| Work Detail |
ESS Tech, Inc., a leading manufacturer of iron flow long-duration energy storage (LDES) systems for commercial and utility-scale applications, provided a business update highlighting the ongoing execution of its strategic plan centered on its Energy Base product. Earlier, ESS had indicated the potential need for workforce reductions if it was unable to secure additional capital to avoid or delay a shutdown. Since then, the company has successfully raised sufficient capital beyond what was anticipated in its ordinary course of business to continue operating its Wilsonville facility in the near term. Despite this positive development, ESS plans to carefully manage its operating expenses moving forward. Kelly Goodman, Interim CEO of ESS, expressed optimism about this progress, emphasizing the company’s strategic pivot toward delivering a scalable Energy Base solution manufactured in the United States. This solution aims to support the rapidly growing demand for energy while addressing the critical needs of grid reliability and resiliency. In addition to securing capital, ESS has taken several concrete steps to advance its strategy and strengthen collaboration with key partners. The company recently closed orders for the sale of four Energy Warehouses, aligning with its dual approach of moving existing inventory while focusing on its Energy Base product offering. ESS also plans to sell the associated Advanced Manufacturing Production Tax Credits (PTC) generated from these equipment sales during the current quarter. Furthermore, ESS continues to engage with potential capital providers and is exploring all available financing options to support its revised business plan. This includes efforts to finalize key customer contracts for its proprietary 10+ hour Energy Base product, underscoring the company’s commitment to delivering long-duration energy storage solutions to meet evolving market needs. |
