ESS wins $50m from US Exim

ESS wins $50m from US Exim

ESS wins $50m from US Exim 150 150 Batteries International

July 5, 2024: ESS Tech, the iron-flow battery manufacturer announced on June 27 that a financing package of $50 million had been approved by the Export-Import Bank of the United States under the Make More in America Initiative.

This financing will fund the expansion of ESS’ production capacity in Wilsonville, Oregon. to meet demand for long duration energy storage systems such as flow batteries.

Launched in 2022, US Exim’s Make More in America Initiative makes available medium and long-term loans, loan guarantees, and insurance to finance export-oriented domestic manufacturing projects.

MMIA supports environmentally beneficial projects, small businesses, and transformational export transactions, in areas including semiconductors, biotech and biomedical products, renewable energy, and energy storage while supporting domestic jobs.

“ESS manufactures 100% of its products in the US, leveraging a predominantly domestic supply chain that spans 29 states,” said ESS CEO Eric Dresselhuys.

“ESS’s iron flow technology is already deployed in Australia and Europe and with this agreement, we are well positioned to meet the growing needs of our current and future global customers.”

He said the US Exim financing will enable ESS to triple annual production capacity in Oregon.

ESS has partnered with major conglomerate Honeywell International to support the proliferation of its technology, which has been chosen by German energy company LEAG , Australian generator Stanwell Corporation and Sacramento Municipal Utility District in the US.

Recently, ESS announced a partnership, financed in part by US Exim, with Sapele Power, a Nigerian integrated energy company, representing one of the first energy storage projects in Nigeria and the entire sub-Saharan Africa region. The deal won US Exim’s Sub-Saharan Africa Deal of the Year Award for driving investment in Africa and creating new opportunities across the continent.