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Eos Energy Enterprises (NASDAQ:EOSE) +10.5% post-market Tuesday after saying it received a second loan advance of $22.7M from the U.S. Department of Energy’s Loan Programs Office.
The advance, which follows $68.3M received in December, brings the total amount that Eos Energy (NASDAQ:EOSE) has drawn to the maximum allowable amount under the first tranche of $90.9M in connection with the completion of the company’s first manufacturing line for zinc-based battery energy storage systems.
The loan advance covers 80% of eligible costs incurred as part of Eos Energy’s (NASDAQ:EOSE) production expansion plans related to Project AMAZE, where the company said production volumes at the first manufacturing line are increasing weekly as it works toward achieving the full 2 GWh capacity.
In response to 6 GWh in recently signed MoU’s that are expected to convert to purchase orders, the company said it has submitted a purchase order for its second state-of-the-art manufacturing line.
Eos Energy (EOSE) recently closed $336M in concurrent offerings of common stock and convertible senior notes.