ESS Tech, Inc. (NYSE: GWH) shares dipped Thursday. The company, a leading provider of energy storage solutions, today announced the signing of a non-binding Letter of Intent for a proposed business combination with a private company in the energy sector.
The opportunistic transaction reflects the hallmarks of ESS’ core business strategy: Make energy solutions that can deliver in the era of speed to power.
The Counterparty identity and the additional commercial terms of the proposed transaction remain confidential pending the completion of due diligence and the negotiation and execution of definitive transaction documents.
ESS anticipates announcing a final agreement by the end of September 2026 and is targeting a close before year-end. ESS expects to continue to advance the existing technology platform during this period.
“ESS’ continued exploration of strategic opportunities has allowed us to identify a potential transaction that we believe may support the Company’s long-term objectives,” said CEO Drew Buckley.
“We approached our review of this proposed transaction thoughtfully and with an aim to maximize shareholder value, and we believe that this business combination achieves that. We look forward to working toward definitive agreements in the period ahead.”
GWH shares inched backward one cent, or 1.5%, to 72 cents.
