Abstract: Electron energy loss spectroscopy (EELS) is an ideal tool to obtain chemical information from nanoscale volumes. Quantification of the experimental spectra however has prevented for a long time access to the available information in a reliable and reproducible way. We present recent advances in model-based quantification of EELS spectra and show that we obtain the best possible precision for a given dataset, as well as remarkably good accuracies when applied to three different materials. The results are shown to be far superior over conventional quantification techniques and could hold a promise for standardless quantification of EELS spectra.