ESS Inc. will be America’s first publicly traded long-term energy storage company

ESS Inc staff and management at Times Square, New York. When business started, ESS Inc. later rang the opening bell. Image – ESS Inc via Twitter.

ESS Inc. shares and orders have been traded on the New York Stock Exchange (NYSE).

Shareholders in ACON S2 Acquisition Corporation (SPAC) voted to form a joint venture with ESS Inc., which then formed a joint venture, listed by the NYSE.

ESS Inc. is the world’s only manufacturer of metal and salt water electrolyte flow packaging technology, packaged into energy storage systems for commercial and industrial (C and I) and consumption rates applications.

Craig Evans, former CEO (now president and co-founder) of the technology, told the site for some time that other suppliers do not want to produce batteries based on all metal electrolytes, but “they can.”

The company has expressed interest in gaining publicity in May this year and has since struck two key agreements: An 8.5-megawatt order from Anneel Green Power SP and a sign that it has begun extensive cooperation with Enel Green Power in the European Union. , And framework agreement with SB Energy to purchase flow batteries up to 2GWh until 2026.

Along with Softbank’s SB Energy, other investors in the manufacturer have included Bill Gates Breaker Energy Ventures to date.

“This is an incredibly proud moment for the entire ESS team and a big milestone for the industry as a whole. We are excited to start the next phase as the first officially launched long-term energy storage company.

Our uniqueness gives us the advantage of being the first to move in a rapidly expanding battery technology market, while at the same time changing the idea of ​​long-term storage costs to support a renewable energy grid. The proceeds from this transaction will enable us to grow our work to meet the growing global demand for the product we need today to support the transition to clean, renewable energy.

The transaction is primarily for $ 308 million in cash to the combined company, and to private investors (PIP), including Institutional Investors Brexit and SB Energy Global Holdings, among others, Loyalty Management and Research, Coke Industries, To Capital Capital Consultants and BASF Vent Capital.

From 4 a.m. to 11 October 2021, 3,115,177 units of E.S. Stock units traded at $ 8.4 in the morning under GWH under GWH at NYSE.

The leadership of ESS Inc. will remain in place, with Dresel Hughes CEO and Craig Evans as Founder and President, Co-Founder and Technology Officer Julia Song and Chief Financial Officer Amir Moftakhar.

It is the latest in a series of stock exchanges led by SPAC. ESS Inc. Listed by NASDAQ and ESS Inc. last November, the battery technology says it is good for large-scale applications that require up to 12 hours of storage time.

Other recent energy storage and related companies listed by SPAC include Commercial and Industrial (C&I) energy storage supplier Stem Ink and a reusable lithium battery. Leading energy storage system developer and technology provider Fluns has decided to roll out the first public offering (IPO) in the coming months, crossing the SPAC route.

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