Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) are rising Tuesday after the energy equipment and storage company announced a significant expansion of its operations.
- EOSE stock is racing ahead of the pack. See what is driving the move here.
What To Know: Pennsylvania Governor Josh Shapiro and Allegheny County awarded Eos a $24 million economic development package to support U.S. manufacturing. The funds will be used to scale operations by building a new 423,000-square-foot facility in Pennsylvania.
The facility will supply 1,000 jobs and house additional production lines that complement the company's existing Turtle Creek manufacturing facility. The award enables Eos to transition from single piece flow operations to high-efficiency, large-scale production, marking the culmination of years of process development designed to bring U.S. made energy storage to market at scale.
"Energy storage is the backbone of a modern energy system, and this significant milestone marks our progress to bring America's battery to scale," said Eos CEO Joe Mastrangelo. "Through Project AMAZE, we're proving that you can make things in America again by building world-class capacity, pairing advanced manufacturing with innovative software, and doing it here in Pennsylvania to ensure a more energy-efficient and secure future.”
Eos Energy announced a strategic collaboration with Talen Energy to develop energy storage capacity across Pennsylvania to help meet the state’s growing demand and support AI infrastructure.
Eos Energy also announced a supply agreement for as much as 750 MWh with MN8 Energy, one of the largest independent renewable companies in the U.S. The agreement aims to deploy Z3 energy storage systems supporting a portfolio of projects that include providing clean, dispatchable power for large load applications.
EOSE Analysis: Eos is trading approximately 68.3% above its 50-day moving average of $9.71 and an impressive 163.8% above its 200-day moving average of $6.20. The relative strength index (RSI) sits at 61.34, indicating that the stock is nearing overbought territory but remains in a neutral position, suggesting that there could still be room for further upside.
EOSE Price Action: Eos shares were up 12.72% at $16.92 at the time of publication on Tuesday, according to Benzinga Pro. The stock is trading within its 52-week range of $2.06 to $19.04.
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