Ess Tech Inc Stock Price, News & Analysis

ESS Inc. (NYSE:GWH) has announced the appointment of Vince Canino as Chief Operating Officer, strengthening its leadership team amid global expansion efforts. Canino brings extensive experience from his previous role as CEO of Smardt Chiller Group, where he oversaw significant growth and product expansion. Concurrently, Chief Accounting Officer Jeff Bodner will resign to pursue other opportunities but will assist with the transition until mid-September. The changes reflect ESS's commitment to enhancing operational performance as it aims to decarbonize the energy system with sustainable storage solutions.

ESS, a leader in long-duration energy storage, has inaugurated a solar and storage microgrid project in West Grove, Pennsylvania, in partnership with TerraSol Energies and Sycamore International. This microgrid integrates a 115 kW solar array with the ESS Energy Warehouse™ to minimize peak electricity demand and ensure operational backup for Sycamore International's recycling facility. The project aims to support decarbonization and enhance energy reliability, aligning with recent energy provisions in the Inflation Reduction Act.

ESS Inc. (NYSE: GWH) has entered a strategic partnership with Energy Storage Industries Asia Pacific to manufacture and distribute iron flow batteries in Australia, New Zealand, and Oceania. ESS will supply 70 Energy Warehouse systems in 2022 and 2023, while ESI will build a local manufacturing facility in Queensland expected to achieve 400 MW annual capacity. This agreement aims to address the increasing demand for long-duration energy storage, supporting the transition to a sustainable energy future.

ESS Tech, Inc. (NYSE:GWH) reported revenue recognition of $686,000 for the second quarter of 2022, marking significant progress in its operations. The company has secured a partnership with Energy Storage Industries Asia Pacific, which has ordered over 70 Energy Warehouses™. Additionally, ESS signed a contract with Tampa Electric Company for an Energy Center™ to support solar projects. Despite operational achievements, supply chain challenges may affect the planned delivery of 40 to 50 Energy Warehouses™ this year. The second manufacturing line is now operational, increasing annual capacity to 500 MWh.

ESS Inc. (NYSE: GWH) hosted U.S. Department of Energy Secretary Jennifer Granholm and other officials at its Wilsonville, Oregon facility, emphasizing its role in clean energy and job creation. The company manufactures long-duration iron flow batteries, supporting the transition to a decarbonized energy system. Employing 235 individuals, ESS's technology utilizes non-toxic, domestically sourced materials, providing sustainable energy storage solutions. With battery capabilities of up to 12 hours, ESS aims to enhance grid reliability as renewable sources increase.

ESS Tech, Inc. (NYSE:GWH) will hold a conference call on August 11, 2022 at 5:00 p.m. EDT to discuss its financial results for the second quarter of 2022, which ended on June 30, 2022. The financial results release will occur after market close on the same day. Interested parties can access the call by dialing (844) 200-6205 in the U.S. or +1 (929) 526-1599 internationally, with a conference ID of 179422. A replay will be available until August 18, 2022.

ESS Tech, Inc. (NYSE:GWH) reported its Q1 2022 financial results, highlighting operational progress despite supply chain challenges. The company aims to deliver 40-50 Energy Warehouses this year and has enhanced manufacturing capacity with a second semi-automated line. Although unanticipated issues limited revenue recognition, ESS remains focused on cost management and production output. The recent expansion into the European market, set to commence in the second half of 2022, is anticipated to boost customer adoption of its long-duration energy storage solutions.

ESS Tech, Inc (NYSE:GWH) announced it will host a conference call on May 12, 2022, at 5:00 p.m. EDT, to discuss its Q1 2022 financial results for the period ending March 31, 2022. The press release detailing these results will be shared after market close on the same day. Interested parties can participate via phone or listen to the live webcast on the company's Investor Relations website.