Stock Market Today, Sept. 2: Eos Energy Surges 19% on Google Partnership for $350M West Virginia Project
Yahoo Finance ·
Eos Energy Enterprises ( EOSE +18.75% ) , a grid-scale long-duration battery storage systems provider, closed at $3.61, up 18.75%. The stock climbed following a collaboration between Alphabet 's ( GOOG +0.53% ) ( GOOGL +0.63% ) Google and MN8 Energy. Investors are watching project spending and execution. Trading volume reached 73.1M shares, coming in about 184% above its three-month average of 25.7M shares. Eos Energy Enterprises IPO'd in 2020 and has fallen 64% since going public. The S&P 500 ( ^GSPC +0.46% ) closed at 7,667, up 0.47%, while the Nasdaq Composite ( ^IXIC +0.45% ) closed at 26,218, up 0.45%. Among electrical equipment and grid-scale battery energy storage systems peers, Fluence Energy ( FLNC +1.34% ) closed at $10.56, up 1.34%, while Stem ( STEM -0.55% ) closed at $5.43, down 1.09%. The collaboration among the three companies will be owned and operated by power platform MN8 Energy, which will use Eos Energy's zinc-based and lithium-ion storage energy solutions to power Google's data centers. In a press release, MN8 went on to explain: In less than a year, EOSE stock has plummeted from $18 to $3.61 amid earnings misses, a lack of progress toward profitability, and manufacturing delays, but today's news may offer a lifeline for the once-promising energy storage company. That said, Eos has burned $422 million in FCF while earning $214 million in sales over the last year, so it is far from out of the woods, even with this deal. Investors should be prepared for volatility if they are interested in the stock, as equity and debt raises will be likely. *Average returns of all recommendations since inception. Cost basis and return based on previous market day close.
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