Shares of Eos Energy Enterprises (NASDAQ: EOSE) jumped as much as 46.8% in trading Wednesday as investors continued to push renewable energy stocks higher. The stock ended the day up 44.6%.
On Monday, Congress passed a stimulus bill that includes an extension to the investment tax credits that developers of wind, solar, and energy storage have used to make projects more economically viable. The tax credit is set at 26%, a rate that will be extended for another two years, creating a likely tailwind for companies like Eos Energy Enterprises. That was helping renewable energy stocks across the board today.
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Why Eos Energy Enterprises Shares Popped 44.6% on Wednesday