Ess Tech Inc Stock Price, News & Analysis

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.

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.