Welcome to our dedicated page for Ess Tech news (Ticker: GWH), a resource for investors and traders seeking the latest updates and insights on Ess Tech stock.
ESS Tech, Inc. (NYSE: GWH) regularly issues news and updates about its long-duration iron flow energy storage systems and corporate developments. As a manufacturer focused on commercial- and utility-scale applications, ESS uses press releases to report on project announcements, technical milestones, leadership changes and financing activities that shape its business trajectory.
Company news often highlights project wins and pilot deployments. For example, ESS has announced a 50 MWh Energy Base pilot project with Salt River Project in Arizona and an 8 MWh Energy Base order aligned with its 10+ hour product focus. These announcements illustrate how its iron flow technology is being applied in real-world grid and utility contexts.
ESS also publishes financial results and capital transactions through quarterly earnings releases and related communications. Recent updates have covered second and third quarter financial results, insider-led funding measures totaling tens of millions of dollars, a promissory note with an investment fund managed by Yorkville Advisors Global, and the launch of a $75 million at-the-market equity program under a Sales Agreement with multiple agents.
Another key theme in ESS news is technical and operational progress. The company has reported achieving 12.2 hours of duration at rated power and 17.8 hours at reduced power for its technology, along with improvements in round-trip efficiency and material costs. It has also discussed a strategic reset focused on the Energy Base platform, operational efficiency and reduced cash requirements.
Leadership updates appear in ESS news as well, including the appointment of a new Chief Executive Officer, Chief Strategy Officer and General Counsel, Chief Financial Officer and Chief Operating Officer. Investors and observers can follow this news feed to see how ESS is executing its strategy in long-duration energy storage, advancing projects, and managing its capital structure over time.
ESS Tech, Inc. (NYSE: GWH) announced its iron flow batteries are set to aid in a microgrid project by San Diego Gas & Electric (SDG&E) in Cameron Corners, California.
This innovative project aims to enhance community resilience during emergencies and will integrate with a large solar array, providing a zero-emissions energy solution. The deployment of six Energy Warehouse™ systems will yield up to 3 megawatt-hours of energy storage. The project is scheduled to launch in Q1 2022, allowing for energy sales in California’s wholesale market while ensuring reliability for critical services.
ESS Tech, Inc. (NYSE:GWH) has completed the restatement of legacy financial filings from Acon S2 Acquisition Corp. to comply with regulatory requirements. The restatement involved reclassifying Class A shares from equity to mezzanine equity, a matter preceding the merger with ACON. CFO Amir Moftakhar confirmed that this adjustment did not affect ESS's current operations or financial statements. The company specializes in long-duration batteries for commercial and utility-scale energy storage, emphasizing sustainable and cost-effective solutions for renewable energy infrastructure.
ESS, Inc. (NYSE:GWH), a U.S. manufacturer of long-duration batteries, announced its contribution to the Long-Duration Energy Storage (LDES) Council’s report aimed at achieving carbon net-zero power systems. The report indicates that deploying 85-140 TWh of LDES globally by 2040 could eliminate 1.5-2.3 Gt of CO2 emissions, requiring an investment of $1.5-$3 trillion. It highlights LDES's potential to balance renewable energy and address grid energy imbalances, which currently contribute 10-15% of total emissions. The report also notes a growing momentum in LDES investments, totaling $3 billion over the past five years.
ESS. Inc. (NYSE:GWH) has been awarded the 2021 North American Technology Innovation Leadership Award by Frost & Sullivan for its eco-friendly iron flow battery technology. This technology enables long-duration energy storage, discharging for up to 12 hours, and has an operational lifespan exceeding 20 years. The company’s batteries boast minimal capacity fade and are made from safe, recyclable materials. With a levelized cost of storage between $0.05 to $0.06 per kWh, ESS's solution offers significant cost advantages over conventional batteries and supports the deployment of renewable energy.
ESS Tech Inc. (NYSE:GWH) reported strong third-quarter results for 2021, marking significant milestones after its recent public listing. Highlights include securing an additional 45,000 sq/ft of manufacturing space and identifying over $8 billion in global opportunities. The company’s backlog remains robust, with over 72% of customers in the pipeline classified as booked or awarded. ESS completed a business combination with ACON S2 Acquisition Corp, resulting in $246 million of cash. Key contracts include partnerships with TerraSol Energies and Enel Green Power, further establishing ESS’s position in long-duration energy storage.
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ESS Tech, Inc. (NYSE:GWH) announced the appointment of Alexi Wellman to its Board of Directors, effective October 12, 2021. Wellman, who will serve as Chair of the Board Audit Committee, has extensive experience in financial management, having previously served as CFO of Altaba, Inc. and held key financial roles at Yahoo and Nebraska Book Company. Her expertise is poised to support ESS's growth and production scaling, particularly in advancing environmentally sustainable energy storage solutions.
ESS Inc. (NYSE:GWH) announced that CEO Eric Dresselhuys will present at the 2021 Milken Institute Global Conference on October 19, 2021, at 2:00 PM PT. The panel, titled “Energy and Commodity Markets: Structural Bull or Earthbound?”, will discuss significant energy market changes and the impact of the climate crisis on decarbonization efforts. This year’s conference theme is “Charting a New Course,” focusing on leveraging recent disruptions for a sustainable future. For more information, visit milkeninstitute.org.
Pangaea Ventures Ltd. announced that its portfolio company, ESS, Inc., has commenced trading on the NYSE under the symbol GWH. ESS specializes in long-duration energy storage systems utilizing innovative iron-based flow battery technology, designed to enhance the resilience of the power grid as renewable energy use escalates. The firm has secured an agreement with SB Energy to deploy 2 GWH of energy storage. Pangaea's commitment has been instrumental to ESS's growth, facilitating several funding rounds since its initial investment in 2015 at a valuation under $10M.
ESS Inc. has completed its business combination with ACON S2 Acquisition Corp., becoming the first publicly traded U.S. long-duration storage company. The company begins trading on the NYSE under the tickers GWH and GWH.W. This milestone is aimed at scaling operations and addressing the growing demand for renewable energy solutions. The transaction includes $308 million of pro forma net cash and backing from notable institutional investors such as Fidelity and Koch Industries, positioning ESS to capitalize on opportunities in the energy storage market.