Business UpdateJun 23, 2026, 08:42 AM
ESS Tech Accelerates Sodium-Ion Battery Development, Targets $1B Opportunities
AI Summary
ESS Tech, Inc. announced it is accelerating the development of its sodium-ion battery energy storage systems due to significant customer interest, with early-stage opportunities approaching $1 billion. The company plans to streamline its Wilsonville operations, reduce expenses, and reallocate capital towards sodium-ion solutions, while continuing iron flow battery development. As of May 31, 2026, ESS Tech had approximately $13.6 million in cash, cash equivalents, and short-term investments. The company also received a notice from the NYSE regarding its failure to meet the minimum share price requirement.
Key Highlights
- Accelerating development of sodium-ion battery energy storage systems.
- Early-stage sodium-ion opportunities approaching $1 billion.
- Streamlining Wilsonville operations to reduce expenses and cash burn.
- Reallocating capital towards sodium-ion and related solutions.
- Continuing development of iron flow battery technology for long-duration applications.
- Cash, cash equivalents, and short-term investments of $13.6 million as of May 31, 2026.
- Received NYSE notice for not satisfying minimum share price requirement.
Price Impact
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