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Battery Company ESS to be Publicly Detailed; Value Expected to Cross $1 Bn
May 11, 2021 07:16 PM ET
ESS Tech, a manufacturer of iron flow batteries has actually participated in a contract that will result in it becoming a publicly provided firm.
ESS Tech, a manufacturer of long-duration iron flow batteries for business as well as utility-scale energy storage space applications, and ACON S2 Acquisition, a publicly traded unique objective acquisition business, have actually announced they have actually become part of a conclusive agreement for a business mix that will certainly lead to ESS coming to be a publicly listed business.
Founded in 2011 with a goal to establish the cleanest, lowest-cost long-duration energy storage space systems on the market, ESS established an iron flow battery innovation with cutting-edge technological innovations that is developed to change the energy grid by allowing risk-free, environmentally-friendly, long-duration storage. Unlike typical lithium-ion batteries that are made from unsafe and expensive materials, ESS’ patent-protected battery solutions make use of bountiful iron, salt and also water, making them environmentally safe and also economical energy storage space systems.
The business mix values the consolidated company at a USD 1.072 billion pro forma business value. The transaction will certainly supply roughly USD 465 countless pro forma web cash to the mixed business, presuming no redemptions by ACON S2 shareholders. As part of the transaction, ACON S2 elevated a USD 250 million completely devoted PIPE from institutional capitalists consisting of Fidelity Management & Research Study Company LLC, SB Energy Global Holdings Ltd, a wholly-owned subsidiary of SoftBank Group Corp., Advancement Energy Ventures and BASF Venture Capital.
” The objective of ESS from its creation has actually been to establish a fundamentally brand-new, high-performance battery innovation,” claimed ESS Chief Executive Officer Eric Dresselhuys. “Our team has delivered on that objective over the last decade by creating patent-protected iron flow battery technology that is fit for the grid and also the atmosphere. Unlike presently readily available methods, our remedy offers an environment-friendly, lower lifecycle price, energy storage space system with efficiency that does not break down over time. We’re delighted regarding today’s statement as it notes the start of our following phase to take advantage of blossoming possibilities in the long-duration energy storage space market.”
Renewable energy release is increasing significantly, with installment records set every year and now exceeding various other types of brand-new generation coming online. In the future, grid-scale energy storage space will need the capacities of long-duration storage space to get the lots for four to twelve hrs when variable generation wanes, yet be flexible enough to sustain fast-changing grid demands. The total addressable market for energy storage space systems is anticipated to expand at a 34 percent CAGR from USD 8 billion in 2020 to USD 56 billion in 2027, driven mostly by growing releases of solar as well as wind power, in addition to a need to boost the power grid’s resiliency. ESS’ energy storage systems give an optimum service for energies, independent power producers and microgrids seeking a trustworthy, safe and durable solution for 4- to twelve-hour power storage space that doesn’t weaken in time. That is the capacity that ESS iron flow battery modern technology can deliver.
Craig Evans, ESS President and Co-founder mentioned, “Our group worked diligently for the last years to produce a storage solution that might offer a purposeful enhancement to the globe’s change to an eco-friendly future. We have made incredible strides to that end and I am very thrilled concerning the following phase for ESS as well as our capacity to increase our growth.”
Tags:
Lithium-ion batteries
ESS Publicly Listed
ESS Tech
Iron Flow Batteries
Eric Dresselhuys
Craig Evans
Source:
saurenergy.com
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