Eos Energy Soars On $500 Mln Plan To Increase Production

(RTTNews) - Shares of Eos Energy Enterprises, Inc. (EOSE) are surging more than 34% Friday morning after the company announced a $500 million expansion plan to scale up annual production.

The expansion plan called Project AMAZE — American Made Zinc Energy, is designed to increase annual production to 8 GWh storage capacity by 2026.

The company said that the Department of Energy's (DOE) Loan Programs Office (LPO) has issued up to $398.6 million conditional commitment for a loan guarantee, which, if the loan is finalized, is expected to fund 80% of the expansion in Pennsylvania.

EOSE, currently at $4.38, has traded in the range of $0.9550 - $5.6650 in the last 52 weeks.