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, which represented a premium to the Jan. 28, 2026 closing price. The offering closed on Jan. 30, 2026, generating aggregate gross proceeds of approximately $15 million.
Net proceeds from the offering, together with the company's 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 long-duration energy storage. The company's solutions aim to enhance energy security, reliability, and resilience for customers while supporting decarbonization efforts.
The offering details were disclosed in a press release available at https://ibn.fm/BUYEF. ESS Tech, founded in 2011, positions itself as a key player in the transition to sustainable energy, offering flexible storage solutions that help manage increasing energy demand and maximize the value of excess energy. For more information about the company, visit www.essinc.com.
The successful closing of this offering provides ESS with additional financial flexibility as it continues to commercialize its iron flow technology. The company's focus on using readily available materials like iron, salt, and water differentiates it from other battery technologies that rely on scarce or expensive metals. This approach aligns with broader industry trends toward sustainable and cost-effective energy storage solutions, which are critical for integrating renewable energy sources into the grid.
Investors and industry observers will likely monitor how ESS deploys these funds to accelerate production, expand its customer base, and strengthen its balance sheet. The offering's closure at a premium to the previous closing price suggests institutional investor confidence in the company's strategic direction and market potential.
