Wilsonville, Ore. – July 28, 2022: ESS Inc. (NYSE: GWH) (“ESS”) a manufacturer of long-duration iron flow batteries for commercial and utility-scale energy storage applications, commends the leadership of Senators Joe Manchin (D-WV) and Chuck Schumer (D-NY) on the proposed Inflation Reduction Act of 2022 (“IRA”).
The IRA represents an historic investment of $369 billion in U.S. energy and climate security over the next ten years which will revolutionize the U.S. energy system and reduce carbon emissions an estimated 40% by 2030. These investments are balanced with commonsense tax reforms to reduce inflation in the short term while building a low-carbon, inflation-resilient energy economy for the long term.
The proposed bill includes key provisions that recognize the critical role of energy storage in the clean energy future. Expanding energy storage, and in particular long-duration energy storage, will ensure grid stability and enable increased utilization of wind and solar energy. By expanding the Advanced Manufacturing Production Tax Credit to include batteries, and establishing a standalone Investment Tax Credit for storage, the proposed bill lays the groundwork for a decarbonized, sustainable energy system.
“We commend the leadership of Senators Manchin and Schumer on this historic legislation,” said Eric Dresselhuys, CEO of ESS Inc. “This historic investment in clean energy infrastructure will bring good-paying energy and manufacturing jobs back to America and provide the energy security and climate change solutions our country needs. In the long term, the incentives in the bill will support an inflation-resilient energy economy powered by clean, renewable energy. ESS is committed to deploying advanced American energy storage technology, built by American workers, to support the transition to a clean, decarbonized energy future.”
About ESS Inc.
At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it’s needed. As more renewable energy is added to the grid, long- duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining and the wind is not blowing.
Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS Inc. 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.
Director of Corporate Communications