Ess Tech Inc Stock Price, News & Analysis

ESS Tech (NYSE: GWH), a manufacturer of iron flow long-duration energy storage systems, has achieved a significant milestone with its global fleet surpassing 2.5 GWh of transacted energy. The company has made progress in delivering its Energy Center™ products, with two units completed for Portland General Electric and eight systems delivered to a major Florida utility, both projects expected to be operational this year.

The Energy Center™ product line has secured several important certifications, including ETL certification to UL 9540 standard for safety and environmental performance, MESA-Device profile certification for system communication and control, and IEEE 693-High certification for seismic rating. ESS is expanding its product line to include 12+ hour energy storage solutions with the Energy Base™ product.

ESS Tech (NYSE:GWH) announced significant leadership changes and a new strategic direction. CEO Eric Dresselhuys has resigned, with Kelly Goodman, current VP of Legal, appointed as interim CEO. She will lead an Office of the Interim CEO alongside CFO Tony Rabb and EVP of Engineering Ben Heng.

The company is shifting focus to daily cycling applications in the 12-24 hour long duration storage market, targeting initial installations in 2027. These installations aim to serve emerging AI/data center driven load needs and firm baseload renewable production. The Board has engaged advisors to evaluate potential commercial or financial transactions to support this strategic pivot.

ESS Tech (NYSE:GWH) has achieved significant milestones with its Energy Center™ long-duration energy storage systems, marking its first commercial deliveries to a major Florida utility and completing construction of a demonstration project for Portland General Electric (PGE) in December.

The Energy Center™ product features notable improvements including a 20% increase in electrolyte energy density, enhanced energy storage capacity, and reduced auxiliary energy requirements. These advancements result in cost reductions and increased value for customers compared to previous ESS products.

The system has received multiple certifications including UL 1973, UL 9540A, and IEEE 693 – High, validating its safety and resilience. ESS plans to increase Energy Center™ production through the first half of 2025 to meet growing global demand for long-duration energy storage solutions, targeting both utility-scale and commercial applications.

ESS Tech (NYSE: GWH), a long-duration energy storage systems manufacturer, reported Q3 2024 results highlighting operational progress despite revenue challenges. The company projects $9-11 million in revenue for the year. ESS has secured the first $20 million tranche from EXIM Bank as part of a $50 million funding package. The company has installed and is testing its second Energy Center for Portland General Electric, with commercial shipments expected in Q4 2024. A recent 1-for-15 reverse stock split has brought the company back into NYSE compliance.

ESS Inc. (NYSE:GWH), a leading manufacturer of long-duration energy storage systems, has announced its upcoming third quarter 2024 financial results conference call. The call is scheduled for Wednesday, November 13, 2024, at 5:00 p.m. EST. The company will release its financial results for the quarter ended September 30, 2024, after the market closes on the same day.

Interested parties can join the conference call via telephone or listen to the live webcast on ESS' Investor Relations website. For U.S. callers, the dial-in number is (833) 470-1428, while international callers should use +1 (404) 975-4839 with conference ID 385282. A telephone replay will be available until November 20, 2024, and a webcast replay will also be accessible on the company's website.

ESS Tech, Inc. (NYSE: GWH) announced that its Australian partner, Energy Storage Industries – Asia Pacific (ESI), has secured AU$65 million in funding to accelerate iron flow battery deployments in Australia and Oceania. This includes AU$25 million from the Queensland Government and AU$40 million in private capital.

ESI will use the investment to continue constructing a manufacturing facility in Maryborough, Queensland, where it will assemble long-duration iron flow battery systems using core components manufactured by ESS in the United States. ESI aims to achieve an annual production capacity of 400MW by 2029 using ESS technology.

The demand for ESS' technology is growing in Australia, with systems already deployed at Queensland University of Technology and Stanwell Energy Queensland has also committed to purchasing AU$12 million of iron flow systems for initial projects on their distribution grid.

ESS Tech, Inc. (NYSE: GWH), a leading manufacturer of long-duration energy storage systems, announced its Q2 2024 financial results. Key highlights include:

1. Finalizing a $50 million funding agreement with the Export-Import Bank of the United States
2. Started production of the second Energy Center for Portland General Electric
3. Deployed the first operational long-duration energy storage at Schiphol Airport
4. Ended Q2 with over $74 million in cash and short-term investments, expected to last well into 2025
5. Received a $10 million grant from the California Energy Commission for a project with Sacramento Municipal Utility District
6. Began building the second Energy Center in July
7. Plans to start commercial Energy Center shipments in H2 2024

ESS Tech, Inc. (NYSE: GWH), a leading manufacturer of long-duration energy storage systems, celebrated a $50 million manufacturing expansion at its Oregon headquarters. The expansion is funded by the U.S. Export-Import Bank's Make More in America Initiative, making ESS the first energy storage manufacturer to receive this support.

The funding will be used to triple ESS' annual iron flow battery manufacturing capacity. ESS serves a global customer base with projects in the U.S., Europe, Australia, and Africa. The expansion aligns with projections that the world will need up to 140 TWh of long-duration energy storage by 2040 to achieve decarbonization targets.

The event was attended by Senator Ron Wyden (D-OR), EXIM Vice Chair Judith Pryor, and EXIM Board Member Owen Herrnstadt. This expansion is expected to support American jobs, strengthen domestic supply chains, and deploy U.S. technology in the fight against climate change.

ESS Inc. (NYSE:GWH), a leading manufacturer of long-duration energy storage systems (LDES), has announced its upcoming second quarter 2024 financial results conference call. The call is scheduled for Wednesday, August 14, 2024, at 5:00 p.m. EDT. The company will release its Q2 2024 financial results after market close on the same day. Interested parties can join the call via telephone or listen to the live webcast on ESS' Investor Relations website. A replay of the call will be available until August 21, 2024, via telephone and on the company's website.