ESS Tech, Inc. Issues Shareholder Letter and Provides Corporate Update
Recently Appointed CEO Drew Buckley Highlights Recent Commercial Progress, Balance Sheet Actions, and Corporate Governance Updates
Dear Shareholders,
Since assuming the role of Chief Executive Officer at the beginning of 2026, my focus has been on resetting ESS Tech’s leadership structure, strengthening the balance sheet, and sharpening execution as we enter the Company’s next phase.
Over the past several months, we have taken deliberate steps to position the business for discipline, accountability, and long-term value creation. I want to highlight several recent developments that I believe are important as we move toward our upcoming financial reporting and investor engagements.
Leadership and Organizational Reset
Earlier this year,
This leadership structure reflects a renewed emphasis on execution, capital allocation, and accountability. I was also elected to the Board of Directors as a Class I director, further aligning management and Board oversight as we execute against our strategic priorities.
Recent Commercial Progress
In January, we were awarded a
This award validates our battery technology and its ability to deliver reliable daily energy while strengthening grid resilience when it matters most. It also builds on our recent 50 MWh project with
This project is expected to deploy a large-capacity iron flow energy storage system in a demanding, cold-weather environment, demonstrating durability and reliability in real-world conditions. We believe this deployment aligns with growing
We also continue to advance our Energy Base strategy, which is focused on aligning resources around scalable opportunities while completing the wind-down of legacy activities that are no longer core to our long-term objectives.
Balance Sheet Actions and Liquidity
Strengthening the balance sheet has been a key priority. In October, we closed a
Based on preliminary unaudited estimates disclosed in our recent Form 8-K, cash, cash equivalents and short-term investments as of
More recently, we completed a
Looking Ahead
ESS enters 2026 with a reset leadership team, a strengthened balance sheet, increasing validation across commercial and defense markets, and a clearer operating focus. I believe the foundation built in 2025 across technology, manufacturing readiness, and customer engagement positions us for stronger execution and continued commercial progress.
My focus is on execution: aligning strategy, capital allocation, manufacturing scale-up, and organizational design to deliver sustainable growth and long-term shareholder value. We plan to provide an updated business outlook in the coming months, as well as deeper technology insight with an investor/analyst day at the Company headquarters in
In addition, ESS plans to participate in the upcoming
We appreciate the continued interest and engagement from our shareholders as we continue to move forward with a strengthened management team, improved financial position, and a clear directive. I look forward to sharing more on financial results and upcoming milestones during our fourth quarter and full year 2025 conference call, expected to be held in March.
Sincerely,
Chief Executive Officer
About
ESS (NYSE: GWH) is the leading manufacturer of long-duration iron flow energy storage solutions. ESS was established in 2011 with a mission to accelerate decarbonization safely and sustainably through longer lasting energy storage. Using easy-to-source iron, salt, and water, ESS iron flow technology enables energy security, reliability and resilience. We build flexible storage solutions that allow our customers to meet increasing energy demand without power disruptions and maximize the value potential of excess energy. For more information visit www.essinc.com.
Forward-Looking Statements
This communication contains certain forward-looking statements, including statements regarding ESS and its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding the expected use of the net proceeds. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments and their potential effects on ESS. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. There can be no assurance that the future developments affecting ESS will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond ESS control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, general economic and market conditions as well as geopolitical developments and other risks and uncertainties described more fully in the section titled “Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed on
View source version on businesswire.com: https://www.businesswire.com/news/home/20260205040215/en/
Company
investors@essinc.com
Investor Relations
Executive Vice President
Phone: (949) 491-8235
GWH@mzgroup.us
www.mzgroup.us
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