ESS Advances LDES Project and Secures $9.9 Million Contract
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 05 2026
0mins
Should l Buy GWH?
"The fourth quarter of 2025 and 2026 to date has seen the Company make continued progress in advancing our proprietary LDES and strengthening ESS for the next phase of execution," said Drew Buckley, Chief Executive Officer of ESS. "We have taken decisive steps to reinforce leadership, governance, and financial discipline in support of long-term value creation, including a leadership and organizational reset that more closely aligns management and board oversight around execution and capital allocation. We also expanded our commercial capabilities through the acquisition of VoltStorage GmbH's intellectual property and asset base, an iron-salt battery company, adding experienced personnel and strengthening our ability to execute our go-to-market priorities. We are also seeing a supportive macro backdrop for LDES, as rising electricity demand and increasing grid reliability requirements are driving greater urgency for resilient, long-duration solutions. Commercial momentum was highlighted by a $9.9 million award supporting deployment of up to 27 MWh of American-made LDES at U.S. military installations, and by Google's recently announced participation in Project New Horizon as we advance the project toward manufacturing in 2026. With three tier 1 foundational projects expected to begin delivery in 2027, we are focused on executing across our pipeline as projects move to delivery and commissioning."
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Analyst Views on GWH
Wall Street analysts forecast GWH stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 1.180
Low
3.50
Averages
3.50
High
3.50
Current: 1.180
Low
3.50
Averages
3.50
High
3.50
About GWH
ESS Tech, Inc. is a long-duration energy storage company specializing in iron flow battery technology. The Company designs and produces long-duration batteries using earth-abundant materials. Its batteries provide flexibility to grid operators and energy assurance for commercial and industrial customers. Its technology addresses energy delivery, duration, and cycle-life in a single battery platform that compares favorably to lithium-ion batteries. Using its iron flow battery technology, the Company is developing two products, such as the Energy Warehouse and Energy Center. Energy Center solutions are designed specifically for utilities, independent power producers (IPPs), and large commercial and industrial consumers. The Company’s batteries are non-flammable and non-toxic and can operate in a wide range of temperatures from -15 degrees Celsius (C) to 50 degrees C with minimal auxiliary loads.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
ESS Tech to Participate in 38th Annual ROTH Conference
- Conference Participation: ESS Tech will participate in the 38th Annual ROTH Conference from March 22-24, 2026, in Dana Point, California, where CEO Drew Buckley and CFO Kate Suhadolnik will hold one-on-one meetings with institutional investors to showcase the company's advancements in long-duration energy storage solutions.
- Collaboration Updates: During the conference, ESS will provide updates on its collaboration with Salt River Project and Google regarding long-duration energy storage, demonstrating its strategic partnership capabilities in the renewable energy sector and further solidifying its market position.
- Intellectual Property Acquisition: ESS will also discuss its plans to acquire VoltStorage's intellectual property and assets, a move that not only enhances the company's technological capabilities but also opens new avenues for future product development, boosting its competitiveness in the long-duration energy storage market.
- Growth Strategy: This conference will offer ESS an opportunity to showcase its future growth plans and upcoming milestones, indicating the company's commitment to accelerating the transition to sustainable energy through innovation and collaboration.
See More
ESS Tech, Inc. Q4 2025 Earnings Call Insights
- Strategic Transformation: CEO Drew Buckley characterized 2025 as a year of deliberate transformation, highlighting the company's restructuring and commercial progress, while confirming a $9.9 million contract with the U.S. Air Force Research Laboratory, marking a significant win in the defense sector.
- Project New Horizon: The announcement of a 5-megawatt, 50-megawatt hour Salt River Project with Google as an offtaker, with manufacturing set to begin in 2026 and delivery targeted for December 2027, significantly enhances the company's position in the Southwest utility market.
- Financial Improvement: CFO Kate Suhadolnik reported that revenue for 2025 was $1.6 million, down from $6.3 million in 2024, but gross loss improved by 39%, indicating effective cost control during the transition to the Energy Base product line.
- Future Outlook: Buckley indicated that 2026 will focus on commercializing Energy Base, with major customer deliveries expected in 2027 and 2028, reflecting the company's confidence in long-term growth prospects, especially as demand for long-duration energy storage is projected to increase by 165% by 2030.
See More
ESS Tech Reports Q4 2025 Earnings Miss with Strategic Shifts
- Disappointing Financial Performance: ESS Tech reported a Q4 2025 non-GAAP EPS of -$1.20, missing estimates by $0.44, indicating challenges during its transition that may affect investor confidence.
- Significant Revenue Decline: The company's revenue for FY 2025 was $1.6 million, down 156.1% year-over-year, primarily due to a shift from legacy contracts to new energy storage systems, which negatively impacted overall sales volume and market position.
- Improved Net Loss: The net loss for FY 2025 was $63.4 million, an improvement from $86.2 million in FY 2024, suggesting progress in cost control that could lay the groundwork for future profitability.
- Cash Flow Status: As of December 31, 2025, ESS Tech had $14.5 million in cash and cash equivalents and $7.5 million in short-term investments; despite working capital dropping to approximately $1.0 million, the successful $15 million registered direct offering in January 2026 bolstered liquidity.
See More
ESS Tech (GWH) to Announce Q4 Earnings on March 5
- Earnings Announcement: ESS Tech is set to release its Q4 earnings on March 5 after market close, with stakeholders keenly awaiting the results to gauge the company's future prospects.
- Earnings Forecast: The consensus EPS estimate stands at -$0.76, reflecting a 61.4% year-over-year decline, indicating significant challenges in profitability that could impact investor confidence.
- Revenue Decline: The revenue estimate is projected at -$1.6 million, down 156.1% year-over-year, highlighting the company's unfavorable position in the market, which may lead to increased financial pressure.
- Historical Performance: Over the past year, GWH has only beaten EPS estimates 50% of the time and has not exceeded revenue estimates, underscoring the difficulties the company faces in achieving revenue growth.
See More
ESS Partners with SRP and Google to Advance Long-Duration Energy Storage Technology
- Project New Horizon Launch: ESS collaborates with Salt River Project (SRP) and Google to introduce a 5MW, 50MWh long-duration energy storage system, marking a significant commercial validation milestone for the company's next-generation utility-scale platform, expected to drive the evaluation and application of non-lithium LDES technologies.
- Technological Advantages: ESS's iron flow Energy Base technology differs from previous containerized solutions by enabling flexible configurations, anticipated to deliver cost advantages at scale, thereby assisting SRP in achieving its sustainability objectives.
- Collaboration for Clean Energy: Google participates in the project through a cost-sharing agreement, aiming to evaluate the real-world operational performance of non-lithium LDES, enhancing grid reliability and renewable integration while promoting broader deployment pathways for long-duration energy storage.
- Blueprint for Future Development: The CEO of ESS stated that this collaboration not only validates long-duration energy storage commercially but also provides solutions for large energy users focused on carbon-free energy, with successful execution laying the groundwork for broader deployments and meaningful follow-on opportunities.
See More
ESS Appoints New Chief Commercial Officer to Drive Growth
- Executive Appointment: ESS Tech, Inc. has appointed Randy Selesky as Chief Commercial Officer, responsible for global commercial strategy, sales, and marketing, aiming to accelerate the commercialization of its long-duration energy storage solutions and enhance market competitiveness.
- Extensive Experience: Selesky brings over 20 years of leadership experience in the energy sector, having previously served as CCO at VoltStorage, where he successfully drove market expansion and commercial strategy implementation, which is expected to provide new growth momentum for ESS.
- Growing Market Demand: With the rising global demand for long-duration energy storage solutions, Selesky's addition will help ESS expand its market share and meet the increasing needs for grid reliability and renewable integration, facilitating the company's transition towards a decarbonized energy system.
- Strengthened Strategic Execution: This appointment is part of ESS's leadership transformation aimed at enhancing governance and financial discipline, with Selesky playing a crucial role in improving execution and delivering high-performing market-ready solutions.
See More
ESS Tech to Participate in 38th Annual ROTH Conference
- Conference Participation: ESS Tech will participate in the 38th Annual ROTH Conference from March 22-24, 2026, in Dana Point, California, where CEO Drew Buckley and CFO Kate Suhadolnik will hold one-on-one meetings with institutional investors to showcase the company's advancements in long-duration energy storage solutions.
- Collaboration Updates: During the conference, ESS will provide updates on its collaboration with Salt River Project and Google regarding long-duration energy storage, demonstrating its strategic partnership capabilities in the renewable energy sector and further solidifying its market position.
- Intellectual Property Acquisition: ESS will also discuss its plans to acquire VoltStorage's intellectual property and assets, a move that not only enhances the company's technological capabilities but also opens new avenues for future product development, boosting its competitiveness in the long-duration energy storage market.
- Growth Strategy: This conference will offer ESS an opportunity to showcase its future growth plans and upcoming milestones, indicating the company's commitment to accelerating the transition to sustainable energy through innovation and collaboration.
See More
ESS Tech, Inc. Q4 2025 Earnings Call Insights
- Strategic Transformation: CEO Drew Buckley characterized 2025 as a year of deliberate transformation, highlighting the company's restructuring and commercial progress, while confirming a $9.9 million contract with the U.S. Air Force Research Laboratory, marking a significant win in the defense sector.
- Project New Horizon: The announcement of a 5-megawatt, 50-megawatt hour Salt River Project with Google as an offtaker, with manufacturing set to begin in 2026 and delivery targeted for December 2027, significantly enhances the company's position in the Southwest utility market.
- Financial Improvement: CFO Kate Suhadolnik reported that revenue for 2025 was $1.6 million, down from $6.3 million in 2024, but gross loss improved by 39%, indicating effective cost control during the transition to the Energy Base product line.
- Future Outlook: Buckley indicated that 2026 will focus on commercializing Energy Base, with major customer deliveries expected in 2027 and 2028, reflecting the company's confidence in long-term growth prospects, especially as demand for long-duration energy storage is projected to increase by 165% by 2030.
See More
ESS Tech Reports Q4 2025 Earnings Miss with Strategic Shifts
- Disappointing Financial Performance: ESS Tech reported a Q4 2025 non-GAAP EPS of -$1.20, missing estimates by $0.44, indicating challenges during its transition that may affect investor confidence.
- Significant Revenue Decline: The company's revenue for FY 2025 was $1.6 million, down 156.1% year-over-year, primarily due to a shift from legacy contracts to new energy storage systems, which negatively impacted overall sales volume and market position.
- Improved Net Loss: The net loss for FY 2025 was $63.4 million, an improvement from $86.2 million in FY 2024, suggesting progress in cost control that could lay the groundwork for future profitability.
- Cash Flow Status: As of December 31, 2025, ESS Tech had $14.5 million in cash and cash equivalents and $7.5 million in short-term investments; despite working capital dropping to approximately $1.0 million, the successful $15 million registered direct offering in January 2026 bolstered liquidity.
See More
ESS Tech (GWH) to Announce Q4 Earnings on March 5
- Earnings Announcement: ESS Tech is set to release its Q4 earnings on March 5 after market close, with stakeholders keenly awaiting the results to gauge the company's future prospects.
- Earnings Forecast: The consensus EPS estimate stands at -$0.76, reflecting a 61.4% year-over-year decline, indicating significant challenges in profitability that could impact investor confidence.
- Revenue Decline: The revenue estimate is projected at -$1.6 million, down 156.1% year-over-year, highlighting the company's unfavorable position in the market, which may lead to increased financial pressure.
- Historical Performance: Over the past year, GWH has only beaten EPS estimates 50% of the time and has not exceeded revenue estimates, underscoring the difficulties the company faces in achieving revenue growth.
See More
ESS Partners with SRP and Google to Advance Long-Duration Energy Storage Technology
- Project New Horizon Launch: ESS collaborates with Salt River Project (SRP) and Google to introduce a 5MW, 50MWh long-duration energy storage system, marking a significant commercial validation milestone for the company's next-generation utility-scale platform, expected to drive the evaluation and application of non-lithium LDES technologies.
- Technological Advantages: ESS's iron flow Energy Base technology differs from previous containerized solutions by enabling flexible configurations, anticipated to deliver cost advantages at scale, thereby assisting SRP in achieving its sustainability objectives.
- Collaboration for Clean Energy: Google participates in the project through a cost-sharing agreement, aiming to evaluate the real-world operational performance of non-lithium LDES, enhancing grid reliability and renewable integration while promoting broader deployment pathways for long-duration energy storage.
- Blueprint for Future Development: The CEO of ESS stated that this collaboration not only validates long-duration energy storage commercially but also provides solutions for large energy users focused on carbon-free energy, with successful execution laying the groundwork for broader deployments and meaningful follow-on opportunities.
See More
ESS Appoints New Chief Commercial Officer to Drive Growth
- Executive Appointment: ESS Tech, Inc. has appointed Randy Selesky as Chief Commercial Officer, responsible for global commercial strategy, sales, and marketing, aiming to accelerate the commercialization of its long-duration energy storage solutions and enhance market competitiveness.
- Extensive Experience: Selesky brings over 20 years of leadership experience in the energy sector, having previously served as CCO at VoltStorage, where he successfully drove market expansion and commercial strategy implementation, which is expected to provide new growth momentum for ESS.
- Growing Market Demand: With the rising global demand for long-duration energy storage solutions, Selesky's addition will help ESS expand its market share and meet the increasing needs for grid reliability and renewable integration, facilitating the company's transition towards a decarbonized energy system.
- Strengthened Strategic Execution: This appointment is part of ESS's leadership transformation aimed at enhancing governance and financial discipline, with Selesky playing a crucial role in improving execution and delivering high-performing market-ready solutions.
See More
