Wilsonville company debuts on New York Stock Exchange
In what could be an important milestone in the company, Wilsonville business and iron-flow battery maker ESS debuted on the New York Stock Exchange this week.
"This is an incredibly proud moment for the entire ESS team and a milestone for the industry at large," Eric Dresselhuys, CEO of ESS, said in a press release. "We are excited to begin our next chapter as the first publicly traded long-duration energy storage company."
The company's stock price soared overnight Tuesday, Oct. 12 — going from under $11 a share just after midnight to over $23 a share by just before 3 p.m. It then fell to slightly under $20 by Wednesday morning. Oregonlive previously reported the company's early results, noting that an interest among day traders may have been responsible for the surge.
Earlier this year, ESS announced that it would become publicly traded through a merger with ACON S2 Acquisition Corp and said the transaction is made up of $308 million dollars, including investment from private equity firms like Fidelity Management & Research Company LLC and Koch Industries. A CNBC article also stated that Bill Gates invested in the company.
ESS has over 100 employees at a 150,000-square-foot facility on SW Parkway Avenue in Wilsonville. Founder Craig Evans told the Spokesman earlier this year that the company is planning to double its headcount in 2020 and added that the merger and public listing will allow the company to expand more quickly. The iron-flow batteries use salt, iron and water rather than lithium ion, which can be more costly and hazardous.
"ESS is delivering a pioneering technology to the market today and we are confident it will become the gold standard in the industry. Today's milestone marks an important transition that will fuel the Company's next stage of growth," said Adam Kriger, CEO of ACON S2, in the release.
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