ESS Tech Inc. said it closed a registered direct offering of 6.4 million common shares at $0.50 per share, raising approximately $3.2 million before fees and expenses. The Wilsonville, Oregon-based company also issued warrants exercisable for up to 12.8 million additional shares at the same $0.50 price, pending shareholder approval and expiring five years after approval.
Proceeds will be used for general corporate purposes and working capital, with about $1.5 million allocated to repay a promissory note owed to YA II PN, Ltd., dated October 14, 2025. The offering was conducted through Roth Capital Partners as the exclusive placement agent.
The company, which trades on the NYSE under ticker GWH and specializes in non-lithium energy storage solutions, said the transaction was completed on August 21, 2026. The offering followed the December 11, 2025 effectiveness of a shelf registration statement filed on Form S-3 with the U.S. Securities and Exchange Commission.
Legal representation for ESS Tech was provided by Wilson Sonsini Goodrich & Rosati, while Pryor Cashman advised Roth Capital Partners on the transaction.
