ESS Tech Inc. (NYSE: GWH) has completed a registered direct offering, raising approximately $3.2 million in gross proceeds through the sale of 6.4 million shares of common stock at $0.50 per share. The Wilsonville, Oregon-based energy storage solutions provider will also issue warrants in a concurrent private placement, allowing for the purchase of up to 12.8 million additional shares at the same $0.50 exercise price.
The warrants become exercisable only after stockholder approval and carry an expiration date five years from issuance. Proceeds from the offering, net of placement agent fees and other expenses, will be allocated toward general corporate purposes and working capital, the company said.
The transaction was conducted under an effective shelf registration statement on Form S-3 (No. 333-291506), filed with the U.S. Securities and Exchange Commission and declared effective on December 11, 2025. The securities issued in the concurrent private placement have not been registered under the Securities Act of 1933.
Roth Capital Partners served as the exclusive placement agent for the offering, with legal representation provided by Wilson Sonsini Goodrich & Rosati, P.C. for ESS Tech and Pryor Cashman LLP for Roth Capital Partners. The financing is expected to close on or about Friday, subject to customary closing conditions.
