The Department of Energy finalized a $303.5 million loan guarantee to a Pennsylvania battery maker on Tuesday, the latest in a flurry of moves to secure public financing for clean energy projects before President Joe Biden leaves office next month.
The loan guarantee to Eos Energy Enterprises is the 13th deal finalized by DOE’s Loan Programs Office during Biden’s tenure. The financing for Eos will help pay for construction of up to four automated production lines at a factory outside Pittsburgh, where the company is making zinc-based batteries for the power sector.
DOE estimated the facility will be able to manufacture 8 gigawatt-hours of battery capacity annually, or enough to supply the yearly electricity needs of 130,000 homes.
“The DOE loan provides capital to scale our operations to meet the surging demand for reliable, long-duration energy storage solutions, all while supporting American manufacturing,” Eos CEO Joe Mastrangelo said in a statement.
