ENERGY STORAGE

Long-duration storage company ESS secures $50m EXIM financing

July 1, 2024

Long-duration energy storage system manufacturer ESS has had $50 million of financing approved by the Export-Import Bank of the United States (EXIM) board of directors under the Make More in America Initiative.

The financing will fund the tripling of ESS’ production capacity in Wilsonville, Oregon.

EXIM is the official export credit agency of the United States federal government.

Launched in 2022, EXIM’s Make More in America Initiative (MMIA) makes available medium- and long-term loans, loan guarantees, and insurance to finance export-oriented domestic manufacturing projects. MMIA supports “environmentally beneficial” projects, small businesses, and transformational export transactions, in areas including semiconductors, biotech and biomedical products, renewable energy, and energy storage while supporting domestic jobs.

“Our partnership with EXIM underscores the critical role that American-made clean energy technology will play in the global clean energy transition,” said ESS CEO Eric Dresselhuys. “ESS’s iron flow technology is already deployed in Australia and Europe and with this agreement, we are well positioned to meet the growing needs of our current and future global customers.”

EXIM chair Reta Jo Lewis added: “We are proud to approve EXIM’s fourth Make More in America transaction to small business and energy storage manufacturer ESS. This transaction will ensure that EXIM continues to meet our mandates to support technologies that are critical to the global energy transition while bolstering supply chains and supporting hundreds of good- paying jobs at home.”