What happened
Shares of Eos Energy Enterprises (EOSE +8.59%) climbed more than 8% on Tuesday after the battery technology company announced plans to expand its manufacturing capabilities to meet the surging demand for artificial intelligence (AI) power sources.
Image source: Getty Images.
So what
Eos was awarded a $24 million incentive package by Pennsylvania Governor Josh Shapiro and Allegheny County to help it build a new battery manufacturing plant in Marshall Township, Pennsylvania, and a software hub in Pittsburgh. The projects are expected to bring 1,000 high-paying jobs to Pennsylvania and bolster the efficiency and scalability of Eos' production operations.
"Energy storage is the backbone of a modern energy system, and this significant milestone marks our progress to bring America's battery to scale," Eos CEO Joe Mastrangelo said in a press release.
NASDAQ: EOSE
Key Data Points
Eos also said it will strengthen its ties with Carnegie Mellon University, which is located in Pittsburgh. The company believes this will create a pipeline of graduates trained in robotics, AI, and engineering, enabling Eos to meet its workforce expansion targets and further develop its proprietary battery management system and software platform, DawnOS.
Now what
Eos is working toward its goal of achieving 8 gigawatt-hours of annualized energy storage capacity. The power solutions provider is enjoying booming demand for its offerings.
Eos is working with Talen Energy to develop energy storage capacity at multiple sites in Pennsylvania to help power AI infrastructure. Eos also has a supply deal with MN8 Energy to provide energy storage to its renewable power projects.
"We're proving that you can make things in America again by building world-class capacity, pairing advanced manufacturing with innovative software, and doing it here in Pennsylvania to ensure a more energy-efficient and secure future," Mastrangelo said.
