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§ Private Profile · Wilsonville, OR, USA
Manufactures long-duration energy storage with iron flow battery technology for commercial, industrial, and utility applications.
Energy Storage Systems is a Wilsonville, Oregon-based manufacturer of long-duration energy storage solutions utilizing proprietary iron flow battery technology made from iron, salt, and water. The publicly traded company produces commercial, industrial, and utility-scale storage products, such as the Energy Warehouse and Energy Base, which provide up to 22 hours of continuous power capacity for global markets including Europe and Australia. Following its 2021 merger with a special purpose acquisition company, the enterprise listed on the New York Stock Exchange under the ticker GWH and generated approximately $308 million in pro forma net cash. Operating with an early reported headcount of 11 employees, the firm has attracted backing from prominent institutional investors, including Breakthrough Energy Ventures, SB Energy, Fidelity, and Koch Industries. Energy Storage Systems was founded in 2011 by Craig Evans and Julia Song.
Energy Storage Systems has raised $46.4M across 4 funding rounds.
Energy Storage Systems has raised $46.4M in total across 4 funding rounds.
Energy Storage Systems has raised $46.4M in total across 4 funding rounds.
Energy Storage Systems's investors include Carmichael Roberts, Rich Hossfeld, BASF Venture Capital, Cycle Capital Management, Evergy Ventures, IPM Group, Pangaea Ventures, Presidio Partners, PTT Global Chemical, Markus Solibieda, Andrée-Lise Méthot, Andrew Haughian.
Energy Storage Systems has raised $46.4M across 4 funding rounds. Most recently, it raised $30.0M ESS - Series C in October 2019.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Oct 28, 2019 | $30M Series C | Carmichael Roberts, Rich Hossfeld | BASF Venture Capital, Cycle Capital Management, Evergy Ventures, IPM Group, Pangaea Ventures, Presidio Partners, PTT Global Chemical | Announced |
| Dec 1, 2017 | $13M Series B | Markus Solibieda | BASF Venture Capital, Andrée Lise Méthot, IPM Group, Pangaea Ventures, Presidio Partners | Announced |
| Oct 7, 2015 | $3.2M Series A | Andrew Haughian | Element 8 | Announced |
| Jan 1, 2015 | $150K Pre Seed | — | — | Announced |
Energy Storage Systems Inc. (ESS Inc.) develops proprietary all-iron flow battery technology for long-duration energy storage (LDES), providing safe, cost-effective, and environmentally friendly solutions that store up to 22 hours of energy with unlimited cycling and zero capacity degradation over 25 years.[1][2] The company serves light commercial and industrial users, AI data centers, and electrified grids facing high solar penetration or time-of-use pricing, solving intermittency issues by converting excess renewable energy into reliable baseload power, reducing electricity costs by over 33% and minimizing outage impacts.[1][2] Founded in 2011 in Portland, OR, ESS has grown from prototype stage to deploying scalable products like the Energy Base line, amid surging demand for LDES to support 8 TW global deployment by 2040.[1][2]
ESS Inc. was founded in March 2011 by CEO Craig Evans, who brought over 15 years of renewable energy product development experience from United Technologies Corp. and ClearEdge Power Inc., along with 15+ patents; he holds an MBA from Carnegie Mellon and an MS in Mechanical Engineering from Clarkson University.[1] CTO Dr. Xiaolei Song joined in April 2012, contributing her VP of R&D role at ClearEdge Power, a PhD in Chemistry from UNC-Chapel Hill, 20 publications, and 10+ patents.[1] The idea emerged from the need for safer, cheaper alternatives to lithium-based storage, leading to early traction with prototype-ready all-iron flow batteries targeting US commercial users with solar and pricing challenges.[1]
ESS stands out in the energy storage market through these key advantages:
ESS rides the LDES megatrend, enabling intermittent renewables like solar to deliver baseload power as grids electrify and AI data centers drive 165% US demand growth by 2030, requiring 8 TW global storage by 2040 for net-zero goals.[2] Timing is ideal post-2011 founding, aligning with utility-scale shifts from lithium (e.g., AES/Fluence) to durable flow tech amid supply chain vulnerabilities and fire risks.[1][2][3] Favorable forces include policy incentives for clean tech, solar proliferation, and grid resiliency needs; ESS influences the ecosystem by proving iron flow viability for commercial/industrial scale, complementing giants like Tesla's Megapack while differentiating on longevity and safety.[1][2][4]
ESS is poised to capture LDES market share with its Energy Base expansion, targeting AI-driven demand and grid modernization through 2040. Trends like AI electrification, renewable mandates, and flow battery maturation will accelerate growth, potentially evolving ESS from prototype innovator to tier-1 supplier via partnerships and scaling. As grids demand reliable baseload from renewables, ESS's iron flow tech—safe, endless-cycling, and cost-slashing—positions it to power the clean energy backbone.[1][2]