Honeywell and ESS Tech, Inc. Collaborate to Accelerate Commercial Deployment of Iron Flow Battery Energy Storage Systems
September 25 2023 - 6:30AM
Business Wire
Honeywell (Nasdaq: HON) today announced a strategic
collaboration with ESS Tech, Inc. (ESS) (NYSE: GWH) to advance
technology development and market adoption of iron flow battery
(IFB) energy storage systems. Honeywell has made an investment in
ESS as part of this collaboration.
The relationship builds upon each company’s development of
energy storage systems, and brings together ESS’ market-leading,
patented IFB design with Honeywell’s advanced materials and energy
systems expertise.
“The demand for long-duration energy storage represents a
compelling market opportunity within the energy transition and the
combination of Honeywell and ESS technology can accelerate
decarbonization for the commercial, industrial and utility
sectors,” said Bryan Glover, chief growth officer, Honeywell
Performance Materials and Technology (PMT) group. “Our strategic
collaboration with ESS will accelerate Honeywell’s ability to bring
comprehensive solutions to our customers while working to advance
long-duration energy storage across all industries requiring
expansive energy storage.”
“Today, we are creating superior technology in the critical
long-duration energy storage industry,” said Eric Dresselhuys, CEO
of ESS. “Combining ESS’ innovative technology and deployment
experience with Honeywell’s storage and control system expertise
will enable us to drive the clean energy transition and deliver
value to our customers, shareholders and communities.”
Honeywell and ESS are working together to meet growing global
demand for long-duration energy storage (LDES), driven by the rapid
increase in renewable power generation. This is creating a
substantial and fast-growing market as countries worldwide
transition to zero carbon energy. The current global energy storage
market is estimated to be $50 billion per year and is forecast to
grow significantly with a cumulative investment of up to $3
trillion by 2040, according to the LDES Council and McKinsey &
Co.
As the shift to renewable energy accelerates, challenges
associated with the intermittency of wind and solar energy are
becoming more apparent. Safe and sustainable IFB technology enables
the transition to clean energy using Earth-abundant materials –
iron, salt and water – to provide energy storage without reliance
upon limited minerals such as lithium, cobalt or vanadium.
Conference Call Details
ESS will hold a webcast conference call on Monday, September 25,
2023 at 9:00 a.m. EDT to discuss the partnership with Honeywell.
Interested parties may join the conference call beginning at 8:45
a.m. EDT on Monday, September 25, 2023 via telephone by calling
888-272-2741 in the U.S., or for international callers, by calling
+1-848-280-6390. A live webcast of the conference call will be
available on ESS’ Investor Relations website at
http://investors.essinc.com/.
A replay of the webcast can be accessed at
http://investors.essinc.com/.
About ESS 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.
About Honeywell:
Honeywell (www.honeywell.com) is a technology company that
delivers industry-specific solutions that include aerospace
products and services; control technologies for buildings and
industry; and performance materials globally. Our technologies help
aircraft, buildings, manufacturing plants, supply chains, and
workers become more connected to make our world smarter, safer, and
more sustainable. For more news and information on Honeywell,
please visit Honeywell | Newsroom.
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 collaboration between ESS and Honeywell and Honeywell
purchasing products from ESS. 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 from such expectations, including, but not
limited to, disruptions, or quality control problems in the
Company’s manufacturing operations; challenges related to the
collaboration between ESS and Honeywell; as well as those risks and
uncertainties set forth in the section entitled “Risk Factors” in
the Company’s Quarterly Report on Form 10-Q for the six months
ended June 30, 2023, filed with the Securities and Exchange
Commission (the “SEC”) on August 8, 2023, and its other filings
filed with the SEC. 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/20230925926303/en/
Honeywell: Mike Hockey +1 (832)
285-4933 mike.hockey@honeywell.com
ESS: Morgan Pitts +1 (503) 568-0755
morgan.pitts@essinc.com
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