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ESS Tech Inc (NYSE: GWH) develops long-duration energy storage systems based on iron flow battery technology. Founded in 2011 and headquartered in Wilsonville, Oregon, the company utilizes iron, salt, and water to deliver up to 22 hours of storage capacity. On October 10, 2025, the stock closed at $3.82, reflecting a 122.09% increase on a trading volume of 32,996,424 shares.
Corporate Structure
ESS Tech employs between 201 and 500 people, drawing on expertise in electrochemistry, advanced materials, and manufacturing. Its operations include an automated assembly line for modular “Energy Warehouse” and “Energy Center” systems, as well as a new “Energy Base” product designed for gigawatt-scale applications with storage durations of 12 to 14 hours. Shareholder votes govern the company’s operations, with a recent meeting adjourned on October 6, 2025, and rescheduled for October 13, 2025.
Energy storage by NASA
Recent Developments and News
In Q2 2025 (ending June 30), ESS Tech reported revenue of $2.4 million, a 578% increase compared to Q2 2024, but posted an $11.6 million loss from operations and a net loss of $0.90 per share. On August 14, 2025, interim CEO Kelly Goodman discussed these results as part of an operational adjustment, involving a transition from legacy products toward the Energy Base line. The company faced a potential production halt in June but managed to secure unexpected capital to continue operations at its Oregon facility. SEC filings dated October 7 and October 9, 2025, report secondary offerings of 630,000 shares at $1.49 and 500,000 shares at $1.70, respectively, conducted under a Standby Equity Purchase Agreement with Yorkville.
Financial and Strategic Aspects
As of October 8, 2025, ESS Tech's trailing twelve-month revenue was $6.17 million, against a net loss of $75.05 million. The balance sheet indicated $0.8 million in unrestricted cash and a debt-to-equity ratio of 26.39%. Average daily trading volume reported by Yahoo Finance was 347,332 shares, with a market capitalization close to $27.9 million. The absence of positive earnings per share and a price-to-sales ratio of 2.98 are indicative of a company in a capital-intensive phase of scaling. Proceeds from the October offerings are allocated for ongoing business operations and to expedite the deployment of the Energy Base product. The Form 10-K filed for fiscal year 2025 states there are significant uncertainties regarding the company's ability to continue as a going concern without additional financing.
Market Position and Industry Context
Global demand for long-duration energy storage is anticipated to reach 8 terawatts (TW) by 2040 to support clean energy objectives, with AI data center load growth projected at 165% by 2030. ESS Tech’s iron flow technology provides unlimited cycling and no capacity degradation over a 25-year period, distinguishing it from vanadium flow systems that rely on sulfuric acid electrolytes. The company competes in the non-lithium-ion storage segment with utilities and developers aiming for grid stability and renewable energy baseload. Strategic partnerships in Europe, Asia-Pacific, and initiatives under the Inflation Reduction Act in the U.S. have influenced its market approach.
tl;dr
On October 10, 2025, ESS Tech shares closed at $3.82 following equity offerings—630,000 shares at $1.49 on October 7 and 500,000 shares at $1.70 on October 9—aimed at funding its transition to the 12- to 14-hour “Energy Base” battery system. Q2 2025 revenue reached $2.4 million but led to an $11.6 million operating loss. The Form 10-K highlights potential cash flow challenges within 12 months unless further capital is obtained.
