Ess Tech $GWH Swing Long On Partnership with Energy Storage Industries Asia Pacific


Subscribe to GuerillaStockTrading Email Alerts.

Ess Tech $GWH stock is moving higher as traders enter a swing-long position after the company announced a partnership with Energy Storage Industries Asia Pacific.

ESS Announces Strategic Partnership to Deploy Long-Duration Energy Storage in Australia and Deliver an Expected 12 GWh of Iron Flow Batteries

On August 11, 2022, ESS Inc. (NYSE: GWH) announced a strategic partnership with Energy Storage Industries Asia Pacific (“ESI”) to distribute and manufacture iron flow batteries utilizing ESS technology in Australia, New Zealand, and Oceania to meet the rapidly growing demand for long-duration energy storage in the region.

Under the terms of the agreement, ESS will initially supply 70 complete 75kW / 500kWh Energy Warehouse (EW) systems to ESI in 2022 and 2023. Concurrently, ESI will construct a manufacturing facility in Queensland, Australia, equipped to conduct the final assembly of ESS systems from 2024 onward. Systems manufactured at the Queensland facility will utilize “core component kits” supplied by ESS, including battery modules, proton pumps, and other unique components. Core component kits will continue to be manufactured in Wilsonville, Ore. The ESI manufacturing facility is designed to reach a production capacity of up to 400 MW of energy storage annually.

“We look forward to deploying ESS technology in Australia and the region to meet the needs of energy customers and build a sustainable, resilient energy future,” said Eric Dresselhuys, CEO of ESS. “ESI brings a wealth of experience and expertise in clean energy and energy storage and a keen understanding of the Australian energy market. We look forward to working with them to advance our shared mission to accelerate the clean energy transition by deploying long-duration energy storage solutions in the region.”

“ESS is an ideal technology partner to meet the extraordinary demand for long-duration energy storage in Australia and the region,” said Stuart Parry, Managing Director of ESI. “Safe and non-toxic ESS iron flow batteries are perfect in Australia’s harsh environment, and the ability to locally source electrolyte provides insurance against supply chain risks and price escalation. The transition to clean energy requires new long-duration storage solutions, and we look forward to working with ESS to meet the needs of an increasingly renewable energy grid.”

ESS iron flow technology provides cost-effective long-duration energy storage and is ideal for applications requiring 4-12 hours of flexible energy capacity. ESS systems provide resilient, sustainable energy storage well-suited for multiple use cases, including utility-scale renewable energy installations, remote solar + storage microgrids, grid load-shifting, peak shaving, and other ancillary grid services. ESS technology is safe, non-toxic, and has a 25-year lifespan without capacity fade. Demand for long-duration energy storage systems is expected to increase in Australia; New South Wales announced the procurement of 2 GW of LDES in its recent Electricity Infrastructure Roadmap.

ESS anticipates that Energy Warehouse deliveries to ESI will begin in 2022.

ESS Inc. designs, builds, and deploys iron flow batteries for long-duration commercial and utility-scale energy storage applications. ESS Inc., formerly ACON S2 Acquisition Corp., is based in WILSONVILLE, Oregon.

📺 ESS Inc. Catalyzing a Clean Future. Every Day.

📈 Ess Tech $GWH Chart

$GWH stock may be ready to start a new weak uptrend rating but needs to clear $6.25 resistance before such a trend upgrade. For now, the stock is in a weak downtrend rating.

Subscribe to GuerillaStockTrading Email Alerts.



Image and article originally from www.guerillastocktrading.com. Read the original article here.