US Market News
1月前
ESS Partners with Alsym Energy to Deliver 8.5 GWh of Non-Lithium Battery Energy Storage SolutionsApril 30, 2026 11:30 PM
Business Wire
Next Generation Sodium-ion Battery Solution Enables ESS Transition to a Full-Service BESS Platform Provider for Expanded Applications
Partnership Enables ESS to Enter the Short and Medium Duration Energy Storage Segment
ESS Tech, Inc. (NYSE: GWH) ("ESS" or the "Company"), a leading manufacturer of sustainable, long-duration energy storage systems (“LDES”), today announced the signing of a letter of intent for a strategic partnership with Alsym Energy, a pioneer in non-flammable, high-performance sodium-ion batteries, to add 8.5 GWh of sodium-ion cells and modules to its portfolio.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260430967185/en/
This next-generation battery solution is designed to address use cases traditionally served by lithium-ion systems - and those where lithium cannot go - but without the inherent thermal run-away risks associated with lithium chemistries.
This partnership marks ESS’s entry into the short- and medium-duration BESS (“Battery Energy Storage System”) segment, a market historically dominated by lithium-ion. It meaningfully expands the Company’s addressable market beyond its established position in long-duration storage. The Alsym sodium-ion technology virtually eliminates thermal runaway risk and lowers total cost of ownership. In addition, the solution does not require complex HVAC systems, demonstrates high round trip efficiency, employs fast charge and discharge capabilities and offers a simpler, safer deployment profile for customers seeking superior stationary storage solutions.
“Sodium-ion and iron flow are complementary technologies,” said Drew Buckley, Chief Executive Officer of ESS. “Alsym's sodium-ion Na-Series is an ideal solution for ESS’s short- and medium-duration applications where high power, fast cycling, and rapid response are paramount. ESS's existing Energy Base® iron flow platform is engineered for the 8–24 hour long-duration segment, where deep daily cycling, 25-year asset life, and zero capacity degradation deliver the lowest levelized cost of storage. Together, the two chemistries form a unified, non-lithium platform that enables ESS to meet customers' full storage needs from a single trusted provider, whether the application calls for firming renewables over a few hours, shifting energy across a full day, or pairing both within a single project to optimize economics across the full duration curve.”
Randall Selesky, Chief Commercial Officer at ESS, added, “This partnership represents a major milestone in our strategy to become a full-spectrum, non-lithium solutions provider for the entire energy storage market with safer, more sustainable technologies. By combining Alsym’s high performance, non-flammable sodium-ion technology with ESS’ systems expertise and Energy Base® long-duration solutions, we are giving customers a clear pathway beyond lithium-ion — without compromising performance or economics.
“Unlike lithium-ion batteries and many other sodium-ion batteries, Alsym’s Na-Series batteries are non-combustible and thermally stable, reducing system complexity, improving safety, and lowering total cost of ownership by reducing the need for extensive fire suppression and HVAC infrastructure. Alsym’s Na-Series has been developed using a proprietary, physics-informed AI platform for battery development that dramatically shortens the time to bring innovation to the market. The batteries utilize non-foreign entity of concern (“FEOC”) sourced materials and provide integrators and OEMs with a safe, cost-effective, supply-secure battery solution,” Selesky concluded.
Mukesh Chatter, Chief Executive Officer for Alsym Energy, commented, “ESS is a leading innovator in stationary storage, and we are very pleased to be partnering with them. As demand grows, it is increasingly clear that the industry needs solutions beyond lithium-ion to meet the speed and scale projections. By combining high performance, inherent safety, and supply chain resilience, Alsym’s Na-Series delivers that capability and ESS brings deep experience delivering grid-scale systems that maximize the value of renewable energy. Together, we are enabling a better path forward for energy storage.”
With the combined sodium-ion and iron-flow platform, ESS is positioned to support utilities, IPPs, data centers, and C&I customers seeking American-made, flexible, and future-proof energy storage solutions across a wide range of applications.
About ESS Tech, Inc.
ESS (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 Alsym Energy
Alsym Energy is enabling a safer, scalable energy future by rethinking battery chemistry. The company's flagship Na-Series are non-flammable, high-performance, low cost sodium-ion batteries made with earth abundant materials. They are designed using a proprietary, physics-informed AI platform that enables the discovery of materials and commercially viable chemistries 10x faster than traditional, trial and error experiment-only methods. By combining DeepTech expertise in batteries with physics-informed AI, the platform is a closed-loop system that accelerates the entire battery development process, from ideation to manufacturing. Alysm’s Na-Series technology eliminates thermal runaway and allows energy storage to be deployed safely, and at scale, anywhere energy storage is needed — from data centers and industrial facilities to residential buildings, commercial real estate, mining, military installations or utility grids. Its wide operating temperature range avoids the need for HVAC systems for safety or performance, and fast charge and discharge rates allow multiple cycles per day, creating a powerful economic model for energy storage systems. Alsym Na-Series: A better battery for energy storage.
To learn more, visit: alsym.com
Forward-Looking Statements
This communication contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning the Company and other matters that involve substantial risks and uncertainties. These statements may discuss the management team’s goals, beliefs, hopes, intentions and expectations as to future plans, trends, events, results of operations and financial condition, or otherwise, based on current beliefs of the management of the Company, as well as assumptions made by, and information currently available to, the Company’s management. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would,” or, in each case, their negative or other variations or comparable terminology may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include our anticipated growth strategies and anticipated trends in our business. Examples of forward-looking statements include, among others, statements pertaining to market opportunities for ESS’ products, pace of commercial activity, ESS product development and manufacturing, and relationships with strategic partners and customers. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments and their potential effects on ESS. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. There can be no assurance that the future developments affecting ESS will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond ESS control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, barriers we face in our attempts to produce our energy storage products; our products being in the early stage of commercialization and aspects of our technology not having been fully field tested; our inability to develop our business and effectively commercialize our energy storage products; our dependence on third-party suppliers; delays in our manufacturing operations; and other risks and uncertainties described more fully in the section titled “Risk Factors” in the Company’s Quarterly Report on Form 10-K filed on March 5, 2026, and the Company’s other filings with the U.S. Securities and Exchange Commission. 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/20260430967185/en/
Media Contact
Shiyun Fu
Antenna Group for Alsym
alsym@antennagroup.com
Company
investors@essinc.com
Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
Phone: (949) 491-8235
GWH@mzgroup.us
www.mzgroup.us
Original: ESS Partners with Alsym Energy to Deliver 8.5 GWh of Non-Lithium Battery Energy Storage Solutions
US Market News
3月前
ESS Announces Fourth Quarter and Full Year 2025 Financial ResultsMarch 5, 2026 4:05 PM
Business Wire
Leadership and Organizational Reset Advancing Next Phase of Growth and Execution
Stronger Liquidity Profile Supports Commercial Scale Deployment
ESS Tech, Inc. (“ESS,” “ESS, Inc.” or the “Company”) (NYSE:GWH), a leading manufacturer of iron flow long-duration energy storage (“LDES”) systems for commercial and utility-scale applications, today announced financial results for its fourth quarter and full year ended December 31, 2025.
“The fourth quarter of 2025 and 2026 to date has seen the Company make continued progress in advancing our proprietary LDES and strengthening ESS for the next phase of execution,” said Drew Buckley, Chief Executive Officer of ESS. “We have taken decisive steps to reinforce leadership, governance, and financial discipline in support of long-term value creation, including a leadership and organizational reset that more closely aligns management and board oversight around execution and capital allocation. We also expanded our commercial capabilities through the acquisition of VoltStorage GmbH’s intellectual property and asset base, an iron-salt battery company, adding experienced personnel and strengthening our ability to execute our go-to-market priorities. We are also seeing a supportive macro backdrop for LDES, as rising electricity demand and increasing grid reliability requirements are driving greater urgency for resilient, long-duration solutions. Commercial momentum was highlighted by a $9.9 million award supporting deployment of up to 27 MWh of American-made LDES at U.S. military installations, and by Google’s recently announced participation in Project New Horizon as we advance the project toward manufacturing in 2026. With three tier 1 foundational projects expected to begin delivery in 2027, we are focused on executing across our pipeline as projects move to delivery and commissioning.”
2026 Outlook
2025 and 2026 to date have been a period of change, focused on strengthening leadership, governance, and financial discipline and aligning the organization for the next phase of execution.
Expect an increasing pace of commercial activity over the next several years as projects progress from contracting to delivery and commissioning, supported by an active pipeline across targeted end markets.
Recent commercial progress reinforces demand for resilient, domestically produced LDES in critical applications, including defense and data infrastructure.
Improved liquidity position with additional capital raised after year end provides enhanced financial flexibility to support execution and sustain momentum.
Fiscal Year 2025 and Subsequent Highlights
Following the Company’s agreement to deploy the 5-megawatt (“MW”), 50 megawatt-hour (“MWH”) battery system at Salt River Project’s (“SRP”) Copper Crossing Energy and Research Center under a 10-year energy storage agreement, recently announced an updated collaboration with Google for Project New Horizon that includes cost sharing and multi-year operational testing. Manufacturing is expected to begin in 2026 with delivery targeted for December 2027.
Acquired the intellectual property and assets of VoltStorage GmbH, a pioneer in iron-salt battery technology, adding VoltStorage’s portfolio of patents and technical development work to the Company’s existing intellectual property base.
Appointed Randall Selesky, former Chief Commercial Officer of VoltStorage, as Chief Commercial Officer of ESS Tech.
Awarded a $9.9 million contract from Concurrent Technologies Corporation (“CTC”) and the United States Air Force Research Laboratory (“AFRL”) for a large capacity energy storage (“LCES”) system at the U.S. Clear Space Force Station in Alaska.
Appointed Drew Buckley as Chief Executive Officer, succeeding Interim CEO Kelly Goodman; appointed Kelly Goodman as Chief Strategy Officer and General Counsel; and appointed Kate Suhadolnik as Chief Financial Officer from her role as Interim CFO.
In October 2025, closed a $40 million financing transaction with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, L.P. (“Yorkville”).
In November 2025, launched an at-the-market (“ATM”) equity offering program and raised approximately $8.6 million in gross proceeds.
As of March 1, 2026, repaid approximately $28.5 million, or 95%, of the first $30 million tranche under the promissory note with YA II PN, leaving approximately $1.5 million outstanding, and drew the second $10 million tranche on February 27, 2026.
Fiscal Year 2025 Financial Highlights
Revenue was $1.6 million for the year ended December 31, 2025. The company’s business has been focused on the development and commercialization of its LDES systems.
ESS delivered and recognized revenue from completed and in-process Energy Warehouses and Energy Centers (plus related equipment), engineering services for a site deployment, and extended warranty services, primarily offset by revenue reductions tied to settling and winding down legacy contracts as the Company shifted to the Energy Base offering and by lower overall sales volumes year over year.
Net loss for the year ended December 31, 2025, was $63.4 million, as compared with $86.2 million for the year ended December 31, 2024.
Adjusted EBITDA improved 38% year-over-year to $(44.3) million for the year ended December 31, 2025, compared to $(71.3) million for the year ended December 31, 2024.
Total operating expenses decreased 33% to $29.7 million for the year ended December 31, 2025, compared to $44.4 million for the year ended December 31, 2024. The decrease was primarily due to a decrease in research and development expenses of $3.5 million, a decrease in sales and marketing expenses of $5.3 million, and a decrease in general and administrative expenses of $5.9 million.
Unrestricted cash and cash equivalents was $14.5 million as of December 31, 2025, and short-term investments were $7.5 million. Subsequently closed a $15 million registered direct offering priced at a premium to the market for general corporate purposes and working capital in January 2026.
As of December 31, 2025, working capital was approximately $1.0 million, compared to $15.8 million as of December 31, 2024.
Kate Suhadolnik, ESS' Chief Financial Officer, commented, “We have prioritized balance sheet improvements, with financing initiatives that strengthen liquidity, enable meaningful debt repayment, and provide flexibility to support operations. These steps contributed to improved operating performance and a meaningful year-over-year improvement in adjusted EBITDA. We ended 2025 with $14.5 million in cash and cash equivalents and $7.5 million in short term investments, and we completed a $15 million registered direct offering after year end.”
Conference Call Details
ESS' Chief Executive Officer Drew Buckley and Chief Financial Officer Kate Suhadolnik will host the conference call, followed by a question-and-answer period. The call will be accompanied by a presentation, which will be available following the call via the investor relations segment of the Company’s website at http://investors.essinc.com/.
To access the call, please use the following information:
Date:
Thursday, March 5, 2026
Time:
5:00 p.m. Eastern Time (2:00 p.m. Pacific Time)
Dial-in:
1-833-470-1428
International Dial-in:
1-646-844-6383
Conference Code:
547200
Webcast:
https://events.q4inc.com/attendee/987783929
A telephone replay will be available through March 12, 2026, by dialing 1-866-813-9403 from the U.S., or 1-929-458-6194 from international locations, and entering replay pin number: 217487. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available via the investor relations section of the Company’s website at http://investors.essinc.com/.
About ESS, Inc.
ESS (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.
Use of Non-GAAP Financial Measures
In this press release and the accompanying earnings call, ESS includes Adjusted EBITDA, which is a non-GAAP performance measures that ESS uses to supplement its results presented in accordance with U.S. GAAP. As required by the rules of the Securities and Exchange Commission (“SEC”), ESS has provided herein a reconciliation of the non-GAAP financial measures contained in this presentation and the accompanying earnings call to the most directly comparable measures under GAAP. ESS’ management believes Adjusted EBITDA is useful in evaluating its operating performance and is a similar measure reported by publicly-listed U.S. companies, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. By providing this non-GAAP measure, ESS’ management intends to provide investors with a meaningful, consistent comparison of ESS’ profitability for the periods presented. Adjusted EBITDA is not intended to be a substitute for net income/loss or any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
ESS defines and calculates Adjusted EBITDA as net loss before interest, stock-based compensation, depreciation and amortization, loss (gain) on revaluation of common stock warrant liabilities, financing costs and other expense as they are not indicative of business operations.
Forward-Looking Statements
This communication contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning the Company and other matters that involve substantial risks and uncertainties. These statements may discuss the management team’s goals, beliefs, hopes, intentions and expectations as to future plans, trends, events, results of operations and financial condition, or otherwise, based on current beliefs of the management of the Company, as well as assumptions made by, and information currently available to, the Company’s management. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would,” or, in each case, their negative or other variations or comparable terminology may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. Examples of forward-looking statements include, among others, statements pertaining to statements made by the Company’s Chief Executive Officer and Chief Financial Officer, statements pertaining to the Company’s 2026 outlook and beyond, cash position, the timing the Company’s ability to create value in the long-term, market opportunities for ESS’ products, increased pace of commercial activity, the timing for manufacturing and delivery for Project New Horizon, the timing of delivery commencing for the Company’s projects, as well as statements regarding the Company’s employees, commercial expectations regarding sales order and pipeline, the expected integration of the VoltStorage intellectual property and technology, ESS product development and manufacturing, and relationships with customers. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments and their potential effects on ESS. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. There can be no assurance that the future developments affecting ESS will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond ESS control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, barriers we face in our attempts to produce our energy storage products; our products being in the early stage of commercialization and aspects of our technology not having been fully field tested; our inability to develop our business and effectively commercialize our energy storage products; our dependence on third-party suppliers; delays in our manufacturing operations, our ability to control our costs and achieve our cost reduction strategy; our dependence on complex machinery; our ability to increase our production capacity; required maintenance being performed incorrectly or maintenance requirements exceeding our current expectations; our history of losses; failure to deliver the benefits offered by our technology; inability to achieve market acceptance of our products; our warranty obligations; our relationships with related parties; regulatory challenges; our ability to protect our intellectual property; and our ability to raise capital in the near future; general economic and market conditions as well as geopolitical developments and other risks and uncertainties described more fully in the section titled “Risk Factors” in the Company’s Quarterly Report on Form 10-K filed on March 5, 2026, and the Company’s other filings with the U.S. Securities and Exchange Commission. 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.
ESS Tech, Inc.
Statements of Operations and Comprehensive Loss
(Unaudited, in thousands, except share and per share data)
Three Months Ended
December 31,
2025
2024
Revenue:
Revenue
$
(1,612
)
$
2,801
Revenue - related parties
24
49
Total revenue
(1,588
)
2,850
Cost of revenue
8,111
16,038
Gross loss
(9,699
)
(13,188
)
Operating expenses
Research and development
3,368
2,706
Sales and marketing
220
1,887
General and administrative
4,606
5,716
Total operating expenses
8,194
10,309
Loss from operations
(17,893
)
(23,497
)
Other (expense) income, net
Interest (expense) income, net
(5,245
)
477
(Loss) gain on revaluation of common stock warrant liabilities
(115
)
(344
)
Other expense, net
(730
)
(115
)
Total other (expense) income, net
(6,090
)
18
Net loss and comprehensive loss to common stockholders
$
(23,983
)
$
(23,479
)
Net loss per share - basic and diluted
$
(1.20
)
$
(1.97
)
Weighted average shares used in per share calculation - basic and diluted
19,930,834
11,926,137
ESS Tech, Inc.
Statements of Operations and Comprehensive Loss
(Unaudited, in thousands, except share and per share data)
Years Ended December 31,
2025
2024
Revenue:
Revenue
$
(796
)
$
5,712
Revenue - related parties
2,379
583
Total revenue
1,583
6,295
Cost of revenue
29,255
51,653
Gross loss
(27,672
)
(45,358
)
Operating expenses
Research and development
8,297
11,772
Sales and marketing
3,834
9,161
General and administrative
17,604
23,507
Total operating expenses
29,735
44,440
Loss from operations
(57,407
)
(89,798
)
Other (expense) income, net
Interest (expense) income, net
(5,455
)
3,574
Gain on revaluation of common stock warrant liabilities
229
115
Other expense, net
(807
)
(113
)
Total other (expense) income, net
(6,033
)
3,576
Net loss and comprehensive loss to common stockholders
$
(63,440
)
$
(86,222
)
Net loss per share - basic and diluted
$
(4.34
)
$
(7.32
)
Weighted average shares used in per share calculation - basic and diluted
14,601,626
11,773,596
ESS Tech, Inc.
Balance Sheets
(Unaudited, in thousands, except share data)
December 31,
2025
December 31,
2024
Assets
Current assets:
Cash and cash equivalents
$
14,477
$
13,341
Restricted cash, current
806
906
Accounts receivable, net
13
215
Short-term investments
7,557
18,263
Inventory
140
5,641
Prepaid expenses and other current assets
3,254
4,998
Total current assets
26,247
43,364
Property and equipment, net
17,224
20,582
Intangible assets, net
2,682
4,656
Operating lease right-of-use assets
3,767
1,503
Restricted cash, non-current
618
948
Other non-current assets
634
760
Total assets
$
51,172
$
71,813
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
3,023
$
8,070
Accrued and other current liabilities
11,097
9,315
Accrued product warranties
985
3,288
Operating lease liabilities, current
1,784
1,692
Deferred revenue, current
359
5,237
Financing obligations, current
8,044
—
Total current liabilities
25,292
27,602
Operating lease liabilities, non-current
2,060
—
Deferred revenue, non-current - related parties
5,297
14,400
Common stock warrant liabilities
573
802
Financing obligations, non-current
9,291
—
Other non-current liabilities
41
125
Total liabilities
42,554
42,929
Stockholders’ equity:
Preferred stock ($0.0001 par value; 200,000,000 shares authorized, none issued and outstanding as of December 31, 2025 and 2024)
—
—
Common stock ($0.0001 par value; 1,000,000,000 shares authorized, 22,377,003 and 11,986,516 shares issued and outstanding as of December 31, 2025 and 2024, respectively)
2
1
Additional paid-in capital
854,435
811,262
Accumulated deficit
(845,819
)
(782,379
)
Total stockholders’ equity
8,618
28,884
Total liabilities and stockholders’ equity
$
51,172
$
71,813
ESS Tech, Inc.
Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Years Ended December 31,
2025
2024
Cash flows from operating activities:
Net loss
$
(63,440
)
$
(86,222
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
5,740
4,724
Asset abandonment
1,707
—
Non-cash interest (income) expense
4,981
(2,422
)
Non-cash lease expense
1,526
1,350
Stock-based compensation expense
5,434
11,575
Change in fair value of common stock warrant liabilities
(229
)
(115
)
Other non-cash (income) expenses, net
388
459
Changes in operating assets and liabilities:
Accounts receivable, net
202
1,549
Inventory
4,833
(3,326
)
Prepaid expenses and other assets
1,870
(1,620
)
Accounts payable
(3,842
)
4,243
Accrued and other liabilities
(2,841
)
(1,123
)
Accrued product warranties
(2,303
)
1,159
Deferred revenue
(2,672
)
(918
)
Operating lease liabilities
(1,638
)
(1,532
)
Net cash used in operating activities
(50,284
)
(72,219
)
Cash flows from investing activities:
Purchases of property and equipment
(3,387
)
(7,294
)
Maturities and purchases of short-term investments, net
10,915
72,051
Net cash provided by investing activities
7,528
64,757
Cash flows from financing activities:
Proceeds from issuance of common stock and common stock warrants, net of issuance costs
37,651
—
Proceeds from financing arrangements
27,028
—
Debt issuance costs
(308
)
—
Payments on financing obligations
(21,049
)
—
Proceeds from stock options exercised
83
86
Repurchase of shares from employees for income tax withholding purposes
(50
)
(297
)
Proceeds from contributions to Employee Stock Purchase Plan
107
385
Net cash provided by financing activities
43,462
174
Net change in cash, cash equivalents and restricted cash
706
(7,288
)
Cash, cash equivalents and restricted cash, beginning of period
15,195
22,483
Cash, cash equivalents and restricted cash, end of period
$
15,901
$
15,195
ESS Tech, Inc.
Consolidated Statements of Cash Flows (continued)
(Unaudited, in thousands)
Years Ended December 31,
2025
2024
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Operating leases included in cash used in operating activities
$
1,776
$
1,738
Interest
520
—
Non-cash investing and financing transactions:
Purchase of property and equipment included in accounts payable and accrued and other current liabilities
28
1,586
Adjustment to right-of-use assets from lease modification
3,790
686
Transfers between inventory and property and equipment, net
668
1,051
Application of deferred revenue to financing obligations
6,518
—
Cash and cash equivalents
$
14,477
$
13,341
Restricted cash, current
806
906
Restricted cash, non-current
618
948
Total cash, cash equivalents and restricted cash
$
15,901
$
15,195
ESS Tech, Inc.
Reconciliation of GAAP Net Loss to Adjusted EBITDA
(Unaudited, in thousands)
Twelve Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
Net loss
$
(63,440
)
$
(86,222
)
Interest expense (income), net
5,455
(3,574
)
Stock-based compensation
5,434
11,575
Depreciation and amortization
5,740
4,724
Gain on revaluation of common stock warrant liabilities
(229
)
(115
)
Environmental, Health & Safety compliance estimate
—
899
Financing costs
1,948
1,267
Other expense, net
807
113
Adjusted EBITDA
$
(44,285
)
$
(71,333
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20260305499859/en/
Company
investors@essinc.com
Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
Phone: (949) 491-8235
GWH@mzgroup.us
www.mzgroup.us
Original: ESS Announces Fourth Quarter and Full Year 2025 Financial Results
US Market News
3月前
ESS Announces Agreement to Join Salt River Project and Google Long Duration Energy Storage CollaborationMarch 3, 2026 8:31 AM
Business Wire
Agreement Supports Advancement and Real-World Evaluation of ESS’s Non-Lithium Long Duration Energy Storage Energy Base Technology
Collaboration Expected to Support Utility and Large-Load Sustainability Objectives, and Clean Energy Goals of Project Participants
ESS Tech, Inc. (NYSE: GWH) (ESS, or the Company), a leading manufacturer of long-duration energy storage (LDES) systems for commercial and utility-scale today applications, today announced a collaboration framework with Salt River Project (SRP) and Google for Project New Horizon to advance long-duration energy storage innovation at SRP’s Copper Crossing Energy and Research Center in Florence, Arizona.
Project New Horizon is a five-megawatt (MW), 50 megawatt hour (MWh) system that will deploy ESS’ iron flow Energy Base technology and represents a significant commercial validation milestone for the Company’s next-generation, utility-scale platform. The pilot is expected to support SRP’s evaluation of emerging non-lithium LDES technologies and, if successfully executed, could help unlock follow-on commercial opportunities with utilities and large energy users seeking scalable, LDES solutions.
ESS’s Energy Base is designed for utility-scale deployments and differs from prior containerized solutions by enabling flexible configuration across diverse use cases and is expected to deliver cost advantages at larger scale.
The Project New Horizon pilot was awarded through SRP’s competitive solicitation process for LDES technologies. Design is underway, with manufacturing expected to begin in 2026 and delivery targeted for December 2027.
Under the agreement, SRP intends to partner with Electric Power Research Institute (EPRI) to support project operational testing under an initial, multi-year research scope, with potential for future work. All tests required per the Energy Storage Agreement (ESA) will be performed by SRP and ESS for the duration of the agreement term, with EPRI providing independent oversight.
Google is a participant in the Copper Crossing project, funding a portion of the project’s payments through a cost sharing arrangement with SRP. The collaboration is intended to evaluate real-world operational performance of non-lithium LDES and generate learnings relevant to grid reliability, renewable integration, and broader LDES deployment pathways. SRP and Google have both stated goals to expand clean energy and help make reliable, affordable electricity available around the clock.
“This phase of Project New Horizon represents an important commercial validation of Energy Base and a clear signal that utilities are actively pursuing scalable, non-lithium long-duration storage as part of long-term resource planning,” said Drew Buckley, Chief Executive Officer of ESS. “The collaboration with SRP, along with Google’s participation and cost sharing, reinforces the relevance of long-duration storage for grid reliability and for large energy users focused on carbon-free energy. Successful execution can serve as a blueprint for broader deployments and meaningful follow-on opportunities.”
“Project New Horizon is part of SRP's effort to evaluate the impact of long-duration energy storage technologies that could ultimately support SRP's mission of providing reliable, affordable and sustainable power,” said Chico Hunter, Manager, Innovation and Development at SRP. “We look forward to working with ESS, Google, and EPRI to assess performance in real-world conditions and advance our understanding of how long-duration storage can serve future system needs.”
“Long-duration energy storage is needed to improve grid resilience and unlock around-the-clock clean energy,” said Lucia Tian, Head of Advanced Energy Technologies, at Google. “This collaboration with SRP is intended to accelerate learning and innovation from real-world deployments of a portfolio of emerging long-duration energy storage technologies, including this first pilot with ESS. We’re excited to work with a utility partner who shares our commitment to supporting a range of technologies and diverse supply chains that can bring reliable, affordable, and clean energy to Arizona and across the United States.”
About ESS Tech, Inc.
ESS (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.
Forward-Looking Statements
This communication contains certain forward-looking statements, including statements regarding ESS and its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” 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 Company’s productization, manufacturing and delivery of the Energy Base and relationships with customers, including Salt River Project. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments and their potential effects on ESS. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. There can be no assurance that the future developments affecting ESS will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond ESS control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, general economic and market conditions as well as geopolitical developments and other risks and uncertainties described more fully in the section titled “Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed on November 13, 2025, and the Company’s other filings with the U.S. Securities and Exchange Commission. 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/20260303427235/en/
Company
investors@essinc.com
Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
Phone: (949) 491-8235
GWH@mzgroup.us
www.mzgroup.us
Original: ESS Announces Agreement to Join Salt River Project and Google Long Duration Energy Storage Collaboration
WeTheMarket
2年前
ESS Tech, Inc. Announces First Quarter 2024 Financial Results
May 07 2024
Link to Press Release https://investors.essinc.com/news/news-details/2024/ESS-Tech-Inc.-Announces-First-Quarter-2024-Financial-Results/default.aspx
Link to Presentation https://s28.q4cdn.com/365128779/files/doc_financials/2024/q1/Q1-24-ESS-Investor-Presentation-Final.pdf
Link to webcast https://events.q4inc.com/attendee/928100697
Q1 2024 Video Update
Q1 Revenue of $2.7 Million
Partnered with Sapele Power to Supply LDES in Africa
Completed Testing of First Energy Center for Portland General Electric
Ordered Second Power Module Automation Line with 40% Greater Production Capacity
Exited Q1 with Cash and Short-Term Investments over $89 million; Expected to Carry ESS Well Into H1’25
ESS Tech, Inc. (“ESS,” “ESS, Inc.” or the “Company”) (NYSE: GWH), a leading manufacturer of long-duration energy storage systems for commercial and utility-scale applications, today announced financial results for its first quarter ended March 31, 2024.
“I’m pleased with the team’s execution in the first quarter, where we again made tremendous progress across a broad number of fronts and achieved $2.7 million in revenue, a seven-fold increase over last year. Not only has our customer-facing team demonstrated marked success in commissioning products across a number of varied operating environments, but our sales team continues to win new deals and expand our footprint into new geographic markets with customers like Sapele Power, a leading African energy generation company. Momentum is growing behind our Energy Center™ (EC) product. We have completed all of our performance, safety and regulatory tests for our first EC and are operating the unit right now. We expect to start building and shipping our second unit early in Q3 and, given the significant energy density and cost per KWh advantages over our Energy Warehouse, we remain confident that our EC will be a key driver of long-term profitable expansion,” said Eric Dresselhuys, CEO of ESS. “Given the success of our first power module automation line, which has enabled us to increase capacity and consistency with dramatically lowered input costs, we’ve ordered our second power module automation line so that it becomes operational as we begin to ramp up shipments. With 40% more production capacity at half of the installed cost on a per MWh basis, our second line will greatly add to our momentum in lowering our production cost while enabling scale. With prudent cash management and efficient capacity expansion, our team continues to position the company for sustained growth and profitability as we scale the business and ramp up shipments later this year."
Recent Business Highlights
- EC products received the highest level of IEEE 693 rating, a widely-accepted seismic rating for energy infrastructure, making ESS the first non-lithium, grid-scale LDES provider to receive such a rating.
- Named as one of Fast Company’s 2024 Most Innovative Companies in the energy category.
- Named as a finalist for the Reuters 2024 Global Energy Transition Awards in “The Technologies of Change - Accelerating Decarbonization” category, which recognizes revolutionary technology in the energy sector.
- In addition to IEEE seismic certification, completed of all of the more than 90 tests to validate operations, safety and performance of our first Energy Center™. ESS will start building our second EC in the beginning of Q3, which will be deployed next to the first EC, both for Portland General Electric. We expect to start building and shipping our first commercial ECs in the second half of 2024 for delivery to Tampa Electric and the Sacramento Municipal Utility District, or SMUD.
- Ordered a second power module automation line, with the capability of producing more than 600 MWh per year, 40% more than the first automation line, which translates into substantially lower capex dollars per MWh of production capacity investment. This second line is expected to be operational in the 1H of 2025.
Installed an Energy Warehouse™ system at Burbank Water and Power, their first utility-scale battery storage project. This EW is paired with an on-site solar array where ESS technology will demonstrate the critical role of LDES in a fully renewable grid.
- Completed commissioning of an Energy Warehouse™ (EW) system at Schiphol Airport in Amsterdam, the second largest airport in mainland Europe, which will be used to help advance Schiphol Airport’s sustainability strategy. The EW system will be used to recharge Electric Ground Power Units (E-GPU), which are intended to replace the diesel ground power units currently used to supply electrical power to aircraft when parked at the airport.
Conference Call Details
ESS will hold a conference call on Tuesday, May 7, 2024 at 5:00 p.m. EDT to discuss financial results for its first quarter 2024 ended March 31, 2024. Interested parties may join the conference call beginning at 5:00 p.m. EDT on Tuesday, May 7, 2024 via telephone by calling (833) 927-1758 in the U.S., or for international callers, by calling +1 (929) 526-1599 and entering conference ID 193523. A telephone replay will be available until May 14, 2024, by dialing (866) 813-9403 in the U.S., or for international callers, +1 (929) 458-6194 with conference ID 618165. A live webcast of the conference call will be available on ESS’ Investor Relations website at http://investors.essinc.com/.
A replay of the call will be available via the web at http://investors.essinc.com/.
About ESS, Inc.
At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it’s needed. As more renewable energy is added to the grid, long-duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining and the wind is not blowing.
Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS, Inc. enables project developers, independent power producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy storage solutions. For more information visit www.essinc.com.
Use of Non-GAAP Financial Measures
In this press release and the accompanying earnings call, the Company includes Non-GAAP Operating Expenses and Adjusted EBITDA, which are non-GAAP performance measures that the Company uses to supplement its results presented in accordance with U.S. GAAP. As required by the rules of the Securities and Exchange Commission (“SEC”), the Company has provided herein a reconciliation of the non-GAAP financial measures contained in this press release and the accompanying earnings call to the most directly comparable measures under GAAP. The Company’s management believes Non-GAAP Operating Expenses and Adjusted EBITDA are useful in evaluating its operating performance and are similar measures reported by publicly-listed U.S. companies, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. By providing these non-GAAP measures, the Company’s management intends to provide investors with a meaningful, consistent comparison of the Company’s profitability for the periods presented. Adjusted EBITDA is not intended to be a substitute for net income/loss or any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. Further, Non-GAAP Operating Expenses are not intended to be a substitute for GAAP Operating Expenses or any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
The Company defines and calculates Non-GAAP Operating Expenses as GAAP Operating Expenses adjusted for stock-based compensation and other special items determined by management as they are not indicative of business operations. The Company defines and calculates Adjusted EBITDA as net loss before interest, other non-operating expense or income, (benefit) provision for income taxes, and depreciation and amortization, and further adjusted for stock-based compensation and other special items determined by management, including, but not limited to, fair value adjustments for certain financial liabilities associated with debt and equity transactions as they are not indicative of business operations.
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