ESS Tech Shares Rally on Honeywell Investment, Collaboration
September 25 2023 - 10:41AM
Dow Jones News
By Colin Kellaher
ESS Tech shares rose sharply Monday after industrial giant
Honeywell International took a significant stake in the
energy-storage company as part of a collaboration focused on
iron-flow-battery energy-storage systems.
Shares of the Wilsonville, Ore., company were recently changing
hands at $1.57, up 13%.
Honeywell received nearly 16.5 million ESS shares as part of a
$27.5 million investment, making it ESS's second-largest
shareholder behind early backer Softbank, according to data from
FactSet.
Honeywell received warrants to buy additional shares of ESS as
part of the collaboration, and its UOP affiliate is also making a
$15 million prepayment to ESS under a master supply agreement for
equipment.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 25, 2023 10:26 ET (14:26 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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