FOR IMMEDIATE RELEASE
Transaction Builds on Significant Momentum Following Announcement of 50MWh Energy Base Project in Arizona
Wilsonville, Ore.– October 14, 2025 – ESS Tech, Inc. (“ESS” or the “Company”) (NYSE:GWH), a leading
manufacturer of iron flow long-duration energy storage systems for commercial- and utility-scale
applications, today announced the closing of a $40 million financing transaction with YA II PN, Ltd., an
investment fund managed by Yorkville Advisors Global, L.P. (“Yorkville”). The financing provides $30
million of immediate capital, with an additional $10 million available upon execution of an at-the-market
sales agreement with Yorkville Securities, LLC, an affiliate of Yorkville, subject to customary conditions,
and in each case less an original issue discount and certain fees and expenses. The transaction is
structured as a one-year promissory note, repayable in cash or from a portion of the proceeds raised
from equity issuances under the Company’s existing or future capital raising arrangements. Additional
details regarding the transaction are included in the Company’s Current Report on Form 8-K filed this
morning.
This capital strengthens the Company’s cash position and reflects continued progress in the strategic
pivot to the U.S.-manufactured Energy Base. Over the past nine months, ESS has executed against an
intentional sequence: strengthening its leadership team, securing landmark customer agreements,
including the recently announced 50 MWh New Horizon project for Salt River Project, and now
reinforcing its balance sheet with additional funding. With these building blocks in place, the Company’s
focus is firmly on execution and delivery on existing commitments while positioning to sign new
contracts for long-duration energy storage.
“Today’s financing marks another key milestone as we move into the execution and delivery phase of
our strategy,” said Kelly Goodman, Interim Chief Executive Officer. “ESS is well positioned to deliver the
Energy Base platform to customers – including in the rapidly growing digital infrastructure sector – to
help meet the growing demand for reliable, long-duration energy storage solutions.”
About ESS Tech, Inc.
At ESS (NYSE: GWH), we deliver safe, sustainable, long-duration energy storage to ensure energy
abundance and security. As energy demand continues to grow, our solutions provide essential reliability
and resilience to people, communities, and businesses in the United States and throughout the world.
Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions
capable of providing 10+ hours of flexible energy capacity for commercial and utility-scale energy
storage applications. Established in 2011, ESS enables project developers, independent power
producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy
storage solutions. For more information visit www.essinc.com.
This release contains certain forward-looking statements, including statements regarding the Company
and its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future.
The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”,
“plan”, “possible”, “potential”, “predict”, “project”, “should”, “will” and “would” and similar expressions
may identify forward-looking statements, but the absence of these words does not mean that a
statement is not forward-looking. Examples of forward-looking statements include, among others,
statements regarding the additional funding from Yorkville, the Salt Lake River project and the Company
executing on its near-term strategy. These forward-looking statements are based on the Company’s
current expectations and beliefs concerning future developments and their potential effects on the
Company and involve a number of risks, uncertainties (some of which are beyond the Company’s
control) or other assumptions that may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking statements, which include, but are not
limited to, partnerships and customer relationships not resulting in expectant benefits, and the
Company’s inability to close on the additional funding from Yorkville, to repay the promissory notes, to
raise additional capital and to obtain stockholder approval, if required, and other risks and uncertainties
described more fully in the section titled “Risk Factors” in the Company’s Quarterly Report on Form 10-
Q filed on August 14, 2025, and the Company’s other filings with the U.S. Securities and Exchange
Commission. Except as required by law, the Company is not undertaking any obligation to update or
revise any forward-looking statements whether as a result of new information, future events or
otherwise.
Contacts
Investors:
[email protected]
Media:
(855) 423-9920
Source: ESS Inc.