Eos Energy Enterprises Projects Tenfold Revenue Growth in 2025 Amid Production Expansion

Eos Energy Enterprises, a U.S. manufacturer of zinc-based battery energy storage systems (BESS), is forecasting a remarkable revenue increase for 2025, expecting it to be approximately ten times higher than the previous year. Headquartered in New Jersey, the company announced its fourth-quarter and full-year financial results for 2024 on March 4. Over the past twelve months, Eos generated $15.6 million in revenue, aligning with its revised revenue guidance.

For 2025, Eos has projected revenues to range between $150 million and $190 million. This significant growth is attributed to the company’s strategy to boost production at its first semi-automated production line, which is part of a plan to achieve an annual production capacity of 2GWh at its factory in Turtle Creek, Pennsylvania. Eos produces a zinc-based battery intended to serve as an alternative to lithium-ion batteries for medium to long-duration energy storage (LDES) applications, providing discharge capabilities ranging from 6 to 12 hours at full power.

The company went public through a special purpose acquisition company (SPAC) merger in 2020, listing its shares on the Nasdaq exchange alongside several other energy storage firms that opted for similar business combinations. While the average share price peaked at $28.83 in January 2021, it subsequently declined, at times falling below $1.00. As of yesterday’s market close, the share value had rebounded to $4.53.

In terms of financial performance, Eos reported a gross loss of $83.3 million, a net loss attributable to shareholders of $685.9 million, and an adjusted EBITDA loss of $156.6 million. However, CEO Joe Mastrangelo emphasized the “significant results” achieved in 2024 and stated that Eos is “hyper-scaling its capacity expansion” to secure larger orders and fulfill customer and shareholder expectations.

Eos is positioning itself as a ‘Made in America’ brand, emphasizing skilled job creation and domestic manufacturing while moving away from the lithium-ion supply chain, which heavily relies on imports. The company has also announced major cost reductions in its Z3 battery module, which powers its Znyth brand DC BESS solution. Currently, Eos boasts a customer opportunity pipeline worth over $14 billion, equivalent to around 55GWh of systems, and a customer order backlog of $682 million, representing roughly 2.6GWh—a 28% increase from the end of 2023.

Additionally, Eos secured financing from an affiliate of Cerberus Capital Management and finalized a loan guarantee with the U.S. Department of Energy (DOE) Loan Programs Office (LPO) in December. This funding, totaling $303.5 million, includes an initial $68.3 million that has already been secured. Eos aims to leverage its ‘Made in America’ stance to attract government support, particularly in light of tax credits introduced under the Biden administration.

The company is currently seeking a new factory location and has narrowed its options to eight U.S. states. With plans to add three more production lines, Eos aims to increase its annual production capacity by an additional 6GWh on top of the 2GWh currently being developed in Pennsylvania.

On the same day its financial results were released, Eos announced an $8 million order to implement a zinc-based BESS solution at a U.S. Navy base in San Diego, California. This project, fully funded by the California Energy Commission (CEC), will provide resilient power for critical operations within the Navy’s western fleet. This initiative follows the U.S. Department of Defense’s (DOD) ban on battery equipment from several prominent manufacturers.

Eos has acknowledged the challenges it faces in competing with lithium-ion technology, particularly in terms of power density. However, the company has achieved a 77% volume-adjusted cost reduction in Z3’s production since its launch and highlighted recent partnerships with insurance company Ariel Green and software-focused BESS system integrator FlexGen as validations of its approach and technologies.