Make More in America Initiative to Fund Expansion of ESS' Long-Duration Energy Storage Manufacturing Capacity
Summary
$50 million financing package provided by the Export-Import Bank of the United States of America will enable ESS to expand manufacturing capabilities, achieve cost efficiencies and accelerate deployments.Wilsonville, Ore. June 27, 2024 ESS Tech, Inc. (ESS) (NYSE: GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced that a financing package of $50 million was approved by the Export-Import Bank of the United States (EXIM) Board of Directors under the Make More in America Initiative. This financing will fund the expansion of ESS production capacity in Wilsonville, Ore. to meet rapidly growing global demand for LDES. ESS is delivering iron flow energy storage systems to customers in Europe, Australia and Africa, providing energy resilience and accelerating the global transition to clean energy.Launched in 2022, EXIMs Make More in America Initiative (MMIA) makes available medium- and long-term loans, loan guarantees, and insurance to finance export-oriented domestic manufacturing projects. ESS manufactures 100% of its products in the United States, leveraging a predominantly domestic supply chain that spans 29 states, which will maximize the economic benefits delivered by this financing package.Our partnership with EXIM underscores the critical role that American-made clean energy technology will play in the global clean energy transition, said ESS CEO Eric Dresselhuys. ESSs iron flow technology is already deployed in Australia and Europe and with this agreement, we are well positioned to meet the growing needs of our current and future global customers.Financing approved by EXIM will enable the tripling of annual production capacity in Wilsonville.