Shares of Eos Energy Enterprises (EOSE 5.46%) jumped as much as 46.8% in trading Wednesday as investors continued to push renewable energy stocks higher. The stock ended the day up 44.6%.
On Monday, Congress passed a stimulus bill that includes an extension to the investment tax credits that developers of wind, solar, and energy storage have used to make projects more economically viable. The tax credit is set at 26%, a rate that will be extended for another two years, creating a likely tailwind for companies like Eos Energy Enterprises. That was helping renewable energy stocks across the board today.
In more concrete news, the company announced a two-megawatt energy storage order from Charge Bliss for a hospital microgrid. The project will be worth about $2 million.
The hospital deal is really business as usual for a battery company like Eos, but good news nonetheless. I think we're really seeing more momentum behind any company related to renewable energy, helped by the tax credit extension. Don't be surprised if these gains are given back in coming weeks, but for now investors are piling into the stock.