By Colin Kellaher

Industrial giant Honeywell International is taking a stake in energy-storage company ESS Tech as part of a collaboration aimed at advancing the development and market adoption of iron-flow-battery energy-storage systems.

ESS said Honeywell has invested $27.5 million in exchange for nearly 16.5 million shares, along with a warrant to buy up to another 10.6 million shares at $1.89 apiece.

ESS, based in Wilsonville, Ore., said it also issued a warrant to buy nearly 6.27 million shares at $2.90 each to Honeywell's UOP affiliate under an intellectual-property license agreement.

ESS had about 155.6 million shares outstanding as of Aug. 4

Honeywell and ESS said they will work together to meet growing global demand for long-duration energy storage driven by the rapid increase in renewable-power generation.

Iron-flow-battery technology uses iron, salt and water to provide energy storage without reliance on limited minerals such as lithium, cobalt or vanadium.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 25, 2023 07:13 ET (11:13 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
ESS Tech (NYSE:GWH)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024 Plus de graphiques de la Bourse ESS Tech
ESS Tech (NYSE:GWH)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024 Plus de graphiques de la Bourse ESS Tech