Why Battery Maker ESS Tech (GWH), Backed by Bill Gates and SoftBank, Is Up 170% Today
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The ESS Tech (NYSE: GWH) stock price is up 170% on the day with shares halted for trading on circuit breaker earlier in the session.
ESS Tech was backed by SoftBank, BASF, and Bill Gates, with the company attracting investments of $57 million. The battery business is seeking to raise over $300 million via the SPAC merger.
The battery company went public through a SPAC merger with Acon S2 Investment and started trading yesterday.
The company is seeking strong attention from investors as it produces batteries out of different materials, like iron, salt, or water. These batteries can last between 4 and 12 hours, which is very attractive.
“There have been very few solutions for this long duration up until now, and it’s largely driven from the fact that we didn’t rely on energy storage as a major solution for hardening the system,” CEO Eric Dresselhuys told CNBC.
The PIPE investors included Fidelity Management, Koch Industries, Tortoise Capital Advisors, SB Energy (SoftBank), Breakthrough Energy Ventures, BASF Venture Capital, and others.
The ESS Tech stock price opened at $8.60 before racing to close 26.92% higher. Shares are now up nearly 170% on the day with an intraday high of $28.60.
GWH has a market cap of over $4.1 billion at the moment, up from $1.57 billion yesterday.
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