Ess Tech, Inc. ( (GWH) ) has released its Q4 earnings. Here is a breakdown of the information Ess Tech, Inc. presented to its investors.
ESS Tech, Inc., a prominent manufacturer in the energy storage sector, specializes in long-duration iron flow energy storage systems designed for commercial and utility-scale applications. The company recently announced its financial results for the fourth quarter and full year of 2024, highlighting significant milestones and strategic advancements.
In 2024, ESS Tech reported a revenue of $6.3 million, which fell short of their guidance due to partner funding delays. However, the company achieved breakeven profitability on its Energy Center design nearly a year ahead of schedule, marking a pivotal moment in its strategic pivot. The commissioning and grid interconnection of the first two Energy Centers, along with the delivery of eight additional systems to a Florida utility, underscored their operational progress.
Key highlights include the announcement of the Energy Base, a new gigawatt-hour scale, long-duration energy storage solution that leverages ESS’s core technologies. This product aims to meet the growing demand for sustainable energy storage with its modular, non-containerized design. Additionally, ESS’s global fleet surpassed 2 gigawatt-hours of transacted energy, further establishing its position in the energy storage market.
Looking ahead, ESS Tech is poised to capitalize on the energy transition with its innovative products and strategic partnerships. The company’s management remains optimistic about future growth opportunities and is focused on driving towards profitability while navigating the evolving energy landscape.