ESS Tech Inc
NYSE:GWH
ESS Tech Inc
ESS Tech Inc is a KY-based company operating in Electrical Equipment industry. The company is headquartered in George Town, Grand Cayman and currently employs 2 full-time employees. The company went IPO on 2020-09-17. ESS Tech Inc., formerly ACON S2 Acquisition Corp., is a manufacturer of long-duration batteries for commercial and utility-scale energy storage applications. The firm designs, builds and deploys environmentally sustainable, iron flow batteries for long-duration commercial and utility-scale energy storage applications. The firm enables project developers, utilities, and commercial and industrial facility owners to make the transition to more flexible non-lithium-ion storage that is better suited for the grid and the environment. The firm's iron flow batteries circulate liquid electrolytes to charge and discharge electrons via a process called a redox reaction. The company uses the same electrolyte on both the negative and positive sides of the equation, eliminating cross-contamination and degradation. The firm provides ESS generation 2.0 platform, which is designed to eliminate potential points of failure. The firm's solutions include Energy Warehouse and Energy Center.
ESS Tech Inc is a KY-based company operating in Electrical Equipment industry. The company is headquartered in George Town, Grand Cayman and currently employs 2 full-time employees. The company went IPO on 2020-09-17. ESS Tech Inc., formerly ACON S2 Acquisition Corp., is a manufacturer of long-duration batteries for commercial and utility-scale energy storage applications. The firm designs, builds and deploys environmentally sustainable, iron flow batteries for long-duration commercial and utility-scale energy storage applications. The firm enables project developers, utilities, and commercial and industrial facility owners to make the transition to more flexible non-lithium-ion storage that is better suited for the grid and the environment. The firm's iron flow batteries circulate liquid electrolytes to charge and discharge electrons via a process called a redox reaction. The company uses the same electrolyte on both the negative and positive sides of the equation, eliminating cross-contamination and degradation. The firm provides ESS generation 2.0 platform, which is designed to eliminate potential points of failure. The firm's solutions include Energy Warehouse and Energy Center.
Commercial wins: ESS announced a $9.9 million contract with Concurrent Technologies Corporation and the U.S. Air Force Research Laboratory and confirmed Google as an offtaker on Project New Horizon (a 5 MW / 50 MWh system) with delivery targeted for December 2027.
Revenue outlook: Management expects most revenue from Energy Base deployments to come in 2027–2028, with minimal revenue anticipated in 2026 as the company focuses on product commercialization.
Cost reduction: Operating expenses fell 33% year‑over‑year to $29.7 million; management says reductions are structural and improved adjusted EBITDA materially versus 2024.
Balance sheet actions: ESS closed a $15 million registered direct offering, completed a $40 million Yorkville financing (received $30 million immediately, drew second $10 million tranche in Feb 2026), raised ~$8.6 million via ATM and has repaid ~$28.5 million of the first Yorkville tranche.
Liquidity: Combined liquidity at Dec 31, 2025 was $22.0 million ( $14.5M cash and $7.5M other liquid assets); inventory was $0.1 million.
Strategy & team: Company acquired Bolt Storage IP/assets in Feb 2026, appointed a permanent CFO, hired a new CCO with iron‑flow experience, and emphasized manufacturing in Wilsonville, OR with >98% domestic content.
Market opportunity: Management highlighted demand tailwinds: AI data center storage demand projected to rise 165% by 2030 and a grid need for 8 TWh of long‑duration storage by 2040.
