ESS raises $3.2M in stock offering as non-lithium storage push continues

What's the deal? ESS Tech, Inc. (NYSE: GWH), a Wilsonville, Oregon-based maker of non-lithium energy storage systems, has raised approximately $3.2 million through a registered direct offering paired with a private placement of warrants. It sold 6.4 million shares of common stock at $0.50 each to institutional investors.

The finer points: In a concurrent private placement, ESS will issue warrants to buy up to 12.8 million shares at an exercise price of $0.50 apiece. The warrants become exercisable once shareholders approve and expire five years from issuance.

Why now? The proceeds, combined with existing cash, are earmarked for general corporate purposes and working capital. The transaction was expected to close on or about August 21, 2026.

Roth Capital PartnersDealroom has a profile for this one. Try Dealroom → acted as exclusive placement agent. The registered offering draws on a shelf registration the SEC declared effective on December 11, 2025.

The signal: The small raise, priced at $0.50 per share, points to a company topping up its balance sheet rather than scaling aggressively — a reminder that even prominent players in safer, non-lithium storage face tight capital conditions.

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