Oregon-based iron-flow long-duration power storage system producer ESS Tech Inc. virtually closed final week if not for an surprising monetary enhance.
ESS introduced final week that it might have to take “workforce actions” if unable to boost sufficient capital to permit the corporate to keep away from a shutdown.
“ESS subsequently acquired adequate capital not anticipated within the unusual course of enterprise to proceed operations at its Wilsonville (Oregon) facility within the close to time period, although it’ll nonetheless undertake actions to judiciously handle its working bills,” it said in a press release.
“I’m happy to report this essential growth and the continuation of our strategic pivot and supply of a scalable Vitality Base answer manufactured right here in the USA to help unprecedented progress in power demand and the crucial want for grid reliability and resiliency,” stated Kelly Goodman, Interim CEO of ESS.
Vitality Base is the corporate’s gigawatt-scale, long-duration power storage system. It’s the newest product design past its Vitality Warehouse shipping-container-type system typical for the business. ESS fashioned in 2011 and launched a UL 9540-certified system in 2023, made in its Oregon facility.
ESS stated it has secured orders for 4 Vitality Warehouses in its technique to maneuver current stock and pivot to only providing the Vitality Base product. The corporate is relying on the superior manufacturing manufacturing tax credit (45X) included within the Inflation Discount Act.
