ESS Tech upgraded to Buy from Neutral at Roth Capital

Roth Capital upgraded ESS Tech (GWH) to Buy from Neutral with a price target of $3.50, up from $1.65. The company announced a new 5MW/50MWh long-duration energy storage pilot project with Salt River Project, a non-profit utility that will utilize ESS Tech’s iron-flow Energy Base technology with manufacturing slated to begin in 2026 and delivery targeted for December of 2027, the analyst tells investors in a research note. The project is a key validation milestone for the company’s Energy Base technology platform, and importantly, Google (GOOGL) is collaborating with Salt River on this pilot and will fund a portion of the costs, the firm added.