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ESS Inc. has signed a framework agreement with SB Energy to deliver 2 GWh of long-duration batteries by 2026. The agreement emphasizes a commitment to renewable energy and grid decarbonization. The first system has been delivered to Davis, California, set for commissioning in October 2021. ESS's batteries are designed to enhance grid resiliency without fire hazards, particularly in wildfire-prone areas. This collaboration aims to support SB Energy's solar projects in growing markets like Texas and California.
ESS Tech, Inc. has entered a definitive agreement with ACON S2 Acquisition Corp. (NASDAQ: STWO) for a business combination that will result in ESS becoming a publicly listed company. Valued at a $1.072 billion pro forma enterprise value, the transaction aims to provide approximately $465 million in net cash. ESS specializes in long-duration iron flow batteries, utilizing safe, abundant materials, and is positioned to capitalize on the $56 billion market for energy storage by 2027. The transaction is expected to close in Q3 2021.
