Short Seller-Driven Class Action Suit Dismissed
July 05 2023 - 9:00AM
Business Wire
Plaintiff voluntarily dismisses suit
ESS Tech, Inc. (“ESS”) (NYSE:GWH) is pleased to announce that,
on June 29, 2023, the previously disclosed class action suit was
voluntarily dismissed without any payment or other consideration
from ESS. The suit was largely based upon assertions in the flawed
Grizzly Research report published in December of 2022. As ESS has
consistently stated, the short seller report contained numerous
false and misleading assertions and allegations, including claims
related to ESS’ relationship with its Australian customer, Energy
Storage Industries – Asia Pacific (ESI). The voluntary dismissal
underscores that the claims made in the report by a self-described
short seller are meritless.
"ESS is pleased that the plaintiff has elected to dismiss the
suit,” said Eric Dresselhuys, CEO of ESS. “We remain focused on our
primary mission to deploy safe and sustainable long-duration energy
storage and catalyze the clean energy future.”
ESS delivers iron flow long-duration energy storage systems
worldwide to meet growing demand in partnership with major U.S. and
international utilities, developers and service providers to enable
renewable energy deployment and deep decarbonization of the
grid.
About ESS Tech, Inc.
At ESS (NYSE: GWH), our mission is to accelerate global
decarbonization by providing safe, sustainable, long-duration
energy storage that powers people, communities and businesses with
clean, renewable energy anytime and anywhere it’s needed. As more
renewable energy is added to the grid, long- duration energy
storage is essential to providing the reliability and resiliency we
need when the sun is not shining and the wind is not blowing.
Our technology uses earth-abundant iron, salt and water to
deliver environmentally safe solutions capable of providing up to
12 hours of flexible energy capacity for commercial and
utility-scale energy storage applications. Established in 2011, ESS
Inc. enables project developers, independent power producers,
utilities and other large energy users to deploy reliable,
sustainable long-duration energy storage solutions. For more
information visit www.essinc.com.
Forward-Looking Statements
This communication contains certain forward-looking statements
regarding ESS and its management team’s expectations, hopes,
beliefs, or intentions regarding the future. The words “estimate”,
“expect”, “will” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Examples of
forward-looking statements include, among others, statements
regarding the Company’s ability to execute on orders and the
Company’s relationships with customers. These forward-looking
statements are based on ESS’ current expectations and beliefs
concerning future developments. Many factors could cause actual
future events to differ materially. Except as required by law, ESS
is not undertaking any obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230705441674/en/
Investors: Erik Bylin Investors@essinc.com
Media: Morgan Pitts 503.568.0755 morgan.pitts@essinc.com
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