On September 16, 2021, ESS announced expanded coverage of its industry-leading 10-year warranty insurance coverage for its Energy Center product through Munich Re, the world’s largest reinsurance company. The Energy Warehouse system will be integrated with solar PV as part of a microgrid to reduce electricity demand charges and provide safe, sustainable backup power to Sycamore International, an Information Technology Asset Disposition (ITAD) company with a focus on data security. On August 3, 2021, ESS announced it was selected by TerraSol Energies, Inc., a developer and manager of turnkey solar and storage solutions for commercial customers, to deliver an ESS Energy Warehouse flow battery at a commercial facility in Pennsylvania. All prior ESS shareholders rolled 100% of their equity holdings into the new public company. The closing of the business combination resulted in cash received of $246 million, including a private investment in public equity (PIPE).
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on October 11, 2021, and its shares and warrants began trading on the New York Stock Exchange ("NYSE") under the new ticker symbols "GWH" and "GWH.W", respectively. Within our pipeline, we classify opportunities as (i) booked (ESS and the potential customer have signed a contract and ESS has received a purchase order), (ii) awarded (ESS has been notified by a customer that they have been selected for a potential contract), (iii) negotiating (ESS and the potential customer are negotiating a potential contract) and (iv) qualifying (ESS and the potential customer are determining whether move forward with contract negotiations).ĮSS finalized the business combination with ACON S2 Acquisition Corp. Our $8.0 billion pipeline of visible potential opportunities for 2021 through 2027 was determined based on named projects with customers ESS has spoken to and signed non-disclosure agreements to discuss the projects. Successful hiring efforts led to a more than 30% increase in total company headcount in Q3 Global identified opportunities in excess of $8 billion, compared to $7 billion at the end of the second quarter 1Ĭustomers continue to mature through pipeline for 2022 with 72%+ classified as booked or awarded Secured an additional 45,000 sq/ft of manufacturing space in Wilsonville, OR I am confident in our ability to increase manufacturing capacity and expand our sales and support footprint to bring long-duration iron flow battery technology to the world." While supply constraints remain a concern for most manufacturers, we feel we are in a solid position to deliver on our opportunities in the coming quarters, and will continue to monitor the situation and proactively work with our partners to manage any issues. "Looking ahead, our pipeline and backlog remain robust, and we are rapidly expanding capacity to satisfy the accelerating worldwide demand for long-duration energy storage.
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We continue to produce and ship towards our goal and continue to ramp operations in support of our journey to be the leading provider of long-duration energy storage," said Eric Dresselhuys, CEO of ESS. "ESS made immense progress in the third quarter and, in October, became the first publicly traded U.S. Given the Company’s public listing occurred in the current quarter, ESS will not host a conference call related to the third quarter results, but will hold quarterly earnings calls beginning with fourth quarter of 2021 results. manufacturer of long-duration batteries for commercial and utility-scale energy storage applications, today announced financial results for its third quarter of 2021 ended September 30, 2021.
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( NYSE:GWH) ("ESS" or "ESS Inc."), a U.S. WILSONVILLE, Ore., November 15, 2021-( BUSINESS WIRE)- ESS Tech, Inc.
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Product shipments and deployments remain on schedule