WeTheMarket
1 month ago
ESS Tech, Inc. Announces Third Quarter 2024 Financial Results
November 13 2024
Link to Press Release https://investors.essinc.com/news/news-details/2024/ESS-Tech-Inc.-Announces-Third-Quarter-2024-Financial-Results/default.aspx
Link to Webcast https://events.q4inc.com/attendee/235893762
Link to Presentation https://s28.q4cdn.com/365128779/files/doc_financials/2024/q3/Q3-24-ESS-Investor-Presentation-Final.pdf
ESS Tech, Inc. (“ESS,” “ESS, Inc.” or the “Company”) (NYSE: GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced financial results for its third quarter ended September 30, 2024.
“The core investment thesis for ESS remains as strong as ever – we have a massive and important emerging market opportunity in front of us, a top tier, forward-thinking customer base, and a differentiated, IP-protected, scalable technology tailor made to serve them. We continue to make strong progress on our key operational initiatives, but have faced challenges that have delayed our revenue ramp. Our Australian partner has had great success signing contracts with major utilities and securing funding to build a factory to help meet the high demand for long-duration energy storage in Queensland. However, delays in completion of this funding affected our ability to ship and recognize revenue in Q3 for units that were already built. We are receiving payments and are shipping units now so we are optimistic we will get this over the finish line in the fourth quarter and that, coupled with EC product shipments, should lead to $9 to $11 million in revenue for the year, leading to meaningful year-on-year growth,” said Eric Dresselhuys, CEO of ESS. “On the operational side, our first Energy Center for Portland General Electric has been operating with high reliability and availability and we successfully built and are testing our second EC product on the same site. We’ve been gleaning valuable insights from these units – from build to test to operation – to further improve our processes and design as we prepare for the ramp of our EC products. Optimized for larger scale deployments to meet the needs of the broader utility industry, our EC products can provide double the capacity of our Energy Warehouses with the same footprint. We continue to aggressively execute on our cost reduction activities as we scale our operations, efficiently manage our resources and drive to profitability.”
Recent Business Highlights
- On November 1, ESS executed the credit agreement with the Export-Import Bank of the United States, or EXIM, for the first $20 million tranche of the $50 million funding package previously announced, becoming the first energy storage manufacturer to be supported by the Make More in America Initiative of EXIM. This funding is long-term, low interest, and non-dilutive capital to finance expanding manufacturing capacity. For further details, see the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on November 5, 2024.
- We have built and installed the second Energy Center for Portland General Electric and are now in testing. Final hand-off to PGE is expected in Q4. We've started building and expect to start shipping our first commercial EC products in the fourth quarter of 2024.
- On August 23, 2024, ESS executed a 1-for-15 reverse split, following a listing notice from the NYSE received in March, bringing the Company back into compliance with the listing requirements and enabling continued operations as a publicly-listed company.
Conference Call Details
ESS will hold a conference call on Wednesday, November 13, 2024 at 5:00 p.m. EST to discuss financial results for its third quarter ended September 30, 2024. Interested parties may join the conference call beginning at 5:00 p.m. EST on Wednesday, November 13, 2024 via telephone by calling (833) 470-1428 in the U.S., or for international callers, by calling +1 (404) 975-4839 and entering conference ID 385282. A telephone replay will be available until November 20, 2024, by dialing (866) 813-9403 in the U.S., or for international callers, +1 (929) 458-6194 with conference ID 356245. 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.
ESS Inc. (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.
WeTheMarket
8 months ago
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.
WeTheMarket
8 months ago
ESS to Deliver Long-Duration Energy Storage Solutions to Sapele Power to Improve Generation Efficiency
May 07 2024
https://ih.advfn.com/stock-market/NYSE/ess-tech-GWH/stock-news/93791794/ess-to-deliver-long-duration-energy-storage-soluti
Partnership demonstrates key LDES use case and the largest U.S. government-financed battery storage system export to Africa to date
ESS Tech, Inc. (“ESS”) (NYSE: GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced that it has partnered with Sapele Power Plc (“Sapele”), a leading Nigerian integrated energy company specializing in power generation, to provide an initial 1 MW / 8 MWh of long-duration energy storage. This agreement represents the largest battery storage system export to Africa financed by the Export-Import Bank of the United States of America to date and will improve the efficiency of Sapele’s existing assets by providing ancillary services.
According to the International Energy Agency, an estimated 40% of all the electricity consumed in Nigeria is produced from backup generators due to unreliable power supply caused by limited grid infrastructure, underinvestment and ineffective regulatory frameworks. Projects such as this demonstrate the opportunity to improve grid reliability and efficiency through the addition of battery storage resources.
As ESS’ first project in Africa, the company’s iron-flow technology will provide safe and sustainable LDES which will enable load-smoothing, peak demand shifting and enable the Sapele power station’s turbines to ramp up and down efficiently.
“As we continue to grow and meet global demand for long-duration energy storage, we are proud to serve innovative use cases, demonstrating the many potential applications for ESS technology,” ESS CEO Eric Dresselhuys said. “This project demonstrates Sapele’s leadership in ensuring reliable electricity for homes and businesses with greater capital efficiency, which will be key to creating a sustainable and resilient energy system across Africa.”
"This project will deliver improved reliability and efficiency for our generation assets in Nigeria,” said Sapele Board Member Heather Onoh. “We are pleased to partner with ESS to deploy the first iron flow battery system in Africa. Long-duration energy storage will play a critical role in a resilient, reliable energy system and this is just the first of many LDES projects that we anticipate in coming years.”
ESS’ sale to Sapele was supported by the Export-Import Bank of the United States (EXIM), the official export credit agency of the United States that aims to support American jobs by facilitating the export of U.S. goods and services. The deal will be financed in part by EXIM and is one of the first energy storage projects in Nigeria and the entire sub-Saharan Africa region.
About ESS
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.
WeTheMarket
8 months ago
ESS Inc. Schedules First Quarter 2024 Financial Results Conference Call
April 24 2024
https://ih.advfn.com/stock-market/NYSE/ess-tech-GWH/stock-news/93708811/ess-inc-schedules-first-quarter-2024-financial-re
ESS Tech, Inc. (“ESS,” “ESS Inc.”) (NYSE:GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced that it 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.
The news release announcing the first quarter 2024 financial results will be disseminated on May 7, 2024 after the market closes.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240423480283/en/
Investors:
Erik Bylin
investors@essinc.com
Media:
Morgan Pitts
503.568.0755
morgan.pitts@essinc.com
WeTheMarket
9 months ago
ESS’ Energy Center is First LDES Solution to Receive IEEE 693 Rating Demonstrating Resilience Against Seismic Events
March 25 2024
https://ih.advfn.com/stock-market/NYSE/ess-tech-GWH/stock-news/93542631/ess-energy-center-is-first-ldes-solution-to-rece
Following rigorous testing, achievement of IEEE 693-High demonstrates ESS’ commitment to delivering resilient, safe and sustainable energy storage infrastructure.
ESS Tech, Inc. (ESS) (NYSE: GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced that the company’s Energy Center product line has passed rigorous testing and meets the requirements for the highest level of IEEE 693 certification, a widely-accepted seismic rating for energy infrastructure. This standard provides assurance that the Energy Center product line qualifies for deployment as critical infrastructure across the United States. The company is the first non-lithium LDES provider to receive such a rating.
Testing was conducted by the Pacific Earthquake Engineering Research Center at the University of California, Berkeley, and included a shake table test of ESS battery module assemblies and thorough evaluation of Energy Center design. Certification to the IEEE 693 – Level: High standard demonstrates that the Energy Center can withstand acceleration up to 2.5 times the force of gravity and be relied upon to provide power during major seismic events.
“We are committed to providing resilient, high-quality energy storage solutions that customers can rely on when they need them most, especially during extreme weather or natural disasters,” said ESS Chief Technology Officer, Dr. Julia Song. “Achieving IEEE 693 certification for the Energy Center follows rigorous testing and demonstrates the key role for ESS technology in the critical infrastructure powering the clean energy future.”
ESS iron flow battery technology offers numerous safety advantages over incumbent energy storage technologies including significantly lower risk of fire and a safe and sustainable electrolyte primarily made of iron, salt and water. Availability of flexible, safe and resilient LDES technologies will be critical as the world transitions to renewable energy. In regions such as California, a global leader in renewable energy that is also susceptible to significant earthquake activity, energy storage technology must be able to withstand seismic events without sustaining damage or causing power interruptions.
“Thanks to our engineering team’s efforts, we are continuing to develop, deploy and validate cutting edge long-duration energy storage solutions that provide the secure, resilient power that our customers require,” ESS CEO Eric Dresselhuys said. “Achievement of IEEE 693 follows rigorous testing and is an attestation to the quality and reliability of ESS solutions.”
Achievement of IEEE 693 builds on the company’s successful attainment of ETL certification to UL 9540 for the Energy Warehouse and UL 9540A and UL 1973 standards for the company’s core technologies, incorporated into the Energy Center. ETL certification to UL 9540 is currently underway for the Energy Center, further demonstrating the company’s commitment to deliver robust energy storage products to strengthen the grid, enable the deployment of renewable energy and meet the needs of global utilities and energy generators.
About ESS
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.
WeTheMarket
9 months ago
ESS Tech, Inc. Announces Fourth Quarter and Full Year 2023 Financial Results
March 13, 2024
https://investors.essinc.com/news/news-details/2024/ESS-Tech-Inc.-Announces-Fourth-Quarter-and-Full-Year-2023-Financial-Results/default.aspx
Highlights
- Lowered Q4 Adjusted EBITDA loss by More Than 50% year over year
- Exited 2023 with Cash and Short-Term Investments over $100 million; Expected to Carry ESS Well Into H1’25
- Delivered First Energy Warehouses to Honeywell
- Energy Warehouse manufacturing cost lowered by 60% in 2023
- Target 40% 2024 EW Cost Reduction to Achieve non-GAAP Gross Margin Profitability
WILSONVILLE, Ore.--(BUSINESS WIRE)-- ESS Tech, Inc. (“ESS,” “ESS, Inc.” or the “Company”) (NYSE:GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced financial results for its fourth quarter and full year ended December 31, 2023.
“During 2023 our team made significant progress towards our most important objectives, including securing transformative partnerships with LEAG and Honeywell, optimizing our internal operations, and pursuing design initiatives to lower production costs by improving manufacturability and scale. While we faced customer-related delays that impacted our financial results, the team’s work during the year laid a solid foundation for us to scale the business, launch the Energy Center and move toward unit profitability in 2024. In fact, our strategic decision to make fewer Energy Warehouses (EWs) and ship them to customers with the greatest long-term opportunity allowed us to conserve cash and exit the year with a cash and short-term investments balance over $100 million. Importantly, we brought down costs to build an EW by almost 60% during 2023 and successfully cut our Q4 adjusted EBITDA loss in half year over year,” said Eric Dresselhuys, CEO of ESS. “ESS continues to make tremendous progress on our strategy to build a world class, scalable company that is well-positioned to serve the immense long-duration energy storage market. The actions we’ve already taken have resonated with customers and we continue to see robust customer engagement. In 2024 we plan to further reduce EW unit costs by up to 40% as we move toward unit profitability while ramping our scale and maintaining a healthy cash balance.”
Recent Business Highlights
- Achieved record revenue of $7.5M for FY 2023.
- Delivered first Energy Warehouses™ under the partnership with Honeywell in Q4 2023 and recently cleared previously announced customer delays in Australia, - which we expect will result in revenue of approximately $2 million in Q1 2024 which was originally anticipated in Q4 2023.
- At the end of 2023, ESS successfully “lifted” its first Energy Center™ (EC), a key milestone in the manufacturing process. The EC is a utility-scale, front-of-the-meter long-duration energy storage product which provides up to eight hours of energy storage with a flexible, scalable platform to meet the LDES needs of utilities worldwide. We expect this inaugural EC system will be commissioned and delivered to Portland General Electric later this year.
- Delivered an Energy Warehouse™ system to the Burbank Water and Power (BWP) EcoCampus, BWP’s first utility-scale battery storage project. This EW will be paired with an on-site solar array where ESS technology will demonstrate the critical role of LDES in a fully renewable grid.
- Delivered two Energy Warehouses™ to Turlock Irrigation District (TID) in Central California to support TID’s Project Nexus. At TID, the EW will be paired with a proof of concept of solar panels over irrigation canals. which aims to conserve water resources by reducing evaporation while generating clean energy, reducing diesel generation and reducing energy costs.
- Completed commissioning of an Energy Warehouse™ system at the Contingency Base Integration Training Evaluation Center (CBITEC) operated by the US Army Corps of Engineers Engineer Research and Development Center in Fort Leonard Wood, Missouri. This EW has been incorporated into a tactical microgrid at CBITEC and will demonstrate the key role that LDES, specifically iron flow battery technology, can play to reduce fuel consumption at Contingency Bases such as Forward Operating Bases or other temporary use locations providing humanitarian assistance or disaster relief.
Conference Call Details
ESS will hold a conference call on Wednesday, March 13, 2024 at 5:00 p.m. EDT to discuss financial results for its fourth quarter and full year ended December 31, 2023. Interested parties may join the conference call beginning at 5:00 p.m. EDT on Wednesday, March 13, 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 261003. A telephone replay will be available until March 20, 2024, by dialing (866) 813-9403 in the U.S., or for international callers, +44 (204) 525-0658 with conference ID 769695. 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.
WeTheMarket
9 months ago
Form 8-K - Current report
March 08 2024
https://ih.advfn.com/stock-market/NYSE/ess-tech-GWH/stock-news/93457543/form-8-k-current-report
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On March 6, 2024, ESS Tech, Inc. (the “Company”) received a written notice (the “Notice”) from the New York Stock Exchange (“NYSE”) indicating that the Company did not satisfy the continued listing standard set forth in Section 802.01C of the NYSE’s Listed Company Manual (“Section 802.01C”), as the average closing price of the Company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period. As of March 5, 2024, the 30 trading-day average closing share price of the security was $0.94. The Notice is a notice of deficiency, not delisting, and does not currently affect the listing or trading of the Company’s common stock on the NYSE.
Section 802.01C requires the Company to notify the NYSE, within 10 business days of receipt of the Notice, of its intent to cure this deficiency. The Company intends to notify the NYSE within this time period that it intends to regain compliance. Pursuant to Section 802.01C, the Company has a period of six months following receipt of the Notice to regain compliance with the minimum share price requirement, with the possibility of extension at the discretion of the NYSE. The Company can regain compliance with the average closing price requirement at any time during the six-month cure period if, on the last trading day of any calendar month during the cure period the Company has a closing share price of at least $1.00, and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or the last trading day of the cure period. If the Company determines to remedy the non-compliance by taking action that will require shareholder approval, the Company must obtain shareholder approval no later than its next annual meeting and implement such action promptly thereafter.
The Company intends to monitor closely the closing bid price of its common stock and to consider plans for regaining compliance with Section 802.01C, including initiating a reverse stock split. While the Company plans to review all available options, there can be no assurance that it will be able to regain compliance with the applicable rules during the six-month compliance period, any subsequent extension period, or at all.
WeTheMarket
10 months ago
Germany’s Leadership in Energy Storage and Clean Energy: A Detailed Look at the LEAG Project with ESS Inc.
Byenergystoragenow.com
FEB 18, 2024
https://energystoragenow.com/?p=191
In recent years, Germany has emerged as a global leader in the transition to clean energy and energy storage. With a strong commitment to reducing greenhouse gas emissions and achieving energy independence, Germany has implemented innovative projects and policies that are shaping the future of sustainable energy.
The Importance of Energy Storage
Energy storage plays a crucial role in the integration of renewable energy sources into the grid. As the production of renewable energy, such as solar and wind, is intermittent and dependent on weather conditions, effective energy storage systems are essential for balancing supply and demand.
Germany recognized the significance of energy storage early on and has been at the forefront of developing and implementing advanced storage technologies. By investing in research and development, Germany has fostered an environment that encourages innovation and attracts leading companies in the energy storage sector.
The LEAG Project with ESS Inc.
One notable project that highlights Germany’s leadership in energy storage is the collaboration between LEAG, one of Germany’s largest energy companies, and ESS Inc., a leading provider of long-duration energy storage solutions.
The LEAG project aims to enhance grid stability and increase the integration of renewable energy sources by deploying ESS Inc.’s iron flow battery technology. This innovative storage solution offers several advantages over traditional lithium-ion batteries, including longer duration, increased safety, and lower environmental impact.
The iron flow battery technology developed by ESS Inc. utilizes abundant and non-toxic iron electrolyte, making it a sustainable choice for large-scale energy storage. With its long-duration capabilities, the iron flow battery can store excess energy during periods of high renewable energy production and release it when demand is high or renewable energy generation is low.
The LEAG project demonstrates Germany’s commitment to supporting and scaling up emerging energy storage technologies that have the potential to revolutionize the energy sector. By investing in projects like this, Germany is paving the way for a more sustainable and resilient energy future.
Energy Independence
Another key aspect of Germany’s approach to clean energy is its focus on achieving energy independence. By reducing reliance on fossil fuels and increasing the share of renewable energy sources in the energy mix, Germany aims to become less dependent on external energy sources.
This pursuit of energy independence has multiple benefits, including enhanced energy security, reduced vulnerability to price fluctuations in fossil fuel markets, and a decreased carbon footprint. Germany’s commitment to clean energy and energy storage technologies is not only driven by environmental concerns but also by the desire to strengthen its energy independence and ensure a reliable and sustainable energy supply for its citizens.
Conclusion
Germany’s leadership in energy storage and clean energy is evident through projects like the LEAG collaboration with ESS Inc. By prioritizing research, innovation, and the deployment of advanced storage technologies, Germany is driving the transition to a more sustainable and resilient energy system.
The LEAG project showcases the potential of long-duration energy storage solutions, such as ESS Inc.’s iron flow battery technology, to enable the integration of renewable energy sources and enhance grid stability. Furthermore, Germany’s commitment to energy independence highlights its dedication to reducing reliance on fossil fuels and building a more sustainable future.
As the world continues to grapple with the challenges of climate change and the need for clean energy solutions, Germany’s example serves as an inspiration and a testament to the positive impact that proactive policies and investments can have on the energy sector.
If you are interested in investing in energy storage, consider exploring these companies. GWH ESS Tech Inc. (GWH) ESS, is a company that plays a crucial role in accelerating global decarbonization. Their mission is to provide safe, sustainable, long-duration energy storage solutions. Eos Energy Enterprises, Inc. (EOSE) specializes in zinc-based battery storage solutions, offering long-duration energy storage options. QuantumScape Corporation (QS) is primarily focused on solid-state battery technology for electric vehicles, but its innovations could potentially apply to long-duration energy storage. Redflow Limited (RFX.AX) is an Australian-based company that produces zinc-bromine flow batteries for various energy storage applications. Ameresco, Inc. (AMRC) provides comprehensive energy services, including energy storage solutions, for commercial, industrial, and government clients. ViZn Energy Systems specializes in zinc-iron flow batteries designed for long-duration energy storage applications. CellCube Energy Storage Systems Inc. (CUBE.V) develops and markets vanadium redox flow batteries for energy storage applications. Invinity Energy Systems (IES.L) manufactures vanadium flow batteries designed for long-duration energy storage in renewable energy systems. Canadian Solar Inc. (CSIQ) offers energy storage solutions, including lithium-ion batteries, in addition to its solar energy products. Enphase Energy, Inc. (ENPH) provides solar energy solutions, including the Encharge storage system, which integrates with solar installations to provide energy storage capabilities. Consider conducting thorough research and consulting with financial experts before making any investment decisions.
WeTheMarket
10 months ago
ESS Inc. Schedules Fourth Quarter and Full Year 2023 Financial Results Conference Call
February 06 2024
https://ih.advfn.com/stock-market/NYSE/ess-tech-GWH/stock-news/93218592/ess-inc-schedules-fourth-quarter-and-full-year-20
ESS Tech, Inc. (“ESS,” “ESS Inc.”) (NYSE:GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced that it will hold a conference call on Wednesday, March 13, 2024 at 5:00 p.m. EDT to discuss financial results for its fourth quarter and full year 2023 ended December 31, 2023.
The news release announcing the fourth quarter and full year 2023 financial results will be disseminated on March 13, 2024 after the market closes.
Interested parties may join the conference call beginning at 5:00 p.m. EDT on Wednesday, March 13, 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 261003. A telephone replay will be available until March 20, 2024, by dialing (866) 813-9403 in the U.S., or for international callers, +44 (204) 525-0658 with conference ID 769695. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240206607125/en/
Investors:
Erik Bylin
investors@essinc.com
Media:
Morgan Pitts
503.568.0755
morgan.pitts@essinc.com
WeTheMarket
11 months ago
Drone footage of Tesla facility sparks excitement online: ‘I’m thinking 2024 will be an incredible year’
Story by Laurelle Stelle •
Posted 11h ago
https://www.msn.com/en-us/news/technology/drone-footage-of-tesla-facility-sparks-excitement-online-i-m-thinking-2024-will-be-an-incredible-year/ar-BB1hdVnJ
Arecent drone flyover of Tesla’s Lathrop Megafactory shows the company’s progress on its incredible grid-scale battery Megapacks, Teslarati reported.
The footage, which emerged in December, showed an aerial view of the California facility where Tesla produces its Megapacks. In addition to revealing two Tesla Semis and some smaller battery units in the lot, the video also revealed 339 Megapacks in the company’s holding lot.
Tesla Megapacks are huge battery packs designed to be hooked up to the electrical grid. According to the company, they each hold enough electricity to power 3,600 homes for one hour.
Teslarati lays out the numbers: There is a two-hour unit that provides 1.9 megawatts of power and 3.9 megawatt-hour of energy and a four-hour unit that offers 1 MW of power and 3.9 MWh of energy. Units range from $1,270,310 (four-hour version without installation) to $2,123,590 (the more powerful two-hour version, with installation included).
That means the 339 Megapacks shown in the drone footage could provide over 1.3 gigawatt-hours of energy, or enough to power a city of more than a million households for an hour.
And it will only ramp up from here. As Teslarati explained, the Lathrop Megafactory has a capacity of 10,000 units per year, with another 10,000-unit factory soon to open in Shanghai.
During Tesla’s third-quarter earnings call, CEO Elon Musk said, per Teslarati, that “the Energy division is becoming [Tesla’s] highest-margin business” and added that Tesla “energy and service now contribute over half a billion to quarterly profit.”
Those batteries are being incorporated into grid upgrades around the globe. The Oberon Solar + Storage project in California relies on Megapacks to hold the clean energy it’s generating, and Victoria, Australia, plans to use Megapacks for one of the world’s largest battery projects.
That’s important because affordable and clean methods for generating energy, including solar and wind, don’t create electricity on demand. They generate power when conditions are right, like when the sun is up or the wind is blowing. To switch from expensive and polluting fuel sources such as coal to ones that cost consumers less and keep the planet clean, we need lots of battery storage — and Tesla has positioned itself perfectly to provide it.
“I heard somewhere that Tesla energy growth has been pretty good,” one commenter said. “I’m thinking 2024 will be an incredible year.”
WeTheMarket
11 months ago
ESS Technology to Demonstrate Value of Long-Duration Energy Storage in Military Applications
January 15 2024
https://ih.advfn.com/stock-market/NYSE/ess-tech-GWH/stock-news/93041455/ess-technology-to-demonstrate-value-of-long-durati
Project with U.S. Army Corps of Engineers Engineer Research and Development Center highlights opportunity for LDES to reduce diesel consumption and improve energy resilience in remote applications
ESS Tech, Inc. (“ESS”) (NYSE: GWH), a leading manufacturer of flexible, sustainable and responsible long-duration energy storage systems for commercial and utility-scale applications, today announced the commissioning of an Energy Warehouse (EW) system at the Contingency Base Integration Training Evaluation Center (CBITEC) operated by the US Army Corps of Engineers (USACE) Engineer Research and Development Center (ERDC) , located at Fort Leonard Wood, Mo.
ESS is currently delivering EWs to utility and industrial customers worldwide. The recently commissioned unit at the CBITEC replaces a prototype ESS system, initially deployed in 2016, and completes ESS’ obligations under the original agreement with the USACE. The new EW has been incorporated into a tactical microgrid at CBITEC and will demonstrate the key role that long-duration energy storage, specifically iron flow battery technology, can play to reduce fuel consumption at Contingency Bases (CB) such as Forward Operating Bases or other temporary use locations providing humanitarian assistance or disaster relief.
“Flexible, long-duration energy storage, like the ESS system, reduces total runtime on generators while increasing efficiency and allowing generators to last longer at Forward Operating Bases,” said Tom Decker, Operational Energy program manager at USACE ERDC. “ESS’ safe and resilient technology can dramatically reduce refueling logistics requirements and has the potential to assist in transition to renewable energy. We look forward to demonstrating to all service branches how incorporating an iron flow battery can increase resiliency in military power applications.”
“We are pleased to continue our partnership with USACE ERDC with delivery of an Energy Warehouse. This project will demonstrate the critical role of energy storage for energy security in remote and challenging locations,” said Eric Dresselhuys, CEO of ESS. “We are proud to provide a solution that can support the critical mission of our armed forces worldwide.”
Currently, most CBs are powered by diesel generators which continually adjust output to meet demand. Variation in output results in inefficient operation, increasing fuel consumption. The delivery of fuel to military bases overseas often happens at a 4:1 ratio in previous conflicts and could be as much as 10:1 in future conflicts, potentially putting personnel at risk. Thus, reducing fuel demand at CBs reduces costs and emissions while also reducing unnecessary fuel resupply.
The tactical microgrid at the CBITEC is used to simulate a variety of conditions experienced at CBs in the field and will demonstrate the opportunity for energy storage to optimize diesel generator performance. It is expected that the addition of long-duration energy storage to microgrids at CBs will enable generators to operate at peak efficiency and could reduce diesel consumption by up to 40%. In addition, the microgrid at CBITEC can be leveraged to test the incorporation of solar generation, further reducing the need for diesel fuel.
ESS iron flow technology provides resilient long-duration energy storage and is ideal for applications that require up to twelve hours of flexible energy capacity. ESS systems are well-suited for multiple use cases including utility-scale renewable energy installations, remote microgrids, energy resilience applications, solar load-shifting and peak shaving, and other ancillary grid services. ESS technology is safe, sustainable and has a 25-year design life with unlimited cycling and without capacity fade.
About ESS
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.
WeTheMarket
1 year ago
ESS Tech, Inc. Announces Third Quarter 2023 Financial Results
November 07 2023
https://ih.advfn.com/stock-market/NYSE/ess-tech-GWH/stock-news/92489796/ess-tech-inc-announces-third-quarter-2023-financ
Announced Strategic Partnership with Honeywell
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 third quarter ended September 30, 2023.
“In the third quarter, ESS again made significant progress executing on improving our internal operations, commissioning units at existing customer sites, strengthening our balance sheet, and broadening customer traction. This progress with our customers and operations is reflected in our year to date revenue of $4.7 million, which is an increase of nearly 700% from last year. I’m also pleased to share that we successfully completed commissioning of a number of Energy Warehouses, including the six we delivered to Sacramento Municipal Utility District last quarter,” said Eric Dresselhuys, CEO of ESS.
“Worldwide demand for reliable, safe, energy storage technology is growing rapidly and is reflected in the solid customer demand we’re seeing in the market. We continue to expect a material increase in revenue in the fourth quarter, which should lead to $9 million in revenue for the full year. Furthermore, our transformative partnership with Honeywell serves as a tremendous validation of the unique value proposition of our iron flow battery and our position in the market. The collaboration between ESS and Honeywell will not only strengthen our technology, operations and go-to-market, but the cash infusion from Honeywell also bolsters our balance sheet and extends our cash runway well into 2025. In addition, we’re well underway in building our first Energy Center with Portland General Electric and expect it to be operational this year, which should translate to shipping commercial units in the second half of 2024. Combined, these drivers in our business positions ESS for long-term growth and profitability expansion.”
Recent Business Highlights
- In September 2023, ESS entered into a strategic collaboration with Honeywell to advance technology development and market adoption of iron flow battery energy storage systems. Honeywell has made an investment in ESS as part of this collaboration, adding $42.5 million to our balance sheet, and will incorporate ESS technology in their clean energy go-to-market efforts, with an initial target to purchase $300 million of ESS product in the coming years. ESS will also integrate Honeywell’s flow-battery IP with its own extensive IP portfolio.
- ESS is finalizing its agreement with LEAG, a major German energy provider, for the first phase of their multi-year project targeting commissioning in 2027 to build a 500 MWh iron flow battery system at the LEAG Boxberg Power Plant site in Germany. This installation, when complete, will create a repeatable building block to support LEAG’s objective to create up to 20 GWh of storage to be paired with solar and local hydrogen production, creating the largest green-energy hub in Europe.
- In Q3, ESS completed commissioning of six Energy Warehouse™ systems that were delivered to the Sacramento Municipal Utility District (SMUD) last quarter for the first phase of our relationship to support SMUD’s 2030 Zero Carbon Plan. As previously announced, ESS has agreed to supply up to 2 GWh of long-duration energy storage over the next four years in the form of Energy Warehouses™ and Energy Centers™. As part of this multi-year agreement, ESS also intends to set up facilities for battery system assembly, operations and maintenance support and project delivery in Sacramento, creating local, high-paying jobs. In addition, ESS and SMUD plan to team up with local colleges and universities to establish a Center of Excellence to expand and train the workforce that will be needed to support long-duration energy storage technology.
- In September 2023, ESS was awarded an Export Achievement Certificate by the United States Department of Commerce for expanding global deployment of its American-made, innovative long-duration energy storage technology. The Export Achievement Certificate is presented by the U.S. Department of Commerce to American companies making significant contributions to exports. Exports of ESS’ iron flow battery systems have increased significantly over the past year as global demand for long-duration energy storage continues to grow.
- In August 2023, Stanwell Corporation, a major electricity generator owned by the Queensland government, and Energy Storage Industries Asia Pacific (ESI), our Australian partner, unveiled an initial iron flow battery energy storage system pilot project at the Stanwell Power Station. Subsequently, in October, the Premier of Queensland announced that the state government plans to expand this project to a 150 MW installation and Stanwell has taken an option to purchase up to 200 MW of storage per year thereafter.
- On August 17, 2023, Jeff Loebbaka was named Chief Commercial Officer of ESS.
On August 29, 2023, ESS announced the appointment of Harry Quarls to its Board of Directors as Chairman. Michael Niggli, the ESS Founding Board Chairman, will remain on the board to assist with this transition. Harry Quarls has over four decades of energy experience and brings considerable strategic, financial, transactional, and energy investing experience to ESS.
Conference Call Details
ESS will hold a webcast conference call on Tuesday, November 7, 2023 at 5:00 p.m. EST to discuss financial results for its third quarter 2023 ended September 30, 2023. Interested parties may join the conference call beginning at 5:00 p.m. EST on Tuesday, November 7, 2023 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 307911. A telephone replay will be available until November 14, 2023, by dialing (866) 813-9403 in the U.S., or for international callers, +44 (204) 525-0658 with conference ID 679393. 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 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.
Energy Warehouses and Energy Centers are trademarks of ESS Tech, Inc. Any third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between ESS and the third party unless expressly stated
WeTheMarket
1 year ago
Honeywell and ESS Tech, Inc. Collaborate to Accelerate Commercial Deployment of Iron Flow Battery Energy Storage Systems
September 25 2023
https://ih.advfn.com/stock-market/NYSE/ess-tech-GWH/stock-news/92115190/honeywell-and-ess-tech-inc-collaborate-to-accele
Honeywell (Nasdaq: HON) today announced a strategic collaboration with ESS Tech, Inc. (ESS) (NYSE: GWH) to advance technology development and market adoption of iron flow battery (IFB) energy storage systems. Honeywell has made an investment in ESS as part of this collaboration.
The relationship builds upon each company’s development of energy storage systems, and brings together ESS’ market-leading, patented IFB design with Honeywell’s advanced materials and energy systems expertise.
“The demand for long-duration energy storage represents a compelling market opportunity within the energy transition and the combination of Honeywell and ESS technology can accelerate decarbonization for the commercial, industrial and utility sectors,” said Bryan Glover, chief growth officer, Honeywell Performance Materials and Technology (PMT) group. “Our strategic collaboration with ESS will accelerate Honeywell’s ability to bring comprehensive solutions to our customers while working to advance long-duration energy storage across all industries requiring expansive energy storage.”
“Today, we are creating superior technology in the critical long-duration energy storage industry,” said Eric Dresselhuys, CEO of ESS. “Combining ESS’ innovative technology and deployment experience with Honeywell’s storage and control system expertise will enable us to drive the clean energy transition and deliver value to our customers, shareholders and communities.”
Honeywell and ESS are working together to meet growing global demand for long-duration energy storage (LDES), driven by the rapid increase in renewable power generation. This is creating a substantial and fast-growing market as countries worldwide transition to zero carbon energy. The current global energy storage market is estimated to be $50 billion per year and is forecast to grow significantly with a cumulative investment of up to $3 trillion by 2040, according to the LDES Council and McKinsey & Co.
As the shift to renewable energy accelerates, challenges associated with the intermittency of wind and solar energy are becoming more apparent. Safe and sustainable IFB technology enables the transition to clean energy using Earth-abundant materials – iron, salt and water – to provide energy storage without reliance upon limited minerals such as lithium, cobalt or vanadium.
Conference Call Details
ESS will hold a webcast conference call on Monday, September 25, 2023 at 9:00 a.m. EDT to discuss the partnership with Honeywell. Interested parties may join the conference call beginning at 8:45 a.m. EDT on Monday, September 25, 2023 via telephone by calling 888-272-2741 in the U.S., or for international callers, by calling +1-848-280-6390. A live webcast of the conference call will be available on ESS’ Investor Relations website at http://investors.essinc.com/.
A replay of the webcast can be accessed 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.
About Honeywell:
Honeywell (www.honeywell.com) is a technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit Honeywell | Newsroom
WeTheMarket
1 year ago
Jeff Loebbaka Joins ESS as Chief Commercial Officer to Drive Growth and Maximize Customer Value
August 17 2023
https://ih.advfn.com/stock-market/NYSE/ess-tech-GWH/stock-news/91843949/jeff-loebbaka-joins-ess-as-chief-commercial-office
Expanded leadership team will grow ESS presence in global energy storage markets to catalyze the clean energy future
ESS Tech, Inc. (“ESS”) (NYSE: GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced the expansion of its executive leadership team.
Jeff Loebbaka has been named Chief Commercial Officer, adding significant depth to ESS leadership as the company continues to grow its global footprint and deliver long-duration energy storage solutions to customers worldwide.
“Jeff brings a wealth of experience growing emerging clean technology companies into global enterprises,” said Eric Dresselhuys, CEO of ESS. “His strategic vision will expand ESS’ capabilities to deliver long-duration energy storage solutions to global markets and catalyze the clean energy future.”
Loebbaka has held a number of executive leadership positions in technology and clean energy companies including AMP Robotics, Spruce Financial and Enphase Energy. He holds a B.S. in mechanical engineering from the University of Illinois Urbana-Champaign and an M.B.A. from the Kellogg School at Northwestern University.
“It is now clear that long-duration energy storage is foundational to a decarbonized energy system. ESS has the right technology and right team to meet skyrocketing demand for this critical solution,” said Loebbaka. “I am excited to join ESS during this period of growth and to enable the business to scale rapidly as I have throughout my career with companies at the forefront of the clean energy transition.”
About ESS
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230817013241/en/
Investors:
Erik Bylin
Investors@essinc.com
Media:
Morgan Pitts
503.568.0755
morgan.pitts@essinc.com
WeTheMarket
1 year ago
Iron flow battery player ESS Inc improves revenue position, says IP safe for ‘years to come’
By Andy Colthorpe
August 9, 2023
https://www.energy-storage.news/iron-flow-battery-player-ess-inc-improves-revenue-position-says-ip-safe-for-years-to-come/
US flow battery manufacturer ESS Tech Inc (ESS Inc) has made “tremendous progress” on its ability to recognise revenues and reduced direct costs of production of its flagship product by 30% in Q2 2023.
The company has just announced its financial results for the previous quarter. As it battles to scale up its proprietary iron electrolyte flow battery technology, ESS Inc has only reported revenues once before, in Q1, of US$400,000 but in Q2 this jumped to US$2.8 million.
While that remains a fairly low sounding figure, company leadership emphasised in presentations and an earnings call with analysts that this represents the start of an ongoing upward trend. For the full-year 2022, revenues stood at US$894,000.
ESS Inc also said it has around US$100 million cash and equivalents on hand, which CFO Anthony Rabb said “should last us well into 2024,” with the company continuing to manage its cash burn rate “effectively”.
CEO Eric Dresselhuys said ESS Inc had been able to reduce the direct costs of its next generation flow battery by 30% and reduce build time by 29% during the second quarter alone.
With those cost reduction and efficiency gains playing a major part, ESS Inc expected its flagship Energy Warehouse (EW) flow battery product to be profitable on a non-GAAP gross margin basis in the second half of 2024, CFO Rabb said. The company had made “tremendous progress with our revenue recognition process,” the CFO claimed.
Energy Warehouse comes in 75kW containerised units with 500kWh peak energy capacity and 400kWh rated energy capacity. Designed for 25-year lifetime of operation and more than 20,000 cycles, it was first deployed in 2015, but the latest Generation II design came out in 2020.
Meanwhile, ESS Inc is preparing to launch a larger front-of-the-meter (FTM) product, Energy Center. Production is expected to begin in Q4 2023. Available in 145kWdc increments, Energy Center will allow for 8MWh of rated capacity per megawatt installed, or 10MWh of peak capacity per megawatt installed.
The long-duration energy storage (LDES) provider is the only manufacturer in the world of the flow battery, which uses an iron and saltwater-based electrolyte. Other makers’ flow batteries use different electrolyte solution, with vanadium pentoxide the most commonly used.
ESS Inc now has a total of 238 patents granted, pending or in application, the CEO said. That includes 10 new patents granted and 13 more filed in the second quarter alone.
“We feel confident that the moat around our IP portfolio will safeguard our iron flow technology approach for years to come,” Dresselhuys said.
Tailwinds take time
Whereas in Q1 2023 the company only delivered two units, recognising its US$400,000 revenues for the quarter, Dresselhuys had talked up ESS Inc’s prospects in energy storage markets both in the US and abroad enjoying tailwinds such as the US’ Inflation Reduction Act (IRA) and Europe’s raised renewable energy ambitions.
It would take time for those tailwinds to result in revenue growth for ESS Inc, the CEO had said in Q1, which was reiterated on the conference call that took place yesterday.
Referring to the US market, ESS Inc was continuing to “actively engage in the implementation of the Inflation Reduction Act (IRA), the Bipartisan Infrastructure Bill and various state-level initiatives to accelerate the deployment of energy storage”.
“These are large initiatives and the pace of activity isn’t as fast as I’d like,” Dresselhuys said.
However, ESS Inc was encouraged by the recent publication of guidance on domestic content requirements to get adders to IRA incentives from the IRS, as ESS Inc will be manufacturing its battery modules on US soil. Dresselhuys also said recent funding support for long-duration energy storage from the US Department of Energy (DOE) for its Energy Storage Grand Challenge was encouraging.
Three key deals
The company mentioned some recent deals as highlights of its Q2 activities, such as its agreement to deploy a 50MW/500MWh system with German energy firm LEAG, which is looking to develop a large net zero emissions baseload energy network using renewables, energy storage and hydrogen electrolysis.
While ESS Inc said the initial deployment is expected to result in a deal to provide a flow battery-based “standardised building block” for LEAG’s planned 2-3GWh LDES rollout, the contract is still due to be finalised this quarter (Q3), while deployments will not begin until 2027.
Elsewhere, Energy-Storage.news readers may have noticed a few days ago that ESS Inc’s partner and technology licensee in Australia, Energy Storage Industries Asia-Pacific (ESI), is being awarded funding for a pilot project in the state of Queensland.
While details of that project have not been specified, it will receive AU$12 million (US$7.85 million) of grant funding from Queensland’s government. ESI is building a factory in the state based on ESS Inc’s IP, and will distribute and manufacture iron flow batteries for the Australia, New Zealand and Oceania markets.
The US company claimed the partnership could be good for 1GWh of flow battery deliveries over the next seven years, although longer term the systems will be manufactured locally in Australia.
The third and perhaps most significant customer deal ESS Inc management referenced in its results presentation and earnings call is with California’s Sacramento Municipal Utility District (SMUD).
Again, announced as a partnership with multi-gigawatt-hour potential which is starting off with a number of smaller deployments, ESS Inc will supply SMUD with up to a targeted 2GWh of battery storage by 2028 as the utility pursues an aggressive decarbonisation agenda to the end of this decade.
Deliveries to SMUD’s first project have already begun and six flow battery units have been shipped and are now entering their commissioning phase.
WeTheMarket
1 year ago
ESS Tech, Inc. Announces Second Quarter 2023 Financial Results
August 08 2023
Link to Press Release https://ih.advfn.com/stock-market/NYSE/ess-tech-GWH/stock-news/91763141/ess-tech-inc-announces-second-quarter-2023-finan
Link to Presentation https://s28.q4cdn.com/365128779/files/doc_financials/2023/q2/ESS-Investor-Presentation-Aug-23-Final.pdf
Link to Webcast https://events.q4inc.com/attendee/775493526
Highlights
- Record Revenue of $2.8 Million
- Delivered Energy Warehouses™ to Four New Customers
- Announces Partnership with LEAG
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 second quarter ended June 30, 2023.
“I’m proud of the progress ESS made in the second quarter, recognizing record revenue of $2.8 million and delivering nine Energy Warehouses to four different customers. We’ve made significant improvements across our internal operations which are driving solid gains in manufacturing efficiency, greater predictability in our ability to meet our customers' needs and more streamlined revenue recognition,” said Eric Dresselhuys, CEO of ESS. “Our innovative, sustainable iron flow battery technology remains the key to our success and fuels our potential for long-term growth and profitability. As the Inflation Reduction Act continues to spark increased interest among customers seeking low-cost ways to decarbonize and enable long-duration energy storage in their grids, ESS remains well-positioned to capture share in this rapidly expanding market, as evidenced by our partnership with LEAG. With continually improving execution and visibility across the business, we expect revenue for the next two quarters to continue at approximately the same rate as the second quarter. Our tightly-aligned team is poised to unlock even greater efficiency improvements in the coming quarters while maintaining a healthy cash balance.”
Recent Business Highlights
- Recognized $2.8 million in revenue and shipped nine Energy Warehouses™ in the second quarter.
- Entered into a strategic partnership with LEAG, a major German energy provider. LEAG and ESS plan to build a 500 MWh iron flow battery system at the Boxberg Power Plant site in Germany, to help manage demand charges and ensure resilient operations while creating a template for further storage installations. - The execution of definitive agreements is expected in the third quarter in anticipation of project financial close.
- Began shipments for the first phase of ESS’ relationship with Sacramento Municipal Utility District (SMUD), to support SMUD’s 2030 Zero Carbon Plan. As previously announced, ESS has agreed to supply up to 2 GWh of long-duration energy storage over the next four years in the form of Energy Warehouses™ and Energy Centers™. As part of this multi-year agreement, ESS also intends to set up facilities for battery system assembly, operations and maintenance support and project delivery in Sacramento, creating local, high-paying jobs. In addition, ESS and SMUD plan to team up with local colleges and universities to establish a - Center of Excellence to expand and train the workforce that will be needed to support long-duration energy storage technology.
- ESS Energy Warehouse units received certification to the Underwriters Laboratories’ (UL) 9540 standard, an industry standard for stationary energy storage systems. This certification underscores our technology's resilience, safety and quality in a variety of environments and conditions.
- ESS has been awarded 10 additional patents for its iron flow battery technology in the second quarter, further reinforcing its position as an industry leader in the long-duration energy storage market. This brings the total number of patents held by the company to 70 worldwide and a total of 235 applications filed, as of June 30, 2023.
Conference Call Details
ESS will hold a webcast conference call on Tuesday, August 8, 2023 at 5:00 p.m. EDT to discuss financial results for its second quarter 2023 ended June 30, 2023. Interested parties may join the conference call beginning at 5:00 p.m. EDT on Tuesday, August 8, 2023 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 025797. A telephone replay will be available until August 15, 2023, by dialing (866) 813-9403 in the U.S., or for international callers, +44 (204) 525-0658 with conference ID 253542. 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.
Energy Warehouses and Energy Centers are trademarks of ESS Tech, Inc. Any third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between ESS and the third party unless expressly stated.
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 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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