Shares of Eos Energy are up more than 35% Friday after the Energy Department committed to loan the battery storage startup nearly $400 million to manufacture its zinc batteries.
It’s the latest boost for Eos, which was battered by high costs, production challenges and skepticism from short sellers in recent years.
Last year’s climate law introduced tax credits for standalone battery storage systems, giving a major lift to companies working on technologies to store renewable power for longer periods.
