Recent Updates — GWH-WT
ESS Tech, Inc. closed a registered direct offering and concurrent private placement on August 21, 2026, issuing 6,400,000 shares of common stock at $0.50 per share to institutional investors. The company also issued warrants to purchase 12,800,000 additional shares at an exercise price of $0.50 per share, exercisable upon obtaining stockholder approval within 60 days. Gross proceeds totaled approximately $3.2 million, with net proceeds expected around $2.5 million after fees and expenses. The company intends to use the funds for general corporate purposes, working capital, and to repay approximately $1.5 million of a promissory note owed to YA II PN, Ltd. Roth Capital Partners served as the exclusive placement agent. ESS Tech operates in the energy storage industry, providing non-lithium battery solutions.
ESS Tech announced second quarter 2026 financial results and significant strategic developments. The company reported Q2 revenue of $73 thousand and a net loss of $(15.6) million, or $(0.46) per share. Subsequent to the quarter end, ESS signed a non-binding letter of intent for a strategic business combination with a private energy sector company, implying an expected combined enterprise value of approximately $515 million and a premium valuation for ESS shareholders. Additionally, ESS entered into a letter of intent with Juniper Energy for 500+ MWh of sodium-ion battery storage systems, anchored by an 80 MWh California project. The company also began market rollout of its Bridge™ modular sodium-ion system and signed an LOI with Alsym Energy to add 8.5 GWh of sodium-ion cells to its portfolio. ESS operates in the energy storage industry, providing non-lithium battery solutions for commercial and utility-scale applications.
On July 16, 2026, ESS Tech, Inc. amended its $75 million at-the-market (ATM) offering program to modify the sales agents and following the termination of BMO, Canaccord, Needham, and Stifel as agents. Roth Capital Partners, LLC was added as a new sales agent and assumed the role of qualified independent underwriter. ESS Tech, Inc. operates in the energy storage solutions industry and provides energy storage technology solutions.