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ESS Tech Inc (NYSE: GWH) is a Wilsonville, Oregonābased manufacturer of long-duration energy storage systems utilizing iron flow technology. As of October 17, 2025, its shares traded at $5.24, reflecting a 15.16% increase on a daily volume of 2,156,387 shares. ESS designs and deploys sustainable storage solutions for commercial and utility-scale applications.
Corporate Structure and Experience
Founded in 2011, ESS employs between 201 and 500 staff across engineering, research and development, manufacturing, and commercial functions. The company utilizes earth-abundant iron, salt, and water electrolytes to create non-toxic, long-life battery modules. Leadership is composed of industry professionals focused on scaling the Energy Base product line and optimizing operations.
Energy storage by NASA
Developments and News
In June 2025, ESS received a capital injection that helped maintain operations at its Oregon manufacturing facility. On August 14, 2025, the company reported Q2 2025 revenue of $2.4 million, an increase from $300,000 in Q2 2024, alongside an 80% reduction in cash burn compared to Q1 2025. The net loss per share was recorded at $0.90, with an operating loss of $11.6 million. Acting CEO Kelly Goodman characterized these results as initial outcomes of an operational reset focusing on the gigawatt-scale Energy Base solution, moving away from the Energy Center and Energy Warehouse products.
On October 15, 2025, ESS filed a prospectus supplement to offer 1,719,000 shares at $7.50 each, raising approximately $12.9 million. Two days later, on October 17, 2025, a secondary offering of 445,000 shares at $6.25 per share was announced, with expected proceeds of $2.8 million. In both offerings, 80% of the proceeds are allocated for repaying a promissory note to Yorkville, while the remainder will support ongoing operations and contracting related to the Energy Base product.
Financial and Strategic Analysis
Key metrics for Q2 2025 include:
- Revenue: $2.4 million (+578% year-over-year)
- Operating loss: $11.6 million
- Adjusted EBITDA loss: $7.8 million
- Unrestricted cash: $0.8 million at quarter end
The company has reduced GAAP operating expenses by 35% quarter-over-quarter. The strategic focus on the Energy Base product, providing 12ā14 hours of storage capacity, is designed to meet growing demand from data centers and large-scale renewable energy projects. The company reported the closing of one sale and submitted proposals totaling over 1.1 GWh of storage capacity in Q2.
Market Position and Industry Context
Global electricity grids will require up to 8 TW of long-duration energy storage by 2040 to support clean energy targets. Demand from AI data centers is projected to increase by 165% by 2030. ESS's iron flow technology competes with vanadium and other flow battery technologies by offering features such as unlimited cycling, zero capacity degradation over 25 years, and rapid deployment capabilities within the U.S. Partnerships, certifications (including UL 1973 and UL 9540A), and federal incentives under the Inflation Reduction Act contribute to its competitive positioning against lithium-ion systems and alternative flow battery solutions.
tl;dr
ESS Technologies reported Q2 2025 revenue of $2.4 million, reduced its net loss to $0.90 per share, and decreased cash burn by 80% since Q1. In mid-October 2025, two share offerings raised approximately $15.7 million, with 80% of proceeds allocated for debt repayment and the remaining funds aimed at scaling the Energy Base product. The company continues its operational reset while pursuing over 1.1 GWh of project proposals and advancing long-duration storage in a growing market.
