Stock Market Today, June 17: Eos Energy Enterprises Jumps After Announcing New Battery Storage Partnership
Eos Energy Enterprises (NASDAQ:EOSE), a zinc-based long-duration battery storage systems provider, closed at $7.60, up 11.60%. Eos Energy rose after announcing an exclusive long-duration storage partnership in Germany, Austria, and Switzerland. Investors will now be watching late-July earnings for execution updates.
Trading volume reached 47.2M shares, coming in about 83% above its three-month average of 25.8M shares. Eos Energy Enterprises IPO'd in 2020 and has fallen about 22% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 1.20% to 7,420, and the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 1.34% to 26,022. Among electric utilities equipment and battery energy storage systems peers, Fluence Energy (NASDAQ:FLNC) closed at $23.42, down 2.09%, while Bloom Energy (NYSE:BE) closed at $284.99, up 1.46%.
What this means for investors
While much of the market dropped sharply after the Federal Reserve rate decision and new chairman Kevin Warsh’s comments afterward, Eos stock held its gains.
In addition to today’s news that it would enter the European market through a partnership with a German company specializing in battery energy storage systems, Eos announced yesterday that it had started commercial production at its second manufacturing facility.
The company expects revenue to more than double this year as demand for energy spikes from utilities, industrial companies, and hyperscalers building data centers. Investors will be closely watching what the company says about backlog and funding needs when it reports Q2 in late July.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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