Non-Lithium Storage Offerings

ESS Tech closed a direct stock offering, selling 6.4 million shares at $0.50 per share in a registered direct offering and generating approximately $3.2 million in gross proceeds. A concurrent private placement issued warrants to purchase up to 12.8 million additional shares, exercisable after stockholder approval and expiring five years from that date.

The company plans to use the net proceeds for general corporate purposes and working capital, including approximately $1.5 million to repay amounts owed under its existing promissory note agreement. Roth Capital Partners served as the exclusive placement agent for the transaction, which closed on August 21, 2026.

This offering signals that smaller equity raises are helping companies like ESS Tech maintain financial flexibility while continuing to advance sodium-ion battery technology toward broader commercial deployment.