ESS Tech raises $15 million in registered direct offering at premium

ESS Tech, Inc. (NYSE: GWH) announced it has entered into definitive agreements for a registered direct offering with institutional investors to raise approximately $15 million through the sale of common stock and pre-funded warrants.

The energy storage systems manufacturer priced the offering at $1.75 per share of common stock, representing a premium to the January 28, 2026 closing price. The offering consists of 8,571,428 shares of common stock or pre-funded warrants. Pre-funded warrants are priced at $1.74999 each, with an exercise price of $0.00001 per warrant.

The pre-funded warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each pre-funded warrant sold, the number of common stock shares in the offering will decrease on a one-for-one basis.

The transaction is expected to close on or about January 30, 2026, subject to customary closing conditions. ESS Tech expects to use the net proceeds for general corporate purposes and working capital, combined with existing cash.

Aegis Capital Corp. is serving as the exclusive placement agent for the offering. Wilson Sonsini Goodrich & Rosati, P.C. represents the company, while Kaufman & Canoles, P.C. represents Aegis Capital Corp.

The offering is being conducted under an effective shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission and declared effective on December 11, 2025.

ESS Tech manufactures long-duration energy storage systems for commercial and utility-scale applications using iron flow technology.

You May Also Be Interested In

• Yarrow Bioscience prices $150M public offering at $26 per share
• Parallel49 Equity to sell 2.3M shares of CPI Card Group stock
• OPI prices $425M in senior secured notes due 2031