- ESS, Inc. (NYSE: GWH) has started trading on the New York Stock Exchange (NYSE) under the symbol GWH and it surged in its market debut These are the details.
ESS Inc., a U.S. manufacturer of long-duration batteries for commercial and utility-scale energy storage applications and ACON S2 Acquisition Corp. (NASDAQ: STWO), a publicly-traded special purpose acquisition company, recently announced the completion of their previously announced business combination, resulting in ESS becoming a publicly listed company. The combined company retains the ESS Inc. name and its shares and warrants started trading yesterday on the New York Stock Exchange under the new ticker symbols “GWH” and “GWH.W”, respectively.
Based in Portland, Oregon, ESS commercialized its unique iron-based flow battery – which is an environmentally benign and long-life energy storage solution for the world’s rapidly growing renewable energy infrastructure. And the need to increase the power grid’s resiliency is a top priority as renewable energy deployment ramps up, increasing the demand for long-duration storage systems. ESS’ innovative iron flow battery technology is solving a major global issue in renewable energy storage, offering long-duration storage that’s safe, sustainable, flexible, and low cost.
This transition to a strongly capitalized public company will enable ESS to rapidly scale its manufacturing capacity, grow its sales footprint and better serve its customers such as Enel Green Power and SB Energy. And ESS recently announced an agreement with SB Energy to install 2 GWH of energy storage capacity over the coming years.
Pangaea Ventures had led ESS’s Series A round in 2015 with a valuation of less than $10 million. And since then, Pangaea Ventures has supported several subsequent rounds of financing along with investors such as Breakthrough Energy Ventures and Softbank Energy, as well as with Pangaea limited partners BASF Venture Capital and GC Ventures.
In its market debut, the company stock price surged over 128%.
“This is an incredibly proud moment for the entire ESS team and a milestone for the industry at large. We are excited to begin our next chapter as the first publicly traded long-duration energy storage company. Our differentiated battery technology gives us a first mover advantage in a rapidly expanding market, while simultaneously transforming the value proposition of long-duration storage to support renewable energy generation for the electrical grid. The proceeds from this transaction will enable us to scale our operations to meet the growing global demand for a product that the world needs today to support the transition to clean, renewable energy.”
— Eric Dresselhuys, CEO of ESS
“ESS is delivering a pioneering technology to the market today and we are confident it will become the gold standard in the industry. Today’s milestone marks an important transition that will fuel the Company’s next stage of growth. As a public company, ESS will have the platform to execute against its vision, capitalize on the rapidly growing opportunities in the long-duration energy storage market, and work to establish market leadership. We are excited to close this transaction and I look forward to seeing the company play an important part in the world’s transition to a renewable future.”
— Adam Kriger, CEO of ACON S2
“ESS is an excellent example of our strategy of investing in mission-driven entrepreneurs using hard tech to solve the world’s greatest challenges. Right from the beginning, we believed that long-duration energy storage would be required for deep renewable penetration and that ESS had the best solution. With the market expanding faster than expected, we believe this is an excellent time for the company to be introduced to a broader investor base.”
— Andrew Haughian, General Partner of Pangaea Ventures
“Pangaea Ventures was the first investor in our company to see the massive need for long- duration storage while also sharing our belief in the iron flow platform’s potential to address that need. Even before they wrote their first check, they have been invaluable partners in our success with their support on fundraising, hiring and other company-building activities that have been necessary to get us to the point where we are at today.”
— Craig Evans, Co-Founder and President of ESS
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