{"id":7090,"date":"2017-12-12T16:15:58","date_gmt":"2017-12-12T21:15:58","guid":{"rendered":"https:\/\/cyclecapital.creatures.ca\/2017\/12\/12\/ess-inc-raises-13-million-investor-group-drive-company-expansion-development-energy-storage-systems\/"},"modified":"2017-12-12T16:15:58","modified_gmt":"2017-12-12T21:15:58","slug":"ess-inc-raises-13-million-investor-group-drive-company-expansion-development-energy-storage-systems","status":"publish","type":"post","link":"https:\/\/cyclecapital.com\/en\/2017\/12\/12\/ess-inc-raises-13-million-investor-group-drive-company-expansion-development-energy-storage-systems\/","title":{"rendered":"ESS Inc. raises $13 million from investor group to drive company expansion and development of its energy storage systems"},"content":{"rendered":"<p><strong>PORTLAND, OREGON \u2013 December 12, 2017<\/strong> \u2013 <strong>ESS Inc.<\/strong>, the leading manufacturer of safe, low-cost and long-duration flow energy storage systems, announced that it has received $13 million in new Series B funding. The round includes new investors led by global chemical industry leader BASF, as well as Cycle Capital Management, Presidio Partners Investment Management and InfraPartners Management. They were joined by ESS\u2019s original investors, including Pangaea Ventures.<\/p>\n<p>The new funding will be used to expand and automate the manufacturing process of the company\u2019s iron flow battery, the Energy Warehouse\u2122. Leveraging the capital efficiency of the product\u2019s advanced technology, the investment will enable 900 MWh per year production capacity. It will also support the company\u2019s business development activities with system integrators and strategic partners, creating a stronger ecosystem for promoting its clean, low-cost, long-duration energy storage solution.<\/p>\n<p>\u201cBASF is committed to supporting new energy technologies that can transform businesses and communities by adding flexibility, expanding use of renewable sources, and building a sustainable future,\u201d said Markus Solibieda, Managing Director, BASF Venture Capital. \u201cAfter conducting extensive research across a range of battery technologies, designs and developers, we\u2019ve concluded that ESS offers a superior combination of low-cost, clean, safe and long-life chemistry; scalable architecture, and management experience.\u201d<\/p>\n<p>Andr\u00e9e-Lise M\u00e9thot, Founder and Managing Partner at Cycle Capital Management, commented: \u201cWe invest in companies that have talented management teams, who are leading the development of advanced technology for a sustainable global future. Based on an in-depth review of a wide variety of existing solutions, we invested in ESS because they have the cleanest and the best low-cost energy storage solution on the market. This solution meets real-world needs with highly favorable economics. We believe they are well positioned for rapid expansion.\u201d<\/p>\n<p>\u201cThis investment underscores the strength of our technology, its value in the large, high-growth energy storage market, and our ability to execute strategically,\u201d said Craig Evans, founder and CEO of ESS Inc. \u201cCustomers are seeking cleaner, higher-performing alternatives to lithium-ion that can provide scalable, long-life, longer-duration storage \u2013 and in combination with renewables, achieve economic parity with conventional generation. ESS\u2019s safe, low-cost, and sustainable all-iron flow battery is the ideal solution.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PORTLAND, OREGON \u2013 December 12, 2017 \u2013 ESS Inc., the leading manufacturer of safe, low-cost and long-duration flow energy storage systems, announced that it has received $13 million in new Series B funding. The round includes new investors led by global chemical industry leader BASF, as well as Cycle Capital Management, Presidio Partners Investment Management [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7090","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/posts\/7090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/comments?post=7090"}],"version-history":[{"count":0,"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/posts\/7090\/revisions"}],"wp:attachment":[{"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/media?parent=7090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/categories?post=7090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cyclecapital.com\/en\/wp-json\/wp\/v2\/tags?post=7090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}