(Bloomberg) -- Battery-maker Eos Energy Enterprises Inc. closed a $303.5 million US federal loan guarantee — sending its shares sharply higher — as the Biden administration races to finalize billions of dollars in clean-tech loans before leaving office.
Eos shares jumped as much as 19% on the news, the biggest intraday gain since late August. The stock was trading up 3.1% at $2.98 as of 11:31 a.m. in New York.
The loan from the US Department of Energy will finance two new production lines at Eos’s plant outside Pittsburgh, making enough grid-scale batteries per year to power 130,000 homes. Pending environmental review, the money may also help fund two additional production lines at a nearby facility.
The Energy Department is working to finalize many of the loans it has conditionally announced to clean-energy companies before President-elect Donald Trump takes office in January. Eos’s loan guarantee was first announced last year.
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