ESS Tech
NYSE: GWH48Mixed / Improving· ProvisionalManufacturer of long-duration iron flow battery energy storage systems using iron, salt, and water for utility-scale and commercial applications.
Why it's on ClimateTicker
ESS Tech manufactures iron flow batteries using non-toxic iron, salt, and water — a genuinely low-materials-impact technology that enables grid-scale long-duration storage and accelerates renewable energy integration. The climate thesis is sound in principle: displacing fossil peaker plants and enabling higher renewable penetration are real mitigation pathways. However, with revenue of only $1.6M in 2025, an accumulated deficit of $845.8M, a going-concern doubt disclosed in its 10-K, and no published Scope 1/2/3 emissions data or SBTi targets, the gap between mission and verifiable operational impact remains very wide.
Commitments & Certifications
Controversy & Greenwashing Watch
ESS disclosed substantial doubt about its ability to continue as a going concern in its 2025 10-K, with only $13.6M cash by May 2026 and revenue collapsing to $1.6M; the company nearly shut its Wilsonville plant in mid-2025 before securing emergency capital.source ↗
ESS received NYSE listing deficiency notices in both March 2024 and June 2026 for failing to maintain a $1.00 minimum average share price, requiring cure plans and a 2024 reverse stock split.source ↗
ESS went public via a SPAC in late 2021 with ambitious revenue projections that have not materialized, accumulating an $845.8M deficit while revenues remain in the low single-digit millions, raising questions about forward-looking claim credibility at the time of listing.source ↗
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