ESS Tech Secures Military Contract and Completes Capital Increase for Energy Storage Solutions
ESS Tech has completed a capital increase and secured a multimillion-dollar contract with the U.S. military, addressing the demand for long-term energy storage. The financing will enhance liquidity, while a significant reduction in liabilities allows for greater financial flexibility. The contract from Concurrent Technologies Corporation and the U.S. Air Force Research Laboratory involves providing energy storage solutions for the Clear Space Force Station in Alaska, serving as a reference for the reliability of ESS Tech's iron-flow battery technology.
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ESS Tech is undergoing a financial and operational reset in 2026, highlighted by a successful capital increase and a major contract with the U.S. military. The capital raise ensures liquidity, with liquid assets at approximately $22 million by the end of 2025, against a preliminary revenue of $1.6 million.
The company reduced liabilities by over $24 million, enhancing financial flexibility. The contract from Concurrent Technologies Corporation and the U.S. Air Force Research Laboratory entails supplying energy storage solutions for the Clear Space Force Station in Alaska, validating the technology's reliability. Upcoming events include participation in the ROTH Conference from March 22-24, 2026, and an investor day at the Wilsonville headquarters.
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