The Department of Energy is set to give a $400 million loan to a financially troubled battery company that admitted to defrauding the federal government in 2022, according to court records.
Eos Energy—whose board includes a personal friend of Department of Energy loan czar Jigar Shah—was forced to pay a $1 million settlement to the government two years ago for evading tariffs on Chinese battery imports.
But the company is still on track to receive the nine-figure loan from Shah’s office, despite its past violation and other financial concerns.
Last August, Eos Energy’s stock plummeted after a report from short-seller operation Iceberg Research, which claimed the company was inflating its $500 million backlog of customer battery orders. […]
– Read More: freebeacon.com
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