WILSONVILLE, Ore.–(BUSINESS WIRE)–Aug 7, 2024–
ESS Tech, Inc. (ESS) ( NYSE: GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today hosted a ribbon-cutting event to celebrate the company’s growing domestic manufacturing capacity. ESS became the first energy storage manufacturer to be supported by the Make More in America Initiative of the Export-Import Bank of the United States (EXIM) with the recent approval of a $50 million financing package.
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ESS is joined by Senator Ron Wyden (D-OR), EXIM leadership, partners and local officials to cut the ribbon on the company’s new manufacturing line. (Photo: Business Wire)
ESS will use the proceeds from the deal to expand production of the company’s proprietary iron flow battery (IFB) modules. The company’s first fully automated IFB module line was commissioned last year and the planned expansion will leverage this proven design to quickly and cost effectively add capacity. ESS serves a global customer base with projects announced or underway in the U.S., Europe, Australia and Africa. The LDES Council and McKinsey & Co. project the world will need to install up to 140 TWh of LDES by 2040 to achieve decarbonization targets.