- ESS Tech, Inc. (GWH, Financial) secures unexpected capital, enabling continued operations in Wilsonville.
- The company focuses on strategic pivot to Energy Base product amid growing energy demand.
- ESS aims to leverage Production Tax Credits from recent equipment sales to bolster financials.
ESS Tech, Inc. (GWH), a leading manufacturer of long-duration energy storage systems, announced the continuation of its strategic plan centered around the Energy Base product, following the acquisition of unexpected capital. This development allows the company to maintain operations at its Wilsonville facility while managing operating expenses.
Interim CEO Kelly Goodman expressed satisfaction with the progress, emphasizing the scalable Energy Base solution's contribution to addressing the growing demand for energy and the critical need for grid reliability and resiliency. The company's plan includes the sale of four Energy Warehouses and the intention to sell associated Advanced Manufacturing Production Tax Credits within the quarter.
ESS is actively pursuing financing options to support its repositioned business plan, which focuses on its proprietary 10+ hour Energy Base product. The company is engaged in discussions with potential capital providers and aiming to finalize key customer contracts.
ESS Tech, Inc. (GWH, Financial) continues its mission to accelerate global decarbonization by offering sustainable energy storage solutions that ensure grid reliability when renewable sources like solar and wind are unavailable.
