On January 29, 2026, ESS Tech, a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, announced that it has entered into definitive agreements in a registered direct offering with institutional investors for the purchase and sale of approximately $15 million of shares of common stock and pre-funded warrants at a price of $1.75 per share of common stock, which price was a premium to the closing price on January 28, 2026. Wilson Sonsini Goodrich & Rosati advised ESS Tech on the transaction.

The offering consisted of the sale of 8,571,428 shares of common stock (or pre-funded warrants). The public offering price per share is $1.75 (or $1.74999 for each pre-funded warrant, which is equal to the public offering price per share of common stock sold in the offering minus an exercise price of $0.00001 per pre-funded warrant). The pre-funded warrants are immediately exercisable and may be exercised at any time until exercised in full.

The transaction closed on January 30, 2026, and aggregate gross proceeds to ESS Tech were approximately $15 million. ESS Tech expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital.

The Wilson Sonsini team that advised ESS Tech on the transaction included Mark Baudler, Lianna Whittleton, Rachel Nagashima, Annie Giomi, Sasha Bobrowicz, Laura Odujinrin, and Thomas Williams.

For more information, please see ESS Tech’s news release.