“This is an incredibly proud moment for the entire ESS team and a milestone for the industry at large,” ESS CEO Eric Dresselhuys said. “We are excited to begin our next chapter as the first publicly traded long-duration energy storage company. Our differentiated battery technology gives us a first mover advantage in a rapidly expanding market, while simultaneously transforming the value proposition of long-duration storage to support renewable energy generation for the electrical grid."
Long-duration storage is seen as the Holy Grail of the energy world right now-- a crucial piece in the world's transition away from polluting fossil fuels toward renewable energy resources. Bill Gates' Breakthrough Energy Ventures is backing long-duration storage companies ESS, Form Energy, and Ambri, among others, while gravity-based energy storage firm Energy Vault is expected to list on the NYSE after a SPAC merger of its own, valuing the company at $1.1 billion.
Long-duration energy storage -- systems capable of storing energy for more than five hours -- can provide resiliency for the grid and reliability for intermittent renewable energy generation.
Global energy storage deployments are expected to nearly triple year-over-year in 2021, reaching 12 GW/28 GWh, according to a report by Wood Mackenzie.
Wood Mackenzie's Global Energy Storage Outlook forecasts nearly 1 TWh of total demand from 2021-2030, with the U.S. and China dominating the market. The two countries will account for over 70% of total global installed energy storage capacity through 2030, the report notes.
“Moves to accelerate the decarbonization of the US and Chinese power sectors are gaining pace and provide the foundation of our global market forecast," Wood Mackenzie senior research analyst Xu Le said.