1. Tesla Energy for iron flow batteries.

ESS Tech's major products are:

• Energy Warehouse: A behind-the-meter energy storage solution.
• Energy Center: A front-the-meter energy storage solution.

ESS Tech (GWH) primarily sells its iron flow batteries to other companies, specifically to commercial and utility-scale energy developers and utility companies.

Its major customers include:

• Enel Green Power North America: This is a subsidiary of Enel S.p.A. (Milan: ENEL; OTC US: ENLAY), a multinational energy company. ESS Tech has a multi-year framework agreement to deploy its iron flow batteries for Enel's utility-scale solar + storage projects.
• San Diego Gas & Electric (SDG&E): A regulated public utility and a subsidiary of Sempra Energy (NYSE: SRE). ESS Tech has deployed energy storage systems for SDG&E projects.
• Portland General Electric (PGE): (NYSE: POR). ESS Tech has worked with PGE on energy storage projects.
• Sacramento Municipal Utility District (SMUD): A large, publicly-owned electric utility in California. SMUD is not a publicly traded company.

Drew Buckley, Chief Executive Officer
Drew Buckley was appointed Chief Executive Officer, effective January 1, 2026. He joined ESS in August 2025 to lead the company's investor relations and capital market strategy. Prior to joining ESS, Mr. Buckley spent 17 years at William Blair as a Partner and sector leader, where he focused on investing in publicly traded small- and mid-cap technology companies. His experience at William Blair involved collaborating with management teams globally to navigate growth, strengthen commercial execution, responsibly access capital, and build durable investor trust in public markets.

Kate Suhadolnik, Chief Financial Officer
Kate Suhadolnik was appointed Chief Financial Officer, effective January 1, 2026, having previously served as Interim CFO since August 1, 2025. Ms. Suhadolnik joined ESS Tech, Inc. in September 2021 and was the company's Controller from April 2023. She brings 14 years of experience in the financial and accounting sector. Before ESS, she was the Corporate Accounting & Reporting Manager at The Standard, an insurance and financial services company, from July 2020 to September 2021. From September 2011 to June 2020, Ms. Suhadolnik held various positions of increasing responsibility at Deloitte & Touche LLP. She is a Certified Public Accountant.

Randall "Randy" Selesky, Chief Commercial Officer
Randall "Randy" Selesky was appointed Chief Commercial Officer on February 19, 2026. He possesses over 20 years of experience in the energy sector, with more than a decade specifically in battery storage. Before his role at ESS, Mr. Selesky served as Chief Commercial Officer at VoltStorage, where he was instrumental in shaping commercial strategy, building partnerships, and guiding market expansion. His background encompasses large-scale market development, enterprise-level sales, and driving revenue growth within the rapidly evolving energy transition.

Kelly Goodman, Chief Strategy Officer and General Counsel
Kelly Goodman was appointed Chief Strategy Officer and General Counsel, effective January 1, 2026. She previously served as the Interim Chief Executive Officer. Ms. Goodman brings 20 years of experience in the energy legal sector to her role.

Jigish Trivedi, Chief Operating Officer
Jigish Trivedi was appointed Chief Operating Officer on August 13, 2025. He brings over 30 years of executive experience in scaling global operations for high-growth technology companies. Prior to joining ESS, Mr. Trivedi was the Senior Vice President of Operations and Global Supply Chain at Electric Hydrogen, where he played a key role in scaling the company to "unicorn" status. His career also includes senior leadership roles at First Solar and Micron Technology, where he led initiatives across operations, product development, and global supply chain management.

The key risks for ESS Tech (symbol: GWH) are primarily related to its financial viability, the challenges of commercializing and scaling its technology, and intense competition within the energy storage market.

1. Going Concern Risk and Financial Health: ESS Tech has disclosed substantial doubt about its ability to continue as a going concern due to significant and ongoing net losses, declining revenue, and severely limited cash and short-term investments. The company exhibits poor financial health indicators, including a low current ratio and high leverage, placing it in a "distress zone." Continued operations are highly dependent on securing additional financing and converting its sales pipeline into profitable deployments.

2. Commercialization, Manufacturing Scale-up, and Product Quality: ESS Tech is in the early stages of commercialization for its iron flow battery technology, with limited deployments and a history of product quality issues. The company faces significant execution risks in scaling up its manufacturing capabilities, particularly with its strategic pivot to the new "Energy Base" product line. Any delays, unforeseen quality control problems, or cost overruns during this crucial scale-up phase could severely impact its business, especially given its tight liquidity.

3. Intense Competition: ESS Tech operates in a highly competitive energy storage market. It faces significant competition from well-established lithium-ion battery manufacturers (e.g., LG Energy Solution, CATL) that benefit from vast economies of scale, mature supply chains, and extensive manufacturing experience. Furthermore, ESS Tech competes with other emerging long-duration energy storage technologies and companies, such as those developing zinc-based or gravity-based storage solutions. While iron flow batteries offer advantages like safety and abundant materials, they currently contend with challenges such as lower energy density and higher initial production costs compared to some alternatives.

The rapid development and scaling of green hydrogen production combined with fuel cell technology for long-duration and seasonal energy storage presents a clear emerging threat. This alternative offers a fundamentally different method for storing and dispatching energy over extended periods, directly competing with the long-duration grid storage market segment that ESS Tech's iron flow batteries are targeting, particularly for durations exceeding 8-10 hours.

ESS Tech, Inc. (GWH) designs and produces iron flow batteries for commercial and utility-scale energy storage applications. The company's main products, Energy Warehouse and Energy Center, serve distinct segments of the energy storage market.

Addressable Market Sizes for ESS Tech's Main Products:

Iron Flow Battery Market (Overall Technology):

• The global iron flow battery market was valued at approximately USD 34.6 million in 2024. This market is projected to grow significantly, reaching an estimated USD 163.5 million by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 29.5% during the 2024-2030 period.
• Regionally, North America is expected to be the largest market for iron flow batteries.

Energy Warehouse (Behind-the-Meter Solution):

• The global behind-the-meter energy storage market, which includes solutions like the Energy Warehouse, was valued at USD 6.12 billion in 2024. It is projected to grow to USD 28.59 billion by 2033, at a CAGR of 18.9%.
• North America held the largest share of 38% of the global behind-the-meter energy storage market in 2024, and the U.S. market within this segment is expected to grow significantly. The U.S. behind-the-meter stationary battery storage market is anticipated to reach approximately USD 53.7 billion by 2034.

Energy Center (Front-of-the-Meter / Utility-Scale Long-Duration Energy Storage Solution):

• The global front-of-the-meter battery market is projected to increase from USD 9.03 billion in 2025 to USD 25.21 billion by 2030, at an anticipated CAGR of 22.8%.
• For the broader global long-duration energy storage market, which encompasses utility-scale solutions such as the Energy Center, the market size was valued at USD 3.6 billion in 2025. It is expected to grow to USD 9.5 billion by 2035, with a CAGR of 10.5% from 2026 to 2035.
• North America represented the largest revenue share, approximately 35.5%, in the global long-duration energy storage market in 2025. In 2026, North America's revenue in this market was USD 1.26 billion.

Here are 3-5 expected drivers of future revenue growth for ESS Tech (GWH) over the next 2-3 years:

1. Ramp-up and Commercialization of the Energy Base Product: ESS Tech is strategically pivoting its focus to its next-generation Energy Base platform, which now constitutes 100% of its active pipeline, moving away from legacy products. This shift is anticipated to be the primary driver of revenue growth, with substantial revenues expected to begin in 2027 and 2028.
2. Fulfillment of Key Tier 1 Customer Contracts: The company has secured significant contracts, including a $9.9 million deal with the U.S. Air Force for a long-duration energy storage system and a 5-megawatt system project with Google and Salt River Project (Project New Horizon). The execution and delivery on these major projects, particularly with these high-profile customers, are expected to translate into significant revenue.
3. Increasing Demand in the Long-Duration Energy Storage Market: ESS Tech is well-positioned to capitalize on the rapidly growing demand for long-duration energy storage solutions. This demand is being fueled by the escalating energy requirements of AI data centers, projected to increase by 165% by 2030, and global clean energy targets that necessitate the deployment of 8 terawatt-hours of long-duration storage by 2040.
4. Scaling Manufacturing and Operational Capabilities: A critical driver for future revenue will be the company's ability to effectively scale its manufacturing capabilities and demonstrate consistent performance of its iron flow battery technology in the field. Successful operational execution will enable ESS Tech to convert its commercial momentum and project backlog into realized revenue.

Share Issuance

• ESS Tech had 14,154,333 shares outstanding as of March 2026, an increase of 18.68% from 2024.
• The company is launching a $75 million at-the-market (ATM) equity program to enhance liquidity and support growth, announced on July 11, 2025.
• A 1-for-15 reverse stock split was executed on August 26, 2024.

Inbound Investments

• Honeywell invested $27.5 million in ESS Tech in September 2023, purchasing 16.5 million shares and receiving a warrant for an additional 10.6 million shares.
• In July 2025, ESS announced $31 million in insider-led funding, including short-term loans, a production tax credit transaction, and an equipment sale-leaseback.
• ESS completed a $40 million financing with Yorkville Advisors, subsequently repaying $15 million.

Capital Expenditures

• ESS Tech's average capital expenditure over the past five years (CapEx AVG 3YRS) has been $7.93 million.
• Capital expenditures in the latest trailing twelve months were -$3.39 million.
• Since January 1, 2019, ESS Tech has invested approximately $184.7 million in improving its technology and bringing its energy storage products to market, primarily focusing on research and development.