Cycle Capital’s team congratulates ESS Inc, a portfolio company and leader in long-term energy storage solutions, on its public offering. ESS Inc. shares, through a SPAC merger with ACON S2, began trading today on the New York Stock Exchange (NYSE:GWH). According to ESS Inc.’s public statement, the transaction is primarily comprised of more than $308M US of pro forma net cash which will be used to fund ESS Inc.’s growth strategy.
Cycle Capital has been involved in the development of ESS Inc. since 2017, alongside investors such as BASF, Breakthrough Energy Ventures, Softbank Energy, Pangaea Ventures, Presidio Ventures, GC Ventures, Evergy and others.
“When we back an entrepreneur, it’s because we believe they have the potential to change the world. It was this belief that led Cycle Capital’s team to back ESS Inc. co-founders Craig Evans and Julia Song, as well as its President and CEO Eric Dresselhuys. ESS Inc.’s long-duration energy storage solution is the cleanest and most cost-effective on the market and its benefits are undeniable. We are very excited to continue to support the company in its next phase,” said Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital.
“Cycle Capital’s team has been key to ESS development. They understand that investing in cleantech companies can impact the creation of a sustainable energy future that we all envision. For over four years they have supported us with fundraising and team development,” said Craig Evans, ESS Co-founder and President.
About Cycle Capital
Cycle Capital is an impact investor and a leading private cleantech venture capital investment platform with $ 0.5 billion under management. With offices in Montreal, Toronto and Qingdao, mainland China, and a presence in New York and Seattle, Cycle Capital invests across North America and China in growing and commercializing companies that have developed technologies aimed at reducing greenhouse gas emissions and optimizing resources and processes. Cycle Capital is the founder of Cycle Momentum Accelerator and Canadian co-chair of the Beyond the Billion initiative – an international campaign to mobilize a consortium of investors who support female founders.
About ESS Inc.
ESS Inc. (NYSE: GWH) designs, builds and deploys environmentally sustainable, low-cost, iron flow batteries for long-duration commercial and utility-scale energy storage applications requiring from 4 to 12 hours of flexible energy capacity. The Energy Warehouse™ and Energy Center™ use earth-abundant iron, salt, and water for the electrolyte, resulting in an environmentally benign, long-life energy storage solution for the world’s renewable energy infrastructure. Established in 2011, ESS Inc. enables project developers, utilities, and commercial and industrial facility owners to make the transition to more flexible non-lithium-ion storage that is better suited for the grid and the environment. For more information, visit www.essinc.com.
Vice-President, Sustainable Development, Investor Relations and Public Affairs