ESS Tech, Inc., a developer and manufacturer of iron redox flow batteries, has been struggling since going public in 2021. However, the company appears to be turning around due to increasing demand for long-duration energy storage (LDES) and its partnership with Honeywell. ESS’s iron redox flow batteries, which store energy in two large vats of iron-laced saltwater, offer several advantages over other battery types, including no risk of fire and easy scalability. The company has confirmed the delivery of six Energy Center products in Q4 2024 and plans to deliver more in Q1 2025. ESS is guiding for full-year 2024 revenues of around $10 million, and CEO Eric Dresselhuys has hinted that full-year 2025 revenues could be several multiples of that. As the market for LDES reaches an inflection point, ESS and its investors are likely to benefit given the company’s strong competitive position and iron redox flow battery advantages.
Saltwater Flow Batteries from ESS Begin to Make Waves
