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 aggregate gross proceeds of approximately $15 million.
Net proceeds from the offering, together with existing cash, are expected to be used for general corporate purposes and working capital. Aegis Capital Corp. served as the exclusive placement agent for the offering. This capital infusion comes as ESS continues to scale its iron flow battery technology, which uses iron, salt, and water to provide safe, sustainable, and long-duration energy storage solutions.
The company’s technology addresses the growing need for energy storage that can support grid reliability and integrate renewable energy sources. Unlike lithium-ion batteries, ESS’s iron flow batteries offer a longer lifespan and use environmentally benign materials, making them a compelling option for utility-scale applications. The additional funding will likely accelerate ESS’s efforts to expand production capacity and meet increasing demand for energy storage solutions.
For more details on the offering, the full press release is available at https://ibn.fm/BUYEF. ESS Tech, established in 2011, is dedicated to accelerating decarbonization through its innovative energy storage systems. The company’s mission is to enable energy security, reliability, and resilience by providing flexible storage solutions that help customers manage energy demand and maximize the value of excess energy.
The successful closing of this offering reflects investor confidence in ESS’s technology and market position. As the energy transition accelerates, long-duration energy storage is becoming increasingly critical for stabilizing grids and ensuring a steady supply of renewable energy. ESS’s iron flow batteries offer a distinct advantage in this space, as they are designed for 6-12 hours of storage, suitable for daily cycling applications.
With this capital, ESS is well-positioned to advance its commercial deployments and further its impact on the clean energy landscape. The company’s focus on using readily available materials aligns with broader sustainability goals and reduces reliance on scarce resources. As more utilities and large-scale energy users seek reliable storage solutions, ESS’s technology could play a pivotal role in the global shift toward renewable energy.
