangelo, CEO of Eos Energy Enterprises, Inc. “At such a crucial moment in our global energy transition, time is of the essence. On behalf of all Eos employees, we want to thank the LPO for giving us the opportunity to reach this important milestone.  Project AMAZE should allow Eos to fully commercialize a safe American-made energy storage alternative aimed at creating a resilient, diversified lower carbon energy future.”

Eos believes that the secular shift in the energy mix requires an accelerated implementation of its capacity expansion plan to meet the increased demand for Eos Z3 technology that is currently in semi-automated commercial production. Eos announced last week the selection of ACRO Automation Systems to partner in the design, development and implementation of up to four state-of-the-art high output manufacturing lines. ACRO is a recognized leader in high-speed, custom-designed automated manufacturing systems.