M&A - ESS Tech, Inc.

Form Type: 10-K

Filing Date: 2025-03-31

Corporate Action: Merger

Type: Update

Accession Number: 000162828025015649

Filing Summary: ESS Tech, Inc., following its business combination with ACON S2 Acquisition Corp., has reported substantial advancements in its operations and technology. The company specializes in developing long-duration energy storage solutions using iron flow battery technology, which aims to offer an environmentally sustainable alternative to conventional lithium-ion batteries. The firm’s products are designed to deliver energy assurance for both commercial and industrial sectors, with the ability to cycle over 20,000 times without capacity fade. Notably, the batteries employ a salt, iron, and water-based electrolyte, making them safer and allowing operation in varied temperature ranges. The company also emphasizes its collaboration with Munich Re to provide extended warranties and project insurance, enhancing customer confidence in its technology. Importantly, as of March 25, 2025, the total shares of common stock outstanding are 12,103,750, reflecting solid investor interest in the ongoing growth and market positioning of ESS Tech, Inc. The merger with Legacy ESS completed on March 31, 2024, has strengthened its operational structuring, integrating its legacy operations under the ESS Tech umbrella, facilitating a clearer corporate identity and streamlined governance. This merger supports the company's strategic vision of expanding its market presence and reinforcing its commitment to accelerating the transition to a zero-carbon energy future.