- ESS, a battery firm, went public through a SPAC with Acon S2 Investment Corp. on Monday and will begin trading under the ticker symbol GWH on the New York Stock Exchange.
- The ESS battery is essentially constructed of iron, salt, and water, all of which are widely available and safe resources. It stores energy for four to 12 hours that works well with renewable energy sources like solar and wind.
How will ESS help Renewable Energy?
When the wind isn’t blowing and the sun isn’t shining, ESS is attempting to tackle a major problem with renewable energy: how to store energy from wind and solar installations when the wind and sun aren’t blowing.
Long-duration energy-storage batteries consisting of iron, salt, and water are more cheaper and more readily available than the materials used in such as lithium and cobalt. They are the company’s proposed answer. According to CEO Eric Dresselhuys, ESS’ early momentum garnered $57 million in funding from major investors such as Bill Gates and Softbank.
It will now go public through SPAC and begin trading on the New York Stock Exchange on Monday under the ticker number GWH. The deal is predicted to grow at $308 million. “There have been extremely less solutions for this long length up until now, and it’s mainly because we didn’t depend on energy storage as a basic and foremost option for protecting the system,” said Dresselhuys, who joined ESS as CEO last year after decades in the energy and technology industries.
Craig Evans and Julia Song, who are married as well as business partners, founded the company in their garage in Portland, Oregon, in 2011. Before moving to its current 200,000-square-foot headquarters, it moved to the Portland State Business Accelerator.
Learning about the Energy Warehouse:
The Energy Warehouse, the sole ESS product till far, is 40 feet long and 8 feet wide, and is the size of a shipping container. “The container’s energy is 500 kilowatt hours. “Depending on your location in the country, that’s approximately enough energy to power 20 to 30 homes,” McDermott said.
ESS is also developing Energy Centers, a product aimed for utilities and independent power providers, such as companies who own huge solar farms and sell their energy to the grid.
ESS will use identical battery technology for these larger customers, but the battery modules will be housed together in a building. Customer trials are set to begin in two weeks.