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GWH-News
GWH-Events
ESS Tech Achieves Awardable Status for Energy Storage Technology
ESS Tech has achieved Awardable status through the Chief Digital and Artificial Intelligence Office's Tradewinds Solutions Marketplace, positioning the company's energy storage technology for consideration by Department of War customers seeking innovative solutions to support energy resilience and other mission-critical applications.
ESS Tech Trading Halted, News Pending
ESS Tech trading halted, news pending
ESS Tech Completes Registered Direct Offering of 6.4M Shares
ESS Tech announced that it has entered into definitive agreements in a registered direct offering with institutional investors for the purchase and sale of 6.4M shares of common stock at a price of 50c per share of common stock. In addition, in a concurrent private placement, the company will issue to investors warrants to purchase up to 12.8M shares of common stock. The warrants have an exercise price of 50c per share and will become exercisable immediately following the date of stockholder approval and expire on the fifth anniversary of the issuance date of the warrant. Aggregate gross proceeds to the company are expected to be approximately $3.2M, before deducting placement agent fees and other offering expenses payable by the company. The transaction is expected to close on or about August 21, subject to the satisfaction of customary closing conditions. The company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital.
ESS Reports Q2 Revenue of $73K, Strategic Deal Valued at $515 Million
Reports Q2 revenue $73K vs. $2.4M last year. "The second quarter marked an inflection point for ESS as we accelerated our expansion into sodium-ion energy storage while maintaining the disciplined execution and capital focus that have defined our reset," said Drew Buckley, Chief Executive Officer of ESS. "The demand we are seeing for sodium-ion is unlike anything in our company's history. Since signing our letter of intent with Alsym Energy, we have developed early-stage opportunities approaching $1 billion across data centers, critical infrastructure, and utility markets, and with the recent market rollout of our Bridge(TM) modular sodium-ion system we are moving decisively to convert that interest into near-term revenue. "At the same time, we streamlined our Wilsonville operations to reduce expenses and cash burn. We lowered operating expenses by 12% in the first half of the year as we reallocate capital toward the highest-return, near-term opportunities. Encouragingly, the interest we are seeing in sodium-ion is coming not only from new customers but from relationships we already have. We believe our combined sodium-ion and iron flow platform positions ESS to deliver safe, American-made energy storage at the scale and speed the market demands. "We are also excited to have signed a non-binding letter of intent for a strategic business combination with a private company in the energy sector. This is a highly complementary partner, built on an established platform with a track record of proven commercial execution. The contemplated transaction implies an expected combined enterprise value of approximately $515 million, with the expected transaction value attributable to ESS expected to represent a premium to our market capitalization at the time a definitive agreement is signed. We see significant potential in what these two platforms could build together, and we look forward to advancing discussions toward definitive agreements."
ESS Tech Signs LOI with Juniper Energy for 500 MWh Sodium-Ion Battery Deployment
ESS Tech announced the signing of a Letter of Intent with Juniper Energy, a renewable energy development company, for the deployment of 500 MWh or more of sodium-ion battery energy storage systems, representing a major milestone for ESS as it continues to expand its business with innovative, sodium-based battery solutions. "This agreement with Juniper Energy validates ESS's strategy to expand our technology portfolio and bring sodium-ion energy storage to market," said Drew Buckley, CEO of ESS. "The planned deployment and long-term procurement framework reflect the accelerating customer demand we are seeing for safer, domestically sourced alternatives to conventional lithium-ion batteries."
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