Eos Energy Shares Rise Nearly 19% After Announcing Partnership with Alphabet's Google
On September 2, Eos Energy Enterprises (NASDAQ:EOSE) surged nearly 19%, closing at $3.61 per share after announcing a partnership between its energy storage solutions and Alphabet’s Google via MN8 Energy for a $350 million project in West Virginia. The collaboration will power Google's data centers using zinc-based and lithium-ion battery systems, with the solar component expected to begin operations by 2028. Eos has struggled since its IPO in 2020, falling over 64% amid earnings misses and operational delays. Despite today’s rally, it burned $422 million in free cash flow while generating only $214 million in sales last year. The deal may offer a short-term boost but does not resolve long-standing financial concerns. The broader market saw modest gains with the S&P 500 and Nasdaq Composite rising by about half of one percent each.
Topics: Eos Energy Google partnership grid-scale battery storage MN8 Energy