ESS Tech went public via a SPAC merger with ACON S2 Acquisition in a $1.1bn deal.

ESS Tech, a battery maker, went public via a SPAC merger with ACON S2 Acquisition in a $1.1bn deal. Investors in PIPE include Fidelity Management & Research, SoftBank Group, Breakthrough Energy Ventures, and BASF. “This is an incredibly proud moment for the entire ESS team and a milestone for the industry at large. We are excited to begin our next chapter as the first publicly traded long-duration energy storage company. Our differentiated battery technology gives us a first mover advantage in a rapidly expanding market, while simultaneously transforming the value proposition of long-duration storage to support renewable energy generation for the electrical grid. The proceeds from this transaction will enable us to scale our operations to meet the growing global demand for a product that the world needs today to support the transition to clean, renewable energy," Eric Dresselhuys, ESS CEO.