ESS

ESS is a company founded in Portland, Oregon. It is engaged in developments in the field of energy and technology. The main source of financing for the company's projects is private investment from companies and individuals interested in finding new alternative sources of energy.

History

2021: Entering the NYSE Exchange

In October 2021, ESS floated shares on the New York Stock Exchange after it introduced a new development - smart batteries, which include iron, salt and water - easily accessible and safe materials.

On the first day of trading, the value of the company's securities increased by 27% compared to the IPO price and reached $10.42. The listing was made through a merger with the SPAC company Acon S2 Investment.

ESS batteries are able to work while maintaining a charge of 12 hours. This is a good combination with renewable energy sources such as the sun and wind.

ESS smart battery developer enters NYSE exchange

ESS is concerned about a pressing issue related to renewable energy: where to get it in such a volume if the wind does not blow, and the sun does not shine.

The proposed solution is durable storage batteries, where the electrolyte includes iron, salt and water. These cells are much cheaper and more affordable than those used in modern lithium and cobalt batteries.

Initial investments in development amounted to $57 million. Investors include Bill Gates and Softbank. Entering the New York Stock Exchange, the company raised $308 million.

Over the years, few solutions have been developed in the world. This is largely due to the fact that we did not rely on energy storage as the main way to make the system work stable, "said ESS head Eric Dresselheis.

The technology that ESS develops is a stack of carbon plates that have salt water with iron flowing through each layer.

Iron precipitates from salt water and adheres to one side of the plates. When the polarity of the plates changes, the iron dissolves again in aqueous solution.

The battery control system can switch the ion flow, thereby also switching the electricity flow to and from the network. Ideas about creating an iron battery were expressed back in the 70s of the XX century, but the implementation of the idea took place only nowadays.^[1]

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