Rust Belt Industrials
Equipment Manufacturing / Long-Duration Storage

Eos Energy

Edison, NJStartupeosenergystorage.com
Total Funding
$303.5M+ (DOE loan alone); total equity/debt across 26 rounds not publicly disclosed
Founded
2008
Employees
251-500
Headquarters
3920 Park Avenue, Edison, NJ 08820

Eos Energy Enterprises (NASDAQ: EOSE) is a US-based manufacturer of zinc-powered long-duration energy storage systems, founded in 2008 and headquartered in Edison, NJ. The company's flagship product is the Eos Z3™ battery module, built on its proprietary Znyth™ zinc hybrid cathode aqueous technology. Unlike lithium-ion batteries, the Z3 uses a water-based electrolyte, non-degradable bipolar electrodes, and a fully sealed polymer casing - making it inherently non-flammable, non-corrosive, and capable of 4 to 16+ hour discharge durations with less than 4% degradation over a 25-year lifespan. With over 200 patents pending, published, or issued, Eos has developed an end-to-end system stack including the Eos Cube and Eos Indensity™ (gigawatt-scale, high-density) configurations, as well as its DawnOS™ AI-enabled control software.

Eos manufactures its batteries at its "Ingenuity Park" facility in Turtle Creek, PA - a former empty building transformed into a world-class clean energy manufacturing hub with over 250 full-time employees on-site. The company has achieved 10-second battery manufacturing cycle times on its first fully automated production line and targets 8 GWh of annual capacity by 2027 under Project AMAZE (American Made Zinc Energy). Its supply chain features over 90% domestic content using five earth-abundant, widely sourced commodities, making it both FEOC-compliant and highly resilient to geopolitical supply disruptions that plague lithium-ion competitors reliant on critical minerals from overseas.

Eos is strategically significant to the US energy supply chain as one of the only fully commercialized, domestically manufactured alternatives to lithium-ion and lead-acid batteries for grid-scale, long-duration storage. With a $589 million order backlog and a $14.2 billion commercial pipeline (as of September 2024), Eos is positioned to support the growing demand for renewable energy integration, grid resilience, and microgrid deployment. Its backing from the US Department of Energy - via the first Title 17 battery loan closed under the current administration - alongside private investment from Cerberus Capital Management, underscores its critical role in America's energy independence and clean energy transition.

Funding

Went public via SPAC in 2020 (NASDAQ: EOSE). Strategic investment from Cerberus Capital Management (announced June 2024, Delayed Draw Term Loan). Closed $303.5M loan guaranteed by the US Department of Energy's Loan Programs Office (December 3, 2024) - the first Title 17 battery loan closed under the current administration - to fund Project AMAZE manufacturing expansion to 8 GWh by 2027. 26 total funding rounds per Crunchbase, including multiple post-IPO equity and debt rounds. Key investors include Cerberus Capital Management, Hudson Bay Capital Management, and the Government of Pennsylvania.

Investors

  • Cerberus Capital Management
  • US Department of Energy (Loan Programs Office)
  • Hudson Bay Capital Management
  • Government of Pennsylvania

Key People

  • Joe Mastrangelo, CEO (former GE Power, CEO of Gas Power Systems)
  • Nathan Kroeker, CFO
  • Michael Oster, Founder
  • Jeffrey Bornstein, Board Member
  • Kevin Walsh, Advisor

News