ESS Celebrates $50M Manufacturing Expansion at Oregon Headquarters Funded by US Export-Import Bank’s Make More in America Initiative.
ESS Tech, Inc. (ESS) (NYSE: GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today hosted a ribbon-cutting event to celebrate the company’s growing domestic manufacturing capacity. ESS became the first energy storage manufacturer to be supported by the Make More in America Initiative of the Export-Import Bank of the United States (EXIM) with the recent approval of a $50 million financing package.
ESS will use the proceeds from the deal to expand production of the company’s proprietary iron flow battery (IFB) modules. The company’s first fully automated IFB module line was commissioned last year and the planned expansion will leverage this proven design to quickly and cost effectively add capacity. ESS serves a global customer base with projects announced or underway in the U.S., Europe, Australia and Africa. The LDES Council and McKinsey & Co. project the world will need to install up to 140 TWh of LDES by 2040 to achieve decarbonization targets.
EXIM’s Make More in America Initiative (MMIA) finances export-oriented domestic manufacturing projects to support American exports and American jobs. MMIA supports environmentally beneficial projects, small businesses, and transformational export transactions in areas including semiconductors, biotech and biomedical products, renewable energy, and energy storage while supporting domestic jobs.
Judith Pryor, EXIM Vice Chair, said:
EXIM’s Make More in America initiative aims to support American jobs and U.S.-based companies working to meet global demand for critical technologies. As a leading commercial manufacturer of advanced energy storage technology, ESS was an obvious choice.
“This award not only supports ESS to meet growing global demand for LDES but also reinforces EXIM’s dedication to strengthening domestic supply chains, supporting sectors vital for U.S. national security, and deploying American technology in the fight against climate change.”
Owen Herrnstadt, EXIM Director, said:
Make More in America enables EXIM to support U.S. jobs and U.S. supply chains by providing key financing tools for goods and services in critical export-oriented industries like renewable, sustainable energy, manufacturing and transportation.
“With its cutting-edge, sustainable, long duration energy storage system that powers clean energy developed and produced by U.S. workers, ESS is a model for EXIM’s Make More in America initiative.”
Ron Wyden, Oregon U.S. Senator, said:
Today is definitely a blue-ribbon day for jobs in Oregon and green energy in America. Cutting the actual ribbon here at ESS on one of our state’s most advanced energy storage manufacturing facilities is a powerful testament to Oregon’s leadership in clean technology.
“Tripling ESS’s production capacity and helping meet global demand for long-duration energy storage systems plus the partnership with EXIM adds up to a big win that will generate clean tech and employment now, and for generations to come.”
Eric Dresselhuys, ESS CEO, said:
EXIM’s Make More in America initiative is perfectly suited to meet the needs of growing American manufacturers. Long-term financing, at very attractive rates, provides exactly the non-dilutive capital that companies like ESS need to achieve scale and meet global demand for clean energy technologies.
“There is broad bipartisan agreement that manufacturing more critical technology in America is a high priority. We look forward to working with EXIM and other stakeholders to build and deliver the energy storage solutions that will drive global decarbonization.”
Recently, ESS announced a partnership, financed in part by EXIM, with Nigerian energy company Sapele Power, representing one of the first long-duration energy storage projects in Nigeria and the entire sub-Saharan Africa region. The deal won EXIM’s Sub-Saharan Africa Deal of the Year Award for driving investment in Africa and creating new opportunities across the continent. ESS also has partnerships with global energy and services companies, including Honeywell International, German energy company LEAG and, through a local partner, Australian generator Stanwell Corporation, among others.
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ESS Celebrates $50M Manufacturing Expansion at Oregon Headquarters Funded by US Export-Import Bank’s Make More in America Initiative. source
