Eos Energy, a manufacturer of zinc batteries, is set to announce a significant expansion in the Pittsburgh region. The company will invest over $350 million to relocate its headquarters to the North Shore, marking a strategic shift from its previous base in Edison, New Jersey.
Eos Energy Expansion Details
The expansion project, expected to be detailed in an announcement on Tuesday, includes substantial investment and support from both state and local governments. Key financial aspects include:
- Investment amount: $350 million
- State funding: $22 million
- Allegheny County contribution: up to $2 million
The funds will facilitate the expansion of Eos’s leased space in Turtle Creek and the addition of a new 432,000-square-foot facility in Marshall.
Innovative Battery Technology
Eos Energy specializes in producing zinc-halide batteries, which offer a more affordable alternative to conventional lithium-ion batteries. These batteries have the potential to store power for the electric grid, a crucial development in the push for cleaner energy.
In 2023, the company secured a $400 million loan from the U.S. Department of Energy, enabling its expansion efforts. Eos’s batteries utilize 91% domestic materials, reflecting a commitment to supporting local economies.
Job Creation and Economic Impact
The expansion project is expected to create approximately 735 new jobs in Allegheny County. This initiative underscores the collaborative efforts between the state and local leaders to foster economic development within the region.
Supporting Partnerships
Governor Josh Shapiro emphasized the importance of public-private partnerships in driving innovation and supporting the energy industry’s future. Other local projects coordinated by Shapiro’s BusinessPA team include:
- Mint-X: Moved from Queens, N.Y., to Hazleton
- Excelitas Technologies: Relocated from Massachusetts to Pittsburgh
- Adare Pharma: Shifted to Northeast Philadelphia from New Jersey
- Schless Bottles: Moved to Allentown from New Jersey
Company Financial Overview
Eos Energy reported a revenue of $15.6 million and a gross loss of $83.3 million in 2023. Its stock, listed as EOSE on NASDAQ, closed at $15.01 as of the latest trading day.
This expansion signifies a major step for Eos Energy as it positions itself at the forefront of America’s energy transition and technological advancements.
