Deal Details
ESS Tech Mergers with ACON S2 SPAC
Summary
ESS Tech, Inc. (“ESS Tech”) announced that it has closed its previously announced merger with special purpose acquisition company ACON S2 Acquisition Corp. (“ACON S2”). Through the business combination, shares of common stock and warrants of ESS Tech began trading on the NYSE (NYSE: GWH and GWH.W).
Baird served as a capital markets advisor to ESS Tech, Inc. on this transaction.
About
ESS Tech designs, builds and deploys environmentally sustainable, low-cost, iron flow batteries for long-duration commercial and utility-scale energy storage applications requiring from 4 to 12 hours of flexible energy capacity. The Energy Warehouse™ and Energy Center™ use earth-abundant iron, salt, and water for the electrolyte, resulting in an environmentally benign, long-life energy storage solution for the world’s renewable energy infrastructure. Established in 2011, ESS Tech enables project developers, utilities, and commercial and industrial facility owners to make the transition to more flexible non-lithium-ion storage that is better suited for the grid and the environment.ACON S2 is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. ACON S2 has a focus on businesses that employ a strategic approach to sustainability; that is, a business whose pursuit of sustainability is core to driving its performance and success. ACON S2’s sponsor is an affiliate of ACON Investments, L.L.C. ACON Investments, L.L.C., headquartered in Washington, DC, is an international private equity firm investing in North America, Latin America and Europe.
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- Date
- October 2021
- Company
- ESS Tech, Inc.
- Transaction
- M&A - Sellside
- Sectors
-
Industrial
Technology & Services - Verticals
-
Software
- Target Geography
- North America
- Acquiror Geography
- North America
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