ESS Inc’s recent special purpose acquisition company (SPAC) merger, which listed the iron flow battery manufacturer’s shares and warrants on the New York Stock Exchange, has raised US$246 million cash.
A framework agreement for the deployment of 2GWh of iron electrolyte flow batteries has been signed between manufacturer ESS Inc and SB Energy, the clean energy arm of Japanese telecoms giant Softbank.
Iron electrolyte flow battery company ESS Inc has become the latest energy storage industry player to target public listing of its stock, announcing a merger with a special purpose acquisition company (SPAC).
ESS Inc, currently the only maker in the world of a commercially available flow battery using iron electrolytes, will deploy an energy storage system with more than six hours duration to a microgrid in Chile.
First developed by NASA, flow batteries are a potential answer to storing solar – and wind – for eight to 10 hours, far beyond what is commonly achieved today with lithium-ion. In the second of a two-part special report, Andy Colthorpe dives deeper into questions of bankability, market segmentation and manufacturing strategies with four very different providers of flow energy storage technology.