10:37 AM EST, 12/03/2024 (MT Newswires) -- Eos Energy Enterprises ( EOSE ) said Tuesday it has secured a $303.5 million loan to advance its expansion program dubbed Project AMAZE, or American Made Zinc Energy.

The loan is guaranteed by the US Department of Energy's Loan Programs Office, maturing on June 15, 2034.

Project AMAZE aims to boost Eos' manufacturing capacity to 8 gigawatt hours by 2027 amid growing demand for longer-duration zinc-based battery energy storage systems, the company said.

Shares of Eos were up 6.6% in recent trading.

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