ESS Tech, Inc. - GWH STOCK NEWS

ESS Tech, Inc. (NYSE:GWH) has appointed Claudia Gast to its Board of Directors, enhancing its leadership as the company expands operations globally. With over 15 years of experience in finance and mergers and acquisitions, Gast replaces Shirley Speakman, who is stepping down to focus on early-stage investments. Gast's roles include CFO of Global Technology Acquisition Corp. and co-founder of Greentrail Capital. CEO Eric Dresselhuys emphasized Gast's expertise in scaling companies and international growth, pivotal for ESS's mission in sustainable energy solutions.

ESS Tech, Inc. (NYSE:GWH) will hold a conference call on February 24, 2022, at 5:00 p.m. EST to discuss its fourth quarter and full year 2021 financial results. The results will be disseminated after market close on the same date. Investors can participate by calling (844) 200-6205 in the U.S. or (646) 904-5544 internationally, entering conference ID 994302. A replay will be available until March 3, 2022. ESS manufactures long-duration iron flow batteries for energy storage, aimed at sustainable and cost-effective solutions for renewable energy infrastructure.

ESS Tech, Inc. (NYSE: GWH) has partnered with Portland General Electric (NYSE: POR) to test the ESS Energy Center™ platform in Wilsonville, Oregon. This 3 MWh Energy Center, set to launch in mid-2022, aims to demonstrate various use cases for energy storage, including frequency response and demand response. The platform, designed for utility-scale applications, distinguishes power from storage capacity, allowing for flexible energy solutions that can operate for up to 12 hours. This collaboration highlights the growing demand for long-duration energy storage technology.

ESS Tech, Inc. (NYSE: GWH) announced its iron flow batteries are set to aid in a microgrid project by San Diego Gas & Electric (SDG&E) in Cameron Corners, California.

This innovative project aims to enhance community resilience during emergencies and will integrate with a large solar array, providing a zero-emissions energy solution. The deployment of six Energy Warehouse™ systems will yield up to 3 megawatt-hours of energy storage. The project is scheduled to launch in Q1 2022, allowing for energy sales in California’s wholesale market while ensuring reliability for critical services.

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.