"Once installed they have plans for another 1GWhrpa upgrade with...

"Once installed they have plans for another 1GWhrpa upgrade with US$500m debt funding backed by US Govt."

The US Govt, the DOE announced on 31 August 2023, last year, that they have given conditional commitment to look into some more details about the loan, coming up for 9 months ago.

https://www.energy.gov/lpo/articles/lpo-announces-conditional-commitment-eos-energy-enterprises-produce-next-generation

And from EOS Energy;

"....several steps remain for the project to reach critical milestones, and certain technical, legal and financial conditions must be satisfied and diligenced to the satisfaction of DOE before the Department enters into definitive financing documents and funds the loan."
https://www.eose.com/eos-energy-enterprises-announces-project-amaze-a-500m-program-to-address-long-duration-energy-storage-demand/

"EOSE actually raised >US$200M in CY23."

With their cost and pricing structure they need to. The new factory to be built is projected to finally see them start making batteries for less than they sell them for.

We'll see what happens with State or Federal funding in Australia for Redflow in the coming months.