Oregon-based iron-flow long-duration energy storage system manufacturer ESS Tech Inc. almost closed last week if not for an unexpected financial boost.
ESS announced last week that it may need to take “workforce actions” if unable to raise enough capital to allow the company to avoid a shutdown.
“ESS subsequently received sufficient capital not anticipated in the ordinary course of business to continue operations at its Wilsonville (Oregon) facility in the near term, though it will still undertake actions to judiciously manage its operating expenses,” it stated in a press release.
“I am pleased to report this important development and the continuation of our strategic pivot and delivery of a scalable Energy Base solution manufactured here in the United States to support unprecedented growth in energy demand and the critical need for grid reliability and resiliency,” said Kelly Goodman, Interim CEO of ESS.
Energy Base is the company’s gigawatt-scale, long-duration energy storage system. It’s the latest product design beyond its Energy Warehouse shipping-container-type system typical for the industry. ESS formed in 2011 and released a UL 9540-certified system in 2023, made in its Oregon facility.
ESS said it has secured orders for four Energy Warehouses in its strategy to move existing inventory and pivot to just offering the Energy Base product. The company is counting on the advanced manufacturing production tax credits (45X) included in the Inflation Reduction Act.
