Eos Energy Enterprises Inc. is getting an $87 million advance on its loan from the U.S. Department of Energy.
The Pittsburgh-based Eos (Nasdaq: EOSE) will use the funds, part of a $303.5 million loan guarantee from the U.S. Department of Energy Office of Energy Dominance Financing, for a second production line at its Thorn Hill manufacturing facility in Warrendale. The second line is being moved from Turtle Creek to Thorn Hill, where Eos already has an existing line that began production in June.
Eos said the loan advance would represent 80% of the costs of its Warrendale facility.
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