Funding Surge for ESS' Partner Boosts Iron Flow Projects
Significant Investment in Clean Energy Storage Technology
In a remarkable development, Energy Storage Industries – Asia Pacific (ESI), a partner of ESS Tech, Inc. (ESS) (NYSE: GWH), has successfully raised AU$65 million through public and private funding. This substantial investment includes AU$25 million from the Queensland Government and an additional AU$40 million from various private investors, aimed at accelerating the adoption of iron flow battery systems across Australia.
Expanding Manufacturing Capabilities
The funds will support the ongoing construction of a manufacturing facility in Maryborough, Queensland, where ESI will assemble long-duration iron flow battery systems. These systems will utilize core components manufactured by ESS in the United States, which will then be shipped to Australia for assembly. Once completed, these innovative energy storage solutions will be distributed to customers throughout the region, driving the clean energy transition forward.
Validation from Key Stakeholders
ESS CEO Eric Dresselhuys expressed pride in ESI's accomplishment, stating that the investment not only validates the importance of iron flow technology in creating a sustainable energy future but also reinforces the growing confidence of investors and government entities in the innovative energy storage solutions offered by ESS.
Meeting Growing Demand for Sustainable Energy
With increasing demand for long-duration energy storage technologies, ESI has set an ambitious target of achieving an annual production capacity of 400 MW by 2029. The deployment of ESS systems has already begun, with notable installations at the Queensland University of Technology and by Stanwell Corporation, a state-owned entity. Recently, Stanwell announced the initiation of an iron flow battery energy storage system at its Clean Energy Hub, emphasizing its intent to further expand its energy storage capacity in the coming years.
Partnerships Strengthening Clean Energy Efforts
In addition to Stanwell Corporation, the utility Energy Queensland has committed to purchasing AU$12 million worth of iron flow systems for initial deployment on their distribution grid. Such collaborations highlight the critical role that ESS technology plays in facilitating a shift to renewable energy sources, demonstrating a united effort across various stakeholders in achieving clean energy goals.
Leveraging Global Partnerships for Advancement
This recent investment into ESI follows ESS receiving up to US$50 million in financing from the Export Import Bank of the United States (EXIM). This funding will support its efforts to scale up manufacturing and enhance global distribution of iron flow technology, which not only strengthens their operational capabilities but also positions ESS favorably within the competitive landscape of energy storage.
ESS’ Commitment to Sustainability
ESS specializes in long-duration energy storage, harnessing renewable energy potential through its iron flow battery technology, which is both reliable and accessible. Collaborations with global entities like Honeywell International, German energy company LEAG, and various U.S. utilities ensure a robust framework for delivering efficient energy solutions, thereby supporting continuing efforts toward renewable energy adoption.
About ESS Tech, Inc.
ESS Tech, Inc. (NYSE: GWH) is a leading name in developing long-duration energy storage solutions. Established in 2011, the company champions a mission focused on accelerating decarbonization via efficient energy storage systems. Using common materials such as iron, salt, and water, ESS’ technology is poised to enhance energy security and maximize the utility of excess renewable energy, creating a more resilient energy landscape.
About Energy Storage Industries – Asia Pacific
Energy Storage Industries – Asia Pacific (ESI) is dedicated to providing reliable and sustainable renewable energy storage solutions tailored for Australia's shift towards a greener energy future. As a Queensland-based company, ESI plays a vital role in facilitating this transition through innovative technology and strategic partnerships.
Frequently Asked Questions
What is the purpose of the AU$65 million investment?
The investment aims to accelerate the construction of a manufacturing facility for iron flow battery systems in Australia, enhancing clean energy storage capabilities.
How does ESS' technology support renewable energy?
ESS's iron flow battery technology enables longer-duration energy storage, allowing for better utilization of renewable energy sources.
Which organizations have partnered with ESS?
ESS collaborates with several organizations, including Honeywell International, LEAG, and various U.S. utilities like Sacramento Municipal Utility District and Burbank Water and Power.
What are ESI’s production goals for the future?
ESI targets an annual production capacity of 400 MW by 2029 to meet the increasing demand for long-duration energy storage.
Where is ESI's manufacturing facility located?
ESI is constructing its manufacturing facility in Maryborough, Queensland, Australia.
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