ESS Tech, Inc.GWH
What ESS Tech, Inc. does.
Unless the context otherwise requires, all references in this Annual Report on Form 10-K to “ESS,” “we,” “us,” “our,” or the “Company” refer to ESS Tech, Inc.
ESS Tech, Inc. (“Legacy ESS”) was founded in 2011 and became a publicly traded company through a business combination with a special purpose acquisition company named ACON S2 Acquisition Corp. (“STWO”) which changed its name to ESS Tech, Inc. upon closing (the “Business Combination”). As a result of the Business Combination, Legacy ESS survived and became a wholly owned subsidiary of ESS Tech, Inc. On March 31, 2024, Legacy ESS merged with ESS Tech, Inc. leaving ESS Tech, Inc. as the successor legal entity.
ESS is a long-duration energy storage company specializing in iron flow battery technology. We design and produce long-duration batteries predominantly using earth-abundant materials that we believe can be cycled over 20,000 times without capacity fade based on lab-scale results. Because our batteries are designed to operate using an electrolyte of primarily salt, iron and water, our products are environmentally sustainable and substantially recyclable or reusable. Our batteries provide flexibility to grid operators and energy assurance for commercial and industrial customers. Our technology addresses energy delivery, duration and cycle-life in a single battery platform that compares favorably to lithium-ion batteries, the most widely deployed alternative technology. We design and build this core technology, including battery stacks, electrolyte and electrolyte health management solutions into a core power train that is then sold in our current product focus: the gigawatt-hour scale, fully configurable Energy Base and core power trains that can be assembled at the customer site into complete storage solutions. Our original product offering included the Energy Warehouse and Energy Center, which we are not currently offering for sale. With each battery deployed, we further our mission to accelerate the transition to a zero-carbon energy future with increased grid reliability.
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $894,000 | $7.5M | $6.3M | $1.6M |
| Net income | -$30.4M | -$477.1M | -$78.0M | -$77.6M | -$86.2M | -$63.4M |
| Free cash flow | -$17.1M | -$54.6M | -$95.8M | -$60.7M | -$79.5M | -$53.7M |
More on GWH.
- ESS Tech, Inc. summary
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- ESS Tech, Inc. health scores and style box
- ESS Tech, Inc. earnings
- ESS Tech, Inc. dividends
- ESS Tech, Inc. valuation
- ESS Tech, Inc. ownership and insiders
- ESS Tech, Inc. peers
Figures from ESS Tech, Inc.'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.