Latest news with #KellyGoodman
Business Wire
6 days ago
- Business
- Business Wire
ESS Confirms Path to Continued Execution of its Strategic Plan with the Energy Base
WILSONVILLE, Ore.--(BUSINESS WIRE)--ESS Tech, Inc. ('ESS' or the 'Company') (NYSE:GWH), a leading manufacturer of iron flow long-duration energy storage (LDES) systems for commercial- and utility-scale applications, today provided a business update and the continued execution of its strategic plan focused around the Energy Base product. Previously, ESS announced the potential need to take certain workforce actions in the event it was unable to raise capital to enable the Company to avoid or postpone a shutdown. ESS subsequently received sufficient capital not anticipated in the ordinary course of business to continue operations at its Wilsonville facility in the near term, though it will still undertake actions to judiciously manage its operating expenses. 'I am pleased to report this important development and the continuation of our strategic pivot and delivery of a scalable Energy Base solution manufactured here in the United States to support unprecedented growth in energy demand and the critical need for grid reliability and resiliency,' said Kelly Goodman, Interim CEO of ESS. ESS also recently executed several actions to further implement this plan and deepen collaboration with key partners. The Company closed orders for the sale of four Energy Warehouses as part of its ongoing dual strategy to move existing inventory and pivot to a focused Energy Base product offering. ESS intends to sell the associated Advanced Manufacturing Production Tax Credits (PTC) from the equipment sales this quarter. The Company is continuing discussions with potential capital providers and exploring all available financing options to support its repositioned business plan, including to close key customer contracts for its proprietary 10+ hour Energy Base product. About ESS Tech, Inc. At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it's needed. As more renewable energy is added to the grid, long- duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining, and the wind is not blowing. Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS enables project developers, independent power producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy storage solutions. For more information visit This release contains certain forward-looking statements, including statements regarding the Company 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' and '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 operations at the Company's Wilsonville site, measures to manage operating expenses, the sale of Production Tax Credits, contracts and relationships with third parties and potential capital raising measures. These forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company and involve a number of risks, uncertainties (some of which are beyond the Company's 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, partnerships and customer relationships not resulting in expectant benefits, the Company's inability to sell its Production Tax Credits, and the Company's inability to raise additional capital 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 May 15, 2025, and the Company's other filings with the U.S. Securities and Exchange Commission. Except as required by law, the Company is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Yahoo
16-05-2025
- Business
- Yahoo
Q1 2025 ESS Tech Inc Earnings Call
Erik Bylin; Head of Investor Relations; ESS Tech Inc Kelly Goodman; Interim Chief Executive Officer; ESS Tech Inc Anthony Rabb; Chief Financial Officer; ESS Tech Inc Justin Clare; Analyst; ROTH Capital Partners Thomas Boyes; Analyst; TD Cowen Ben Kallo; Analyst; Baird Operator Ladies and gentlemen, thank you for standing by. (Operator Instructions) I would now like to turn the conference over to Erik Bylin. Please go ahead. Erik Bylin Thank you. Welcome to ESS' first quarter of fiscal year 2025 financial results conference call. Joining me on the call today from ESS are Kelly Goodman, Interim CEO; and Tony Rabb, CFO. Following management's prepared remarks, we will hold a Q&A session. Earlier today, ESS released financial results for the first quarter of 2025. The earnings release is available in the Investor Relations section of the company's website. As a reminder, the information presented today will include forward-looking statements, including, without limitation, statements about our growth prospects, partnerships, financial performance, capital raising and strategy for 2025 and beyond. The forward-looking statements are also subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call, in particular, those described in our risk factors set forth in more detail in our most recent periodic filings filed with the Securities and Exchange Commission as well as the current uncertainty and unpredictability in our business, challenges with raising capital, issues with our partnerships, the markets, the economy and the current geopolitical situation. You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call today are based on assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. During the call, we will also present certain financial metrics on a non-GAAP basis. Management believes that non-GAAP financial measures taken in conjunction with US GAAP financial measures provide useful information for both management and investors by excluding certain items that are not indicative of our core operating results. Management uses certain non-GAAP measures internally to understand, manage and evaluate our business and make operating decisions. Reconciliations between US GAAP and non-GAAP results are presented within our earnings release. With that, I'll turn the call over to Kelly. Kelly Goodman Thank you, Erik, and thank you, everyone, for joining the call. I am pleased to be here again to report our first quarter results for 2025. As we noted on our last call, we continue to work diligently to manage liquidity in the near term, support capital-raising measures and give us time to implement our turnaround and current strategy. Our focus this quarter was execution of the Energy Base launch and gaining commercial momentum, which I will talk about momentarily. Our first quarter revenue is tied to final deliveries of our battery systems to our Florida utility customer and came in at $0.6 million with roughly 65% tied to equipment and 35% tied to site preparation. Additional project revenues are anticipated to be realized as the project is installed and commissioned through the course of this year. We expect that revenue will maintain these levels in the first half of the year and ramp in the back half based on Energy Base sales, although we are certainly exploring near-term revenue opportunities. The results reflect in part our pivot from the Energy Warehouse and Energy Center products to implement a more focused business strategy related to the Energy Base product and address longer-duration storage opportunities at 10-plus hours. This strategic shift is already yielding results. Within just 3 months of launching the Energy Base product, we secured early momentum. We were notified in late April that ESS beat more than 10 shortlisted competitors in a non-lithium RFP initiated by an Arizona public power utility that serves 2 million people and services a significant load from hyperscale leaders. Contracting and approvals for the 50-megawatt hour 5-megawatt pilot project are anticipated to conclude by September. We expect there will be a significant follow-on RFP opportunity for this customer, and our proposal included indicative pricing for a 2-gigawatt hour, 200-megawatt follow-on project. This opportunity is representative of the significant emerging demand for non-lithium-ion longer-duration storage technologies. We believe that our ability to deliver 10-plus hours of storage, offer competitive pricing, perform in a wide range of temperatures and bring broad field experience with our core technology, scaled to gigawatt capacity in the Energy Base, were important factors in securing this opportunity. In addition, the project offtaker is confirmed, and we are in further discussions for 2 additional projects. The project will be structured as a power purchase agreement, allowing us to deploy capital and raise financing at the project level. Project-level capital and monthly payment structures like PPAs or tolling agreements also open new opportunities for ESS to maintain some level of ownership in project companies and receive revenue ratably that will help to smooth our revenue projections and provide a revenue baseline to the extent these projects close and become operational. Separate from this particular project, proposal activity has increased substantially on the back of the Energy Base launch, totaling approximately 1.2 gigawatt hours and $400 million in the last 2 quarters, with over 70% representing the Energy Base. Our Portland General Energy Center systems are continuing grid operation and running daily cycling, having transacted another 158 megawatt hours. In addition, we are taking steps to leverage the grid infrastructure that was installed to support the PGE project to connect additional ESS systems and deploy a Wilsonville energy hub right here in our backyard. These batteries are demonstrating commercial applications and daily cycling. We plan to deploy our first extended-duration stacks in an on-site system to demonstrate a 12-hour duration during the second quarter. This effort is a key step in demonstrating the technology at longer durations of up to 22 hours. Operating multiple systems on site that all utilize our core technology will allow us to continue to understand product deployment and field activity firsthand and optimize a hands-on operational approach to better implement learnings and usability for our customers. We continue to work closely in our partnership with Honeywell across a number of fronts, including related to the Energy Base product, as discussed on our last call, based on Honeywell's expertise and process design and procurement position related to core elements like tanks, pumps and control systems. Our first 4 projects under our joint development agreement are complete or near completion, and the next round is already in flight or will be executed during the second quarter. There have been significant changes in the last several weeks related to tariffs. But as noted on our last call, we are proud that we have made our batteries here in the United States since day 1. All of our manufacturing is conducted in our Wilsonville facility, and we do not import foreign cells for US assembly. We have an extremely high degree of American-made inputs from our supply chain with over 98% of the components in our bill of material sourced domestically. The cost for Chinese lithium-ion batteries have recently come down, but the tariff landscape remains both significant and volatile. The 90-day agreement between the US and China that was announced last weekend and came into effect yesterday still imposes over 40% cumulative tariffs on Chinese stationary lithium-ion batteries in the near term and over 50% tariffs in 2026 if a broader trade agreement isn't reached before the Section 301 tariffs on Chinese stationary lithium-ion batteries are scheduled to increase from 7.5% to 25%. We also continue to see positive legislative tailwinds for domestic battery manufacturing, including for long-duration energy storage manufacturers. On April 8, Senator Bill Cassidy introduced the Foreign Pollution Fee Act, which would levy tiered and escalating tariffs on selected imported goods, including battery components, based on their carbon emissions, with the intention to boost US manufacturing competitiveness in low-carbon goods and raise tax revenue. Based on the FPFA's variable charge by sector and country of origin formula, battery inputs from China will face an additional 200% levy if the bill becomes law. On March 10, the Decoupling from Foreign Adversarial Battery Dependence Act passed the House of Representatives. This bill would prohibit the Department of Homeland Security from purchasing batteries produced by CATL, BYD, Envision Energy, EVE Energy, Gotion High-tech and Hithium. On Monday, the House Ways and Means Committee released its bill as part of the budget reconciliation process. While many in the industry were concerned that the Section 45X advanced manufacturing production tax credit would be rescinded, the Ways and Means Committee proposed adjustments to 45X as foreign entity of concern provisions that strengthen a company like ESS' ability to claim the credit between now and 2031. There is broad bipartisan support for the Section 45X credit as a vehicle to scale domestic manufacturing of energy technology and reduce dependence on Chinese technology and supply chains for domestic energy projects. In short, these multiple pending legislative efforts indicate strong continued support for domestic manufacturing, and we continue to believe that ESS and its technology are well positioned to support the administration's mission to reestablish American energy dominance at home and abroad. All of that said, while our team has made significant progress over a very short period, we have not completed our capital raise, and the current capital markets environment is challenging against the current uncertain macro political landscape. We are aggressively pursuing all available options to extend our runway and maximize the value of what we believe is a critical technology in the broader energy landscape. With that, I'll pass it on to Tony to review the financials and our outlook. Anthony Rabb Thanks, Kelly. Unless otherwise noted, all numbers we discuss today will be on a non-GAAP basis. You'll find the reconciliation of GAAP to the non-GAAP financial measures in our earnings release, which is posted on our Investor Relations website. We reported GAAP revenue of $0.6 million in the first quarter with the associated GAAP cost of revenue at $8.7 million. This reflected the remaining 2 Energy Center deliveries in Q1 to a Florida utility following the 6 Energy Centers we delivered in Q4 for a total of 8 Energy Centers delivered. As Kelly mentioned, these Energy Centers will be installed and commissioned later this year as ESS completes all of the project site EPC activity. I'll note again that our cost of revenue associated with these ECs doesn't reflect the numerous product cost-out initiatives we have realized across both of our current products that will also flow into the Energy Base. We will continue to control our spend to minimize our cash burn. We're encouraged by the interest in our Energy Base product, as Kelly noted, and that's reflected in our inquiry responses and proposal activity. And we anticipate realizing revenue from our recent EB award once fully contracted and from other EB projects in 2026 and beyond. From a cash perspective, we received a portion of customer payments upon contracting, which we expect to help provide cash inflows to support material purchases and offset other costs and working capital while we continue to ramp up Energy Base deal activity. As we've noted, our COGS in the first quarter 2025 still reflects an LCNRV adjustment that continues to impact our results. This adjustment will continue to impact us at our current lower volumes as well while we're purchasing materials and producing products for sale in future quarters. Our non-GAAP operating expenses for Q1 were $9.4 million, and our R&D spend of $2.3 million reflects our investment in our cost-out initiatives as well as the technology and product development improvements in performance, reliability and durability of the Energy Center as well as the Energy Base product. As a result of our Q1 activity, we reported adjusted EBITDA of negative $15 million. We continue to expect this loss to narrow as units produced in 2025 and beyond will be non-GAAP gross margin positive. And based on the expected ramp of our Energy Base production and sales in 2026 and beyond, we believe we have a path to transition to EBITDA and cash flow positive in the next few years. As we mentioned last quarter, we've crossed over to non-GAAP gross margin breakeven on our Energy Center. We continue to make good progress on further reducing costs, improving performance, reliability and durability in all of our ongoing initiatives and efforts. Due to the response we're seeing for our Energy Base product, we're actively reallocating our engineering, supply chain and product management resources to accelerate our progress on the Energy Base cost-out, performance and durability initiatives. These initiatives will further ready the Energy Base for field deployment while also delivering a product with a lower cost per megawatt hour, allowing us to both increase unit profitability while also delivering a more cost-competitive product to the market. The years of significant cost reduction in our Energy Warehouse and Energy Center are being leveraged into further capitalizing on our fundamental cost entitlement advantage, a product that delivers energy from iron, salt and water to compete head-to-head with lithium-ion in the coming years. We're actively bidding projects to be delivered starting in 2027 and '28 and beyond, where pricing expectations are trending towards 200-kilowatt hours or less on a fully installed cost basis. Our current projected long-term cost reductions and technology road map for the Energy Base can deliver a product that is on par or can beat lithium-ion and other long-duration energy storage technologies available. Couple that with safety and reliability of our core technology, and you could see why we were awarded the 50-megawatt hour PPA project in Arizona. Turning to cash flow and liquidity. We ended the first quarter with $12.8 million in cash and short-term investments. Our cash burn rates in the first quarter reduced from the fourth quarter due to lower production rates, lower material purchases and proactive measures we took to reduce spend and more efficiently allocate resources across the organization. Based on the progress we made on our cost-out initiatives to the designs as of March 31, 2025, we'll see the benefit of those lower costs on materials purchased for production in 2025 while we are ensuring we're allocating our resources to initiatives that will generate the greatest returns. In addition, we monetized $1.9 million of our 2024 production tax credits in Q1 2025. We're also aggressively continuing to work to prioritize allocation of capital across internal resources and third-party services, closely managing spend on value added relative to cash burn. We anticipate that our lower bill of materials, actions taken to reduce spend and reallocation of resources will further reduce our burn rate in the coming quarters. As Kelly mentioned, we're continuing with our capital raise process to bolster our balance sheet with the funding required to continue to execute on our business plans and growth objectives. However, we have not yet concluded on that process. While the variability and uncertainty surrounding tariffs and the Inflation Reduction Act will have nominal impact on ESS, there are clearly implications to capital markets that are impacting our fundraising activities. We're still exploring a number of near-term interim financing solutions that could also allow us to extend our time line to achieve our broader capital raise objectives. I'll now address the going concern disclosure we included in our 10-Q. As both Kelly and I noted, we are working towards the optimal path to clearing this analysis, and we're focused on extending our cash runway through securing new capital, aggressively managing and reducing our spend and very actively reducing our cash consumption. I reiterate again that we're constantly evaluating a variety of strategic financing alternatives, both dilutive and non-dilutive, to choose the best possible means to strengthen our balance sheet and extend our cash runway to enable ESS to continue operating through 2025. And with that, I'll open it up for questions. Operator (Operator Instructions) Justin Clare, ROTH Capital Partners. Justin Clare First, I wanted to just ask about the outlook to make sure I heard correctly. It sounds like Q2 sales might be similar to Q1, and then you could see a ramp in the second half. So I wanted to just check in and make sure I heard that correctly. And then I just wanted to see, is the second half ramp contingent upon a successful capital raise? Do we need to see that first before you could kind of unlock the production at your facilities and ramp sales up? Anthony Rabb Yes. Thanks for the question, Justin. Yes, that's accurate, Justin. We do continue to moderate our spend in production until we can access the additional capital to support ramping production and orders. Justin Clare Okay. Got it. And then just wondering if you could speak to how long your cash runway might be here, how many quarters of operations can you support at the current burn rate, and then also considering the other levers that you might have at your disposal to extend that cash runway. I think you did mention some intermediate steps that you might take here. If you could just share a little bit more about how you're thinking about it, that would be great. Anthony Rabb Yes. Sure, Justin. I mean I think if you look at the last several quarters of cash burn, that's an indicator for you in terms of what our cash burn rates typically have been. Our go-forward cash burn will be lower than what we've seen in the past couple of quarters because a big part of what we went through in the fourth quarter and part of the first quarter was tied to the Florida utility project and the Energy Centers. And right now, we're not producing significant volumes of product. So I think if you look at it from that standpoint and our cash balance at the end of the quarter, I think you can gauge in terms of where that runway would get us to. And then in terms of interim things that we're working on, we did launch our ATM at the end of the first quarter, and we'll go to market with that at the appropriate time. And then there's other interim capital available to us that we also will evaluate to draw on at the appropriate time, like the EXIM loan that we have in place. And then there's a few other things that we've been exploring as well. But obviously, critical for us to access additional capital to extend that runway. Justin Clare Got it. Okay. Makes sense. And then I did want to ask about the Energy Base product here that you guys have launched. And I was wondering, with the RFP in Arizona and the award that you won, could you share a little bit more about the requirements of that RFP? I mean I think it had to be non-lithium, but was there a -- particular duration requirements or other requirements that maybe you were uniquely suited to provide? Kelly Goodman Yes. This is Kelly. I'm happy to answer that one. It was non-lithium, as you noted. I think this utility is really looking at seeking additional and incremental technologies to support their needs. There wasn't any particular duration, but I think the ability of the Energy Base to deliver at the 10-plus requirement is one of the things that helped us get over the edge. The other thing that is unique for our technology is the ability to operate in various temperatures. So Arizona, you have both the extreme heat in the summer, but I think people don't realize it gets fairly cold at night as well. So we were able to accommodate that broad temperature range. And then we were competitive on cost in this case. And then I think lastly, the operational experience that we have in the field, I think, really proved invaluable in pitching our overall solution, and we were very pleased with the result. Operator Thomas Boyes, TD Cowen. Thomas Boyes Maybe the first one just since we were speaking on the kind of the cash position, for customers that move forward for maybe booked order, like what is a deposit range as a percentage that gets put down in kind of the early innings of a project? Anthony Rabb The ranges that we've seen historically are anywhere from 5% up to about 20%. And as we move forward on future contracts, our expectation is that we'll be looking to push that to the higher end of that range and have additional interim milestones to ensure that from a working capital perspective, we'll be at least cash neutral. Thomas Boyes Got it. That's helpful. And then just thinking through kind of forward demand for the Energy Base, are there opportunities with customers that you've identified maybe that are not ready to move forward just because of the current manufacturing capability where a second facility or additional capacity would unlock that where a lot of customers don't want to be, say, 50% of your overall capabilities. I'm just wondering how you think about that and what you're seeing. Kelly Goodman Yes. I guess no, we're not seeing that. In general, and this sort of cuts both ways, we've had contracts with customers, SoftBank Energy, Honeywell among them, that tend to have pretty significant order volumes. So we're happy, and we haven't heard concerns from customers about being at the level of scaling. One of the things that's relatively straightforward for us to do, too, is we have pretty significant additional manufacturing capacity at our facility in the sense of being able to deploy additional lines. Additional lines are relatively inexpensive from a CapEx perspective and also pretty quick to deploy. So we have the ability to extend manufacturing capacity and diversify, but we haven't heard from customers concerned about being sort of more robust as far as our manufacturing capacity at the moment. Thomas Boyes Got it. Understood. And then if we could just squeeze in one more, I just wanted to get -- maybe you had mentioned this, I missed it, but was there a status update on any of the delays associated with the customer in Australia? I wasn't sure where we were there. Kelly Goodman Yes. No, I didn't. Good question. So our understanding is that the government funding for that project still has not come through. So we don't have any further update or visibility on timing for that project at this time. Operator Ben Kallo, Baird. Ben Kallo Just on sources of cash, could you talk about any discussions with strategic partners, Honeywell in the past and SoftBank in the past as well, but if you've had those or how you think that could be an option? Anthony Rabb Yes. We are having a lot of ongoing discussions across multiple fronts with Honeywell and other existing investors, and we continue to have that dialogue, and they're -- they continue to be productive conversations. So I think that's ongoing for us, and we'll continue to work with our existing investors as well as having multiple conversations with other parties around our strategic capital raise. Kelly Goodman This is Kelly. One thing I would just add, too, is I think we're fortunate to benefit from really strong relationships with our existing investors who have stayed in. I don't know if it's well-known, but we don't have an investor that has sold a single share that's currently on the cap table, but it also raises a bit of a challenge in that our cap table is comprised significantly of those investors, which at times can impact our volumes. So to the extent we can bring in additional investors and round that out, that's certainly something of interest and part of the discussions that we've been having. Ben Kallo And just a follow-up just because of the tariffs and uncertainty with IRA that you guys called out, have you seen that change your inquiry level from prospective customers, just meaning like as an alternative to lithium-ion battery? Kelly Goodman Yes, I would say, to the positive. I think there's 2 things happening. I think there's the tariff impact and uncertainty around the availability of imported batteries. I think the other thing is the significant drive in electrification growth that people are seeing. There's really kind of a space for all. So I think between hyperscalers and then parties looking to lithium-ion alternatives, either in the near term or the short term -- sorry, near term or long term, that has definitely driven inquiries in recent weeks. Operator There are no more questions. So that concludes the conference call. Thank you for your participation. Enjoy the rest of your day. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-02-2025
- Business
- Yahoo
ESS Announces Actions to Position the Company for the Future
Kelly Goodman appointed interim CEO and Board Engages Financial Advisors WILSONVILLE, Ore., February 14, 2025--(BUSINESS WIRE)--ESS Tech, Inc. (ESS) (NYSE:GWH), a leading manufacturer of iron flow long-duration energy storage (LDES) systems for utility- and commercial- scale applications, today announced changes with the intent to take the business in a new strategic direction: Eric Dresselhuys has resigned from the role of CEO and as a member of the Board of Directors of the Company. Kelly Goodman, current Vice President of Legal, has been appointed interim CEO. Ms. Goodman will be supported by an Office of the Interim CEO, created to lead this effort. The Office of the Interim CEO will include Ms. Goodman, Tony Rabb, current CFO, and Ben Heng, current EVP of Engineering. ESS is now actively bidding on projects for daily cycling applications in the 12 to 24 hour long duration storage market – with initial installations targeted to commence in 2027 – to serve emerging AI/data center driven load needs and to firm baseload renewable production. The Board has engaged advisors to evaluate potential commercial or financial transactions to enable this new strategic direction. "On behalf of the Board, I thank Eric for his leadership at ESS, during which time ESS grew its market share for long duration storage, commercialized new product innovations, established an automated manufacturing line, and introduced new efficiencies into the Company's operations," said Harry Quarls, Chairman of the Board. "As we look to the next phase of ESS and the opportunities in the long duration storage market, we are confident that Kelly, Tony, and Ben will work to best position ESS to enter its next stage and maximize value for shareholders." "I am deeply honored to have served ESS the past several years, am proud of what we accomplished and the team we have built and remain confident that ESS can further extend its leadership in the LDES industry," said Mr. Dresselhuys. "ESS continues its work to accelerate manufacturing of energy storage technology made here in the United States, and we are excited about the new opportunities arising from AI and data center driven load growth," said Kelly Goodman, interim CEO of ESS. "This vision continues to inspire and drive the important work we do every day, and I am pleased to lead the ongoing efforts to provide safe, sustainable, long-duration energy storage." About Kelly Goodman Kelly Goodman has nearly 20 years of experience in the energy legal sector both in the U.S. and internationally, supporting matters related to project development, technology agreements, and project and corporate financing. Ms. Goodman received her Bachelor of Arts from the University of Santa Clara and her law degree from the University of Washington. About ESS Tech, Inc. At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it's needed. As more renewable energy is added to the grid, long- duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining, and the wind is not blowing. Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS enables project developers, independent power producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy storage solutions. For more information visit 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" and "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 Company's leadership team, expectations regarding future activities , the exploration of strategic alternatives and the installation of energy storage systems for applications in the 12 to 24 hour long duration storage market, which are currently at the RFP stage. 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, the risk that we are unable to secure any contracts for, or derive any revenue from, the installation of energy storage systems for applications in the 12 to 24 hour long duration storage market, as well as those risks and uncertainties set forth in the section entitled "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024, filed with the Securities and Exchange Commission (the "SEC") on November 14, 2024, and its other filings filed with the SEC. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Source: ESS Inc. View source version on Contacts Investors:Erik Bylininvestors@ Media:Morgan Sign in to access your portfolio
