ESS Tech details 10-hour Energy Base initiative and $75M ATM program as part of its evolving capital strategy.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 13 2025
0mins
Should l Buy GWH?
Source: SeekingAlpha
Management Insights: Interim CEO Kelly Goodman emphasized ESS Tech's leadership in long-duration energy storage with their iron flow battery platform, announcing a significant pilot project with Salt River Project and a $40 million financing deal to support growth.
Financial Performance: For Q3 2025, ESS Tech reported a revenue drop to $200,000 from $2.4 million in Q2, with a net loss of $10.4 million, while maintaining disciplined cost control and a focus on transitioning to the Energy Base platform.
Strategic Focus: The company is prioritizing execution and validation of the Energy Base platform over the next 18 months, with plans for an Investor Day in early 2026 to discuss progress and future roadmaps.
Risks and Concerns: Management acknowledged various uncertainties, including capital raising challenges and market conditions, while highlighting liquidity strategies such as a $75 million at-the-market program to address financial needs.
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Analyst Views on GWH
Wall Street analysts forecast GWH stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 1.420
Low
3.50
Averages
3.50
High
3.50
Current: 1.420
Low
3.50
Averages
3.50
High
3.50
About GWH
ESS Tech, Inc. is a long-duration energy storage company specializing in iron flow battery technology. The Company designs and produces long-duration batteries using earth-abundant materials. Its batteries provide flexibility to grid operators and energy assurance for commercial and industrial customers. Its technology addresses energy delivery, duration, and cycle-life in a single battery platform that compares favorably to lithium-ion batteries. Using its iron flow battery technology, the Company is developing two products, such as the Energy Warehouse and Energy Center. Energy Center solutions are designed specifically for utilities, independent power producers (IPPs), and large commercial and industrial consumers. The Company’s batteries are non-flammable and non-toxic and can operate in a wide range of temperatures from -15 degrees Celsius (C) to 50 degrees C with minimal auxiliary loads.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
ESS Tech Restructures Leadership and Financial Framework
- Leadership Restructuring: ESS Tech completed a comprehensive leadership transition at the beginning of 2026, appointing Drew Buckley as CEO, Kelly Goodman as Chief Strategy Officer, and Kate Suhadolnik as CFO, aiming to enhance governance, execution, and financial discipline to lay the groundwork for long-term value creation.
- Significant Commercial Progress: The company secured a $9.9 million contract from the U.S. Air Force Research Laboratory to deploy 27 MWh of long-duration energy storage systems at military installations, validating its battery technology's reliability and strengthening its competitive position in mission-critical infrastructure.
- Financial Structure Optimization: In October, ESS Tech closed a $40 million financing transaction to enhance liquidity, and in November, it launched an at-the-market equity offering program raising approximately $8.6 million, reflecting continued investor support for its strategic direction and improving financial flexibility.
- Clear Future Outlook: The company plans to provide an updated business outlook in 2026 and share deeper technology insights at an upcoming investor day, emphasizing that the foundation built in technology, manufacturing readiness, and customer engagement will drive stronger execution and commercial progress.
See More
ESS Tech's New CEO Highlights Commercial Progress and Governance Updates
- Leadership Restructuring: ESS Tech completed a comprehensive leadership transition at the beginning of 2026, appointing Drew Buckley as CEO, alongside Kelly Goodman as Chief Strategy Officer and Kate Suhadolnik as CFO, aimed at enhancing governance and financial discipline to improve execution and capital allocation efficiency.
- Commercial Contract Progress: The company secured a $9.9 million contract from the U.S. Air Force Research Laboratory to deploy 27 MWh of long-duration energy storage systems at military facilities, validating its battery technology's reliability and strengthening its competitive position in the defense market.
- Financial Position Improvement: ESS Tech closed a $40 million financing transaction in October, enhancing liquidity, and raised approximately $8.6 million through an at-the-market equity offering in November, further improving financial flexibility and demonstrating continued investor support for its strategic direction.
- Future Outlook: The company plans to provide an updated business outlook in 2026 and delve into technology advancements during an upcoming investor day, which is expected to further drive growth in defense and microgrid markets.
See More
ESS Tech, Inc. Completes $15 Million Registered Direct Offering at a Premium Price
Company Announcement: E S S T E C H, Inc. has announced the closing of a $15 million registered direct offering.
Offering Details: The offering was priced at a premium to the market, indicating strong investor interest.
See More
ESS Secures $9.9 Million Contract with U.S. Air Force for Energy Storage System
- Contract Value: ESS has signed a $9.9 million contract with the U.S. Air Force Research Laboratory to deploy 27 MWh of iron flow battery systems at the Clear Space Force Station in Alaska, showcasing the company's strong position in military energy storage.
- Technology Application: This project aims to demonstrate emerging advanced energy storage technologies, with ESS's iron flow batteries providing reliable power in extreme conditions (below -40°C), enhancing the company's competitiveness in the military market by ensuring continuous operation of critical missions.
- Market Potential: As the Department of Defense seeks long-duration resilient microgrids, ESS's technology is seen as key to reducing cybersecurity risks, which is expected to unlock further long-term storage opportunities with the DoD and drive future growth for the company.
- Strategic Partnership: The collaboration with Concurrent Technologies Corporation will enhance the stability of power supply at the Clear Space Force Station, ensuring rapid recovery during grid instability, reflecting the strategic importance of ESS in critical infrastructure sectors.
See More
ESS Tech Announces $15 Million Direct Offering
- Financing Size: ESS Tech has entered into agreements with institutional investors for a direct offering of approximately $15 million, priced at $1.75 per share, reflecting market confidence in the company's future prospects as it exceeds the closing price on January 28, 2026.
- Share Count: The offering consists of 8,571,428 shares of Common Stock or Pre-Funded Warrants, with the latter being immediately exercisable, which is expected to provide the company with ample liquidity to support its operations and growth.
- Use of Proceeds: The company plans to utilize the net proceeds from this offering, combined with existing cash, for general corporate purposes and working capital, aiming to enhance its competitiveness in the long-duration energy storage market.
- Transaction Arrangement: The transaction is expected to close on or about January 30, 2026, subject to customary closing conditions, with Aegis Capital Corp. acting as the exclusive placement agent to ensure the smooth execution of the deal.
See More
ESS Tech Appoints Drew Buckley as CEO Effective January 1, 2026
- Leadership Change: ESS Tech has appointed Drew Buckley as CEO effective January 1, 2026, succeeding Interim CEO Kelly Goodman, aiming to leverage Buckley's extensive experience to drive the company's strategic development.
- Strategic Restructuring: Kelly Goodman is now Chief Strategy Officer and General Counsel, indicating a strategic restructuring at the executive level to enhance the management team's expertise and market responsiveness.
- Financial Leadership Transition: Kate Suhadolnik has been promoted from Interim CFO to CFO, ensuring continuity and stability in financial management to support the company's future financial strategies and capital operations.
- Experience Background: Drew Buckley brings nearly two decades of experience focused on investing in small- and mid-cap technology companies, and is expected to utilize his expertise in capital markets to enhance ESS Tech's investor relations and market strategy.
See More
ESS Tech Restructures Leadership and Financial Framework
- Leadership Restructuring: ESS Tech completed a comprehensive leadership transition at the beginning of 2026, appointing Drew Buckley as CEO, Kelly Goodman as Chief Strategy Officer, and Kate Suhadolnik as CFO, aiming to enhance governance, execution, and financial discipline to lay the groundwork for long-term value creation.
- Significant Commercial Progress: The company secured a $9.9 million contract from the U.S. Air Force Research Laboratory to deploy 27 MWh of long-duration energy storage systems at military installations, validating its battery technology's reliability and strengthening its competitive position in mission-critical infrastructure.
- Financial Structure Optimization: In October, ESS Tech closed a $40 million financing transaction to enhance liquidity, and in November, it launched an at-the-market equity offering program raising approximately $8.6 million, reflecting continued investor support for its strategic direction and improving financial flexibility.
- Clear Future Outlook: The company plans to provide an updated business outlook in 2026 and share deeper technology insights at an upcoming investor day, emphasizing that the foundation built in technology, manufacturing readiness, and customer engagement will drive stronger execution and commercial progress.
See More
ESS Tech's New CEO Highlights Commercial Progress and Governance Updates
- Leadership Restructuring: ESS Tech completed a comprehensive leadership transition at the beginning of 2026, appointing Drew Buckley as CEO, alongside Kelly Goodman as Chief Strategy Officer and Kate Suhadolnik as CFO, aimed at enhancing governance and financial discipline to improve execution and capital allocation efficiency.
- Commercial Contract Progress: The company secured a $9.9 million contract from the U.S. Air Force Research Laboratory to deploy 27 MWh of long-duration energy storage systems at military facilities, validating its battery technology's reliability and strengthening its competitive position in the defense market.
- Financial Position Improvement: ESS Tech closed a $40 million financing transaction in October, enhancing liquidity, and raised approximately $8.6 million through an at-the-market equity offering in November, further improving financial flexibility and demonstrating continued investor support for its strategic direction.
- Future Outlook: The company plans to provide an updated business outlook in 2026 and delve into technology advancements during an upcoming investor day, which is expected to further drive growth in defense and microgrid markets.
See More
ESS Tech, Inc. Completes $15 Million Registered Direct Offering at a Premium Price
Company Announcement: E S S T E C H, Inc. has announced the closing of a $15 million registered direct offering.
Offering Details: The offering was priced at a premium to the market, indicating strong investor interest.
See More
ESS Secures $9.9 Million Contract with U.S. Air Force for Energy Storage System
- Contract Value: ESS has signed a $9.9 million contract with the U.S. Air Force Research Laboratory to deploy 27 MWh of iron flow battery systems at the Clear Space Force Station in Alaska, showcasing the company's strong position in military energy storage.
- Technology Application: This project aims to demonstrate emerging advanced energy storage technologies, with ESS's iron flow batteries providing reliable power in extreme conditions (below -40°C), enhancing the company's competitiveness in the military market by ensuring continuous operation of critical missions.
- Market Potential: As the Department of Defense seeks long-duration resilient microgrids, ESS's technology is seen as key to reducing cybersecurity risks, which is expected to unlock further long-term storage opportunities with the DoD and drive future growth for the company.
- Strategic Partnership: The collaboration with Concurrent Technologies Corporation will enhance the stability of power supply at the Clear Space Force Station, ensuring rapid recovery during grid instability, reflecting the strategic importance of ESS in critical infrastructure sectors.
See More
ESS Tech Announces $15 Million Direct Offering
- Financing Size: ESS Tech has entered into agreements with institutional investors for a direct offering of approximately $15 million, priced at $1.75 per share, reflecting market confidence in the company's future prospects as it exceeds the closing price on January 28, 2026.
- Share Count: The offering consists of 8,571,428 shares of Common Stock or Pre-Funded Warrants, with the latter being immediately exercisable, which is expected to provide the company with ample liquidity to support its operations and growth.
- Use of Proceeds: The company plans to utilize the net proceeds from this offering, combined with existing cash, for general corporate purposes and working capital, aiming to enhance its competitiveness in the long-duration energy storage market.
- Transaction Arrangement: The transaction is expected to close on or about January 30, 2026, subject to customary closing conditions, with Aegis Capital Corp. acting as the exclusive placement agent to ensure the smooth execution of the deal.
See More
ESS Tech Appoints Drew Buckley as CEO Effective January 1, 2026
- Leadership Change: ESS Tech has appointed Drew Buckley as CEO effective January 1, 2026, succeeding Interim CEO Kelly Goodman, aiming to leverage Buckley's extensive experience to drive the company's strategic development.
- Strategic Restructuring: Kelly Goodman is now Chief Strategy Officer and General Counsel, indicating a strategic restructuring at the executive level to enhance the management team's expertise and market responsiveness.
- Financial Leadership Transition: Kate Suhadolnik has been promoted from Interim CFO to CFO, ensuring continuity and stability in financial management to support the company's future financial strategies and capital operations.
- Experience Background: Drew Buckley brings nearly two decades of experience focused on investing in small- and mid-cap technology companies, and is expected to utilize his expertise in capital markets to enhance ESS Tech's investor relations and market strategy.
See More
