The shares and warrants of ESS Inc, a provider of iron flow batteries, have begun trading on the NYSE (New York Stock Exchange). Shareholders of ACON S2 Acquisition Corp, which is a SPAC (special purpose acquisition company), decided to accept a merger with ESS Inc, which subsequently went on to create the combined, NYSE-listed organization.

ESS Inc is the sole global manufacturer of a flow battery based on iron and saltwater electrolytes that are packaged into the energy storage systems for both commercial and industrial (C&I) as well as utility-scale applications. Previous Chief Executive Officer (current co-founder and president) Craig Evans said a while back that it’s not that other companies don’t want to make batteries dependent on all-iron electrolytes, but rather that they can’t.

In May of this year, the company announced its intention to go public, and since then, it has signed two major contracts: an 8.5MWh purchase from Enel Green Power Espaa, which might signal the beginning of a larger partnership with Enel Green Power all over European Union territories, as well as a framework pact with the SB Energy to purchase up to 2GWh of flow batteries by 2026. Additional investors in the manufacturing to far have included Bill Gates’ Breakthrough Energy Ventures, in addition to Softbank’s SB Energy.

“This is a proud occasion for the whole ESS team, as well as a watershed moment for the industry.” CEO Eric Dresselhuys remarked of the listing, “We are pleased to start our next phase as the first publicly listed long-duration energy storage firm.” “Our distinctive battery technology provides us a head start in a fast-growing sector while also altering the value proposition of the long-duration storage to assist renewable energy production for the electrical grid.” The funds from this deal will allow us to expand our operations in order to fulfill the expanding worldwide demand for a commodity that is critical to the world’s shift to clean, renewable power right now.”

The deal consists primarily of US$308 million in pro forma net cash to the combined company, as well as private investment in public equity (PIPE) that included institutional investors such as Breakthrough and SB Energy Global Holdings, as well as Fidelity Management and Research, Tortoise Capital Advisors, Koch Industries and BASF Venture Capital.

At 4 p.m. on October 11, 2021, 3,115,177 units of the ESS Inc shares were trading on the New York Stock Exchange under the ticker GWH for US$10.42, after opening the day at US$8.60. Dresselhuys remains CEO, with Craig Evans as the president and co-founder, Julia Song as co-founder and chief technology officer, and Amir Moftakhar as chief financial officer.

It’s the latest in a long line of SPAC-led energy storage stock exchange listings. Eos Energy Enterprises, which manufactures zinc battery-centered energy storage solutions, may disagree with ESS Inc’s claim to be the very first long-duration storage company to go public. Eos, like ESS Inc, was listed on NASDAQ last November and says that their battery technology is suitable for large-scale applications demanding up to 12 hours of storage time.

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