Leading producer of iron flow long-duration energy storage (LDES) systems for commercial and utility-scale applications, ESS Tech, Inc., gave a business update and continued to implement its strategic plan centered on the Energy Base product. In order to prevent or delay a closure, ESS previously said that it could be necessary to take specific worker steps in the event that it was unable to secure money. Although it will continue to take steps to carefully control its operational costs, ESS has already obtained enough funding that was not expected in the regular course of business to sustain operations at its Wilsonville site in the near future.
“I am pleased to report this important development and the continuation of our strategic pivot and delivery of a scalable Energy Base solution manufactured here in the United States to support unprecedented growth in energy demand and the critical need for grid reliability and resiliency,” stated Kelly Goodman, Interim CEO of ESS.
Additionally, ESS has carried out a number of initiatives to strengthen cooperation with important partners and carry out this goal. As part of its ongoing dual strategy to relocate current inventory and pivot to a targeted Energy Base product offering, the company finalized orders for the sale of four Energy Warehouses. As part of this quarter’s equipment sales, ESS plans to sell the related Advanced Manufacturing Production Tax Credits (PTC). In order to support its repositioned business plan, including to close important customer contracts for its patented 10-plus-hour Energy Base product, the company is continuing to engage with possible funding sources and investigating all available financing possibilities.
ESS Tech, Inc.
By offering safe, sustainable, long-duration energy storage that supplies clean, renewable energy to individuals, communities, and enterprises whenever and wherever it is required, ESS aims to speed global decarbonization. In order to provide the dependability and resilience we require in the absence of the sun and wind, long-duration energy storage is crucial as more renewable energy sources are integrated into the grid.
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