Eos Energy reveals $350M expansion with new Pittsburgh headquarters for zinc battery operations

ago 4 hours
Eos Energy reveals $350M expansion with new Pittsburgh headquarters for zinc battery operations

Eos Energy has announced a significant expansion of its operations in the Pittsburgh area, relocating its headquarters to the North Shore. The company will invest over $350 million in Pennsylvania, a move supported by both state and county financial incentives.

Eos Energy’s Pittsburgh Expansion Details

The Pennsylvania government, led by Governor Josh Shapiro, will provide $22 million in support. Additionally, Allegheny County has committed up to $2 million for Eos Energy’s expansion efforts.

  • The company will lease a new 432,000-square-foot facility in Marshall.
  • Current operations in Turtle Creek will also be expanded.

Relocation and Job Creation

Eos Energy is moving its headquarters from Edison, New Jersey, to Nova Place on the North Shore. This relocation is expected to create approximately 735 new jobs in Allegheny County.

Batteries and Future Impact

Eos Energy specializes in zinc-halide batteries, which are an alternative to lithium-ion batteries. These batteries may play a crucial role in the future of energy storage for electric grids. The company produces batteries with 91% domestic materials, showing a commitment to local sourcing.

Partnerships and Economic Development

Eos Energy’s expansion aligns with Pennsylvania’s broader strategy to position itself as a leader in the energy transition. CEO Joe Mastrangelo emphasized the importance of public-private partnerships in achieving these goals.

The project was facilitated by Shapiro’s BusinessPA team, known for fostering economic growth through various company relocations. Recent projects include:

  • Mint-X from Queens, N.Y., to Hazleton
  • Excelitas Technologies from Massachusetts to Pittsburgh
  • Adare Pharma from New Jersey to Northeast Philadelphia
  • Schless Bottles from New Jersey to Allentown

Financial Overview

In 2023, Eos Energy reported $15.6 million in revenue but faced a gross loss of $83.3 million. The company’s stock, traded under the symbol EOSE on NASDAQ, closed at $15.01 recently.

The strategic move to Pittsburgh aligns with Eos Energy’s mission to innovate in the energy sector while contributing significantly to local economic development.