ESS’ Australian Partner Raises AU$65M in Public and Private Funds to Accelerate Iron Flow Deployments
ESS Tech, Inc. (NYSE: GWH) announced that its Australian partner, Energy Storage Industries – Asia Pacific (ESI), has secured AU$65 million in funding to accelerate iron flow battery deployments in Australia and Oceania. This includes AU$25 million from the Queensland Government and AU$40 million in private capital.
ESI will use the investment to continue constructing a manufacturing facility in Maryborough, Queensland, where it will assemble long-duration iron flow battery systems using core components manufactured by ESS in the United States. ESI aims to achieve an annual production capacity of 400MW by 2029 using ESS technology.
The demand for ESS' technology is growing in Australia, with systems already deployed at Queensland University of Technology and Stanwell Energy Queensland has also committed to purchasing AU$12 million of iron flow systems for initial projects on their distribution grid.
ESS Tech, Inc. (NYSE: GWH) ha annunciato che il suo partner australiano, Energy Storage Industries – Asia Pacific (ESI), ha ottenuto 65 milioni di AUD di finanziamenti per accelerare il dispiegamento delle batterie a flusso di ferro in Australia e Oceania. Questo include 25 milioni di AUD dal governo del Queensland e 40 milioni di AUD in capitale privato.
ESI utilizzerà l'investimento per continuare la costruzione di un impianto di produzione a Maryborough, Queensland, dove assemblerà sistemi di batterie a flusso di ferro a lunga durata utilizzando componenti chiave prodotti da ESS negli Stati Uniti. ESI punta a raggiungere una capacità di produzione annuale di 400 MW entro il 2029 utilizzando la tecnologia ESS.
La domanda per la tecnologia di ESS sta crescendo in Australia, con sistemi già installati presso la Queensland University of Technology, e Stanwell Energy Queensland ha anche deciso di acquistare 12 milioni di AUD di sistemi a flusso di ferro per progetti iniziali nella loro rete di distribuzione.
ESS Tech, Inc. (NYSE: GWH) anunció que su socio australiano, Energy Storage Industries – Asia Pacific (ESI), ha asegurado 65 millones de AUD en financiamiento para acelerar el despliegue de baterías de flujo de hierro en Australia y Oceanía. Esto incluye 25 millones de AUD del gobierno de Queensland y 40 millones de AUD en capital privado.
ESI utilizará la inversión para continuar construyendo una instalación de fabricación en Maryborough, Queensland, donde ensamblará sistemas de baterías de flujo de hierro de larga duración utilizando componentes clave fabricados por ESS en los Estados Unidos. ESI apunta a alcanzar una capacidad de producción anual de 400 MW para 2029 utilizando la tecnología de ESS.
La demanda de tecnología de ESS está creciendo en Australia, con sistemas ya desplegados en la Universidad Tecnológica de Queensland, y Stanwell Energy Queensland también se ha comprometido a comprar 12 millones de AUD de sistemas de flujo de hierro para proyectos iniciales en su red de distribución.
ESS Tech, Inc. (NYSE: GWH)는 호주 파트너인 Energy Storage Industries – Asia Pacific (ESI)가 호주 및 오세아니아에서 철 흐름 배터리 배치를 가속화하기 위해 6천5백만 호주 달러의 자금을 확보했다고 발표했습니다. 이는 2천5백만 호주 달러는 퀸즐랜드 정부로부터, 4천만 호주 달러는 민간 자본에서 조달된 것입니다.
ESI는 이 투자를 활용하여 퀸즐랜드의 메리보로에서 제조 시설을 계속 건설할 예정이며, 여기서 ESS가 미국에서 제조한 핵심 부품을 사용하여 지속 시간이 긴 철 흐름 배터리 시스템을 조립할 것입니다. ESI는 ESS 기술을 사용하여 2029년까지 연간 생산 능력 400MW를 달성하는 것을 목표로 하고 있습니다.
호주에서는 ESS의 기술에 대한 수요가 증가하고 있으며, 퀸즐랜드 공과대학교와 스탠웰 에너지에 이미 시스템이 배치되어 있습니다. 스탠웰 에너지 퀸즐랜드는 또한 자사의 배전망에 대한 초기 프로젝트를 위해 1천2백만 호주 달러의 철 흐름 시스템 구매를 약속했습니다.
ESS Tech, Inc. (NYSE: GWH) a annoncé que son partenaire australien, Energy Storage Industries – Asia Pacific (ESI), a sécurisé 65 millions AUD de financement pour accélérer le déploiement des batteries à flux de fer en Australie et en Océanie. Cela comprend 25 millions AUD du gouvernement du Queensland et 40 millions AUD en capital privé.
ESI utilisera cet investissement pour continuer la construction d'une usine de fabrication à Maryborough, dans le Queensland, où elle assemblera des systèmes de batteries à flux de fer de longue durée utilisant des composants clés fabriqués par ESS aux États-Unis. ESI vise à atteindre une capacité de production annuelle de 400 MW d'ici 2029 en utilisant la technologie ESS.
La demande pour la technologie de ESS augmente en Australie, avec des systèmes déjà déployés à l'Université de Technologie du Queensland. Stanwell Energy Queensland s'est également engagé à acheter 12 millions AUD de systèmes à flux de fer pour des projets initiaux sur leur réseau de distribution.
ESS Tech, Inc. (NYSE: GWH) gab bekannt, dass sein australischer Partner, Energy Storage Industries – Asia Pacific (ESI), 65 Millionen AUD an Finanzmitteln gesichert hat, um die Bereitstellung von Eisenflussbatterien in Australien und Ozeanien zu beschleunigen. Dies umfasst 25 Millionen AUD von der Regierung von Queensland und 40 Millionen AUD in privatem Kapital.
ESI wird die Investition nutzen, um weiterhin eine Produktionsstätte in Maryborough, Queensland, zu errichten, in der es langanhaltende Eisenflussbatteriesysteme mit wichtigen Komponenten montieren wird, die von ESS in den Vereinigten Staaten hergestellt werden. ESI zielt darauf ab, bis 2029 eine jährliche Produktionskapazität von 400 MW mit der ESS-Technologie zu erreichen.
Die Nachfrage nach der Technologie von ESS wächst in Australien, wobei Systeme bereits an der Queensland University of Technology und Stanwell Energy installiert sind. Stanwell Energy Queensland hat sich ebenfalls verpflichtet, 12 Millionen AUD für Eisenflusssysteme für erste Projekte in ihrem Verteilungsnetz zu kaufen.
- Secured AU$65 million in funding for Australian partner ESI
- ESI targets 400MW annual production capacity by 2029
- Growing demand for ESS technology in Australia
- Partnerships with major utilities and energy companies
- AU$12 million commitment from Energy Queensland for iron flow systems
- None.
Insights
The
Key points to consider:
- ESI's target of 400MW annual production capacity by 2029 using ESS technology indicates substantial growth potential.
- Partnerships with major utilities like Stanwell and Energy Queensland demonstrate market validation and potential for large-scale adoption.
- The
US$50 million financing package from EXIM Bank to ESS further supports global expansion efforts.
While this news is positive for ESS' growth prospects, investors should note that the company's current market cap of
The investment in ESI and the adoption of ESS' iron flow battery technology in Australia represent a significant validation of long-duration energy storage (LDES) systems. Key technical advantages of iron flow batteries include:
- Long cycle life and deep discharge capability, ideal for grid-scale applications
- Use of abundant, low-cost materials (iron, salt and water)
- Safety and environmental benefits compared to lithium-ion alternatives
The 400MW annual production target is ambitious but aligns with Australia's rapid transition to renewable energy. The partnerships with utilities and the Queensland Government's support indicate a strong market pull for LDES solutions. However, challenges remain:
- Scaling up manufacturing while maintaining quality and cost-effectiveness
- Competing with established lithium-ion technology and emerging LDES alternatives
- Integrating large-scale storage systems into existing grid infrastructure
ESS' success in Australia could serve as a blueprint for global expansion, potentially positioning the company as a leader in the growing LDES market.
Investment will support achievement of Energy Storage Industries – Asia Pacific’s 400MW annual iron flow battery production target using ESS technology
ESS Tech, Inc. (ESS) (NYSE: GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced that its Australian partner, Energy Storage Industries –
With the new investment, ESI will continue construction on a manufacturing facility in Maryborough,
“We congratulate our partners at ESI for achieving this major milestone. This provides clear validation, by both the financial community and Queensland Government, that iron flow technology will play a critical role in the clean energy future,” said Eric Dresselhuys, CEO of ESS. “We look forward to our continued partnership as we expand our manufacturing capacity to meet growing, global demand for long-duration energy storage.”
Demand for ESS’ technology is growing across
This major public and private investment in ESI and iron flow technology follows the award of a financing package of up to
ESS’ iron flow battery technology provides long-duration energy storage that enables the growing utilization of renewable energy. In addition to ESI, ESS has partnerships with global energy and services companies, including Honeywell International, German energy company LEAG and
About ESS Tech Inc.:
ESS Inc. (NYSE: GWH) is the leading manufacturer of long-duration iron flow energy storage solutions. ESS was established in 2011 with a mission to accelerate decarbonization safely and sustainably through longer lasting energy storage. Using easy-to-source iron, salt, and water, ESS iron flow technology enables energy security, reliability and resilience. We build flexible storage solutions that allow our customers to meet increasing energy demand without power disruptions and maximize the value potential of excess energy. For more information visit www.essinc.com.
About Energy Storage Industries –
Energy Storage Industries —
Forward-Looking Statements
This communication contains certain forward-looking statements regarding ESS and its management team’s expectations, hopes, beliefs, or intentions regarding the future. The words “estimate”, “expect”, “will” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding the status of ESS manufacturing, products and technology and customer relationships and product deployments. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments. Many factors could cause actual future events to differ materially from such expectations, including, but not limited to, disruptions, or quality control problems in the Company’s manufacturing operations; as well as those risks and uncertainties set forth in the section entitled “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on August 14, 2024, and its other filings filed with the SEC. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240924983193/en/
Investors:
Erik Bylin
Investors@essinc.com
Media:
Morgan Pitts
503.568.0755
morgan.pitts@essinc.com
Source: ESS, Inc.
FAQ
How much funding did ESS' Australian partner ESI raise?
What is the production target for ESI using ESS technology by 2029?
Where will ESI assemble the long-duration iron flow battery systems?
Which Australian utility has committed to purchasing ESS iron flow systems?
