ESS Tech, Inc. (NYSE: GWH), a leading manufacturer of long-duration iron flow energy storage solutions, announced the closing of its previously announced registered direct offering with institutional investors. The transaction raised approximately $15 million through the sale of 8,571,428 shares of common stock and pre-funded warrants at a price of $1.75 per share, representing a premium to the Jan. 28, 2026 closing price. The offering closed on Jan. 30, 2026, with Aegis Capital Corp. serving as exclusive placement agent.
The net proceeds from the offering, together with existing cash, are expected to be used for general corporate purposes and working capital. This capital infusion comes at a critical time as the company continues to scale its iron flow battery technology, which uses iron, salt, and water to provide long-duration energy storage. The technology is designed to enhance energy security, reliability, and resilience, helping customers meet increasing energy demand without power disruptions and maximize the value of excess energy.
This offering underscores investor confidence in ESS Tech's mission to accelerate decarbonization safely and sustainably. The company's iron flow batteries offer a safer, more sustainable alternative to lithium-ion batteries, with a longer lifespan and no risk of thermal runaway. As the demand for renewable energy storage grows, ESS Tech is well-positioned to capitalize on the need for reliable, long-duration storage solutions. The funds raised will support the company's ongoing efforts to expand its manufacturing capacity and commercialize its technology.
For more details on the offering, the full press release is available at https://ibn.fm/BUYEF. Additional information about ESS Tech, Inc. can be found at www.essinc.com.
