ESS Tech, Inc. (NYSE: GWH), a leading manufacturer of long-duration iron flow energy storage solutions, announced the closing of its previously disclosed 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, and aggregate gross proceeds amounted to approximately $15 million.
Net proceeds from the offering, together with existing cash reserves, are expected to be used for general corporate purposes and working capital. Aegis Capital Corp. acted as the exclusive placement agent for the offering. This capital infusion comes at a time when ESS Tech continues to scale its iron flow battery technology, which utilizes iron, salt, and water to provide safe and sustainable energy storage for utility-scale and commercial applications.
The company's iron flow technology is designed to address the growing demand for long-duration energy storage, enabling energy security and reliability without reliance on lithium or other scarce materials. By using abundant and nontoxic materials, ESS Tech aims to accelerate decarbonization while minimizing environmental impact. The additional capital is expected to support ongoing operations, research and development, and potential expansion of manufacturing capacity.
For more details on the offering, the full press release is available at https://ibn.fm/BUYEF. ESS Tech, founded in 2011, has positioned itself as a key player in the energy storage sector, with a mission to provide longer-lasting energy storage solutions that help meet increasing energy demand without power disruptions. The company's flexible storage systems allow customers to maximize the value of excess energy and ensure grid resilience.
This financing move reflects investor confidence in ESS Tech's technology and market potential, particularly as the energy transition accelerates globally. The proceeds will likely support the company's efforts to commercialize its iron flow batteries and compete in the rapidly growing energy storage market.
