Eos Energy secures $300 million loan for Turtle Creek battery factory
TURTLE CREEK, Pa. (KDKA) — Eos Energy says it's secured a $300 million federal loan to expand its battery factory in Turtle Creek.
Sen. Bob Casey (D-Pa.) on Tuesday announced the $303.5 million loan guarantee to Eos Energy Enterprises to build and produce battery systems. The U.S. Department of Energy guaranteed the loan.
The project is expected to create up to 1,000 salaried and manufacturing jobs, unionized through the United Steelworkers, according to a media release from Sen. Casey's office.
"Thanks to the Inflation Reduction Act, we are making game-changing investments in energy technology manufacturing to ensure that Pennsylvania can continue to power our Nation," said Senator Casey. "I fought for this investment because it will create union jobs and help Mon Valley workers lead the way on clean energy storage production. This project is not only an investment in the technology of tomorrow but in Pennsylvania workers."
The loan will finance the construction of two production lines that will produce enough zinc-bromide batteries to meet the annual electricity needs of approximately 130,000 homes.
"Five years ago, we made the strategic decision to bring our manufacturing operations back to the U.S. from China - a move that has been transformative to our business and positioned Eos at the forefront of the American manufacturing renaissance," said Eos Chief Executive Officer Joe Mastrangelo. "Since then, we've made significant advancements in our battery technology, retooled our manufacturing facilities for greater efficiency, and established a U.S.-based supply chain with over 90% domestic content, all of which has brought us to this milestone today with the DOE. 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."
The company aims to complete the expansion by 2027.