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First Solar, a U.S.-based solar module manufacturer, has <a href="https://mercomcapital.com/first-solar-secures-1-5-billion-revolving-credit-facility/" target="_blank" rel="noopener">secured</a> a $1.5 billion revolving credit facility. The agreement establishes a senior unsecured five-year facility with the option to increase the aggregate commitments under the facility by an additional $1 billion, subject to certain conditions and commitments from debt financing sources.
ARRAY Technologies, a company that provides solar tracking technology products, software, and services for utility-scale solar energy projects, has <a href="https://mercomcapital.com/array-technologies-secures-370-million-upsized-revolving-credit-facility/" target="_blank" rel="noopener">upsized</a> and extended its existing revolving credit facility from $166 million to $370 million. According to the company, the facility enhances its liquidity profile and provides additional flexibility to support operational execution, working capital needs, and global growth initiatives.
ESS Tech, a manufacturer of iron flow long-duration energy storage solutions, has <a href="https://mercomcapital.com/ess-acquires-intellectual-property-and-assets-of-voltstorage/" target="_blank" rel="noopener">announced</a> the acquisition of the intellectual property and assets of iron-salt battery company VoltStorage. VoltStorage filed for bankruptcy last year amid challenging market conditions, shifting investment cycles, and strategic headwinds. As part of the transaction, VoltStorage’s key executive and engineering teams will join ESS.
Rio Tinto, a multinational mining company, has <a href="https://mercomcapital.com/rio-tinto-acquires-majority-stake-in-nemaska-lithium/" target="_blank" rel="noopener">announced</a> that it now owns a 53.9% stake in Nemaska Lithium, a Canadian mining company. In 2025, Rio Tinto acquired a 50% stake in Nemaska Lithium through the acquisition of Arcadium, a lithium chemicals producer. The acquisition also comprises the lithium hydroxide plant in Bécancour and the Whabouchi spodumene mine in the Eeyou Istchee James Bay region of Québec.
Intertek Group, a global total quality assurance provider to industries, has <a href="https://mercomcapital.com/intertek-group-acquires-aerial-pv-inspection/" target="_blank" rel="noopener">announced</a> the acquisition of Aerial PV Inspection, a provider of TEK-powered inspection and diagnostic solutions for solar PV systems. This latest acquisition is expected to strengthen Intertek CEA’s end-to-end quality assurance offering for the solar industry.
Battery solutions provider Coulomb Litech has <a href="https://www.mercomindia.com/battery-solutions-provider-coulomb-litech-raises-%E2%82%B9200-million-in-seed-funding" target="_blank" rel="noopener">raised</a> ₹200 million (~$2.21 million) in its latest seed round, aiming to accelerate the electrification of medium and heavy-duty electric vehicles through its fast-charging battery technology. The funding will be used to develop high-performance battery solutions designed for the toughest use cases. Over the past five years, Coulomb Litech has deployed its fast-charging batteries across e-tractors, material-handling equipment such as forklifts, light commercial vehicles, and cranes.
Electric mobility startup, Pluto Mobility, has <a href="https://www.mercomindia.com/pluto-mobility-raises-2-million-in-seed-funding-led-by-version-one" target="_blank" rel="noopener">raised</a> $2 million in seed funding to develop its electric vehicle platform for last-mile delivery. The funding round was led by Version One Ventures, with participation from gradCapital and operators across the logistics and hardware sectors. The seed funding marks Pluto’s first external capital raise. The company stated that the capital will be deployed to advance engineering development, expand its team, and prepare for pilot deployments scheduled for 2026.
Electric vehicle charging network operator Statiq has <a href="https://www.mercomindia.com/statiq-raises-18-million-to-expand-ev-charging-network" target="_blank" rel="noopener">raised</a> about ₹18 million through a mix of debt and equity. The funding round was led by Tenacity Ventures, with participation from Y Combinator, Shell Ventures, and RCD Holdings. The fresh capital will be used to aggressively expand its charging infrastructure and deepen its footprint across tier-1 and tier-2 cities. A significant portion of the investment will be used to deploy more DC fast chargers along key highway corridors.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/">here</a>.
Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-solv-energy-raises-589-million-through-ipo/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: First Solar Secures $1.5 Billion

<a href="https://essinc.com/" target="_blank" rel="noopener">ESS Tech,</a> a manufacturer of iron flow long-duration energy storage solutions (LDES), has announced the acquisition of the intellectual property and assets of iron-salt battery company VoltStorage.
VoltStorage filed for bankruptcy last year amid challenging market conditions, shifting investment cycles, and strategic headwinds.
As part of the transaction, VoltStorage’s key executive and engineering teams will join ESS, strengthening the company’s commercial and technical capabilities.
This acquisition is said to combine two complementary technologies to deliver the flexible, cost-effective LDES solution available on the market. The combined technology is expected to offer a wider range of applications, from grid-scale storage to industrial microgrids, and to deploy international development expertise at ESS’s American manufacturing facility.
&#8220;This acquisition accelerates our mission to provide clean, reliable, and affordable energy storage solutions worldwide,&#8221; said Drew Buckley, CEO of ESS. &#8220;By combining decades of iron flow battery expertise across two companies at ESS, we are accelerating innovation to create the most advanced iron-salt battery platform for long-duration storage.&#8221;
In mid-2025, ESS Tech <a href="https://cms.mercomindia.com/iron-flow-battery-ess-tech-raises-million/" target="_blank" rel="noopener">closed</a> $31 million in insider-led funding measures. The funding package primarily involves the execution of a standby equity purchase agreement with YA II PN, granting ESS the right, but not the obligation, to sell up to $25 million of common equity to YA II PN over a 3-year period.
According to Mercom&#8217;s Annual and Q4 2025 Funding and M&amp;A for Energy Storage <a href="https://cms.mercomindia.com/product/annual-q4-2025-funding-ma-report-storage/" target="_blank" rel="noopener">report</a>, the corporate M&amp;A activity decreased, with 22 companies acquired in 2025 compared to 25 in 2024.
In August 2025, FlexGen Power System, a provider of battery energy storage solutions and energy management software, <a href="https://cms.mercomindia.com/flexgen-to-acquire-powins-business-assets/" target="_blank" rel="noopener">announced</a> the acquisition of a significant portion of Powin’s business. Through the acquisition, FlexGen owns all of Powin&#8217;s IP, including hardware and software IP, as well as information technology systems, along with a significant spare parts inventory.
&nbsp;

ESS Acquires Intellectual Property and Assets of VoltStorage

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ess-tech-raises-31-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
ESS Tech, a manufacturer of iron flow long-duration energy storage (LDES) systems for commercial- and utility-scale applications, has <a href="https://mercomcapital.com/iron-flow-battery-ess-tech-raises-million/" target="_blank" rel="noopener">closed</a> $31 million in insider-led funding measures. This funding enables the company to build its technical momentum for its LDES product, Energy Base, which has a 12.2-hour duration at rated power and 17.8 hours at reduced power. The product is focused on being produced completely in the U.S.
Energy Storage developer Lightshift Energy has <a href="https://mercomcapital.com/lightshift-energy-secures-40-million-in-corporate-credit-facility/" target="_blank" rel="noopener">closed</a> a $40 million corporate credit facility, provided by the institutional investment platform Aiga Capital Partners. The company plans to move a large portion of its pipeline into construction during the second half of 2025 and into 2026. This facility is expected to support its expanding portfolio by addressing interconnection and power purchase agreement security needs, as well as equipment deposits and other related costs.
Ionic Mineral Technologies, an advanced battery materials producer, has <a href="https://mercomcapital.com/ionic-mineral-technologies-closes-29-million-series-b-funding/" target="_blank" rel="noopener">announced</a> the closing of a $29 million Series B funding. The oversubscribed funding round, which exceeded its initial $25 million target, saw participation from undisclosed investors. The funding will be used to expand the company&#8217;s 74,000-square-foot facility in Provo, Utah, accelerating the production of nano-silicon anode material to 1,000 metric tons annually, and supporting Gen-2 sample qualification with global battery OEMs and suppliers.
Foresight Group, an infrastructure and private equity investment firm, has <a href="https://mercomcapital.com/foresight-group-acquires-harmony-energy-income-trust/" target="_blank" rel="noopener">announced</a> the acquisition of Harmony Energy Income Trust (HEIT), a developer of utility-scale battery energy storage projects. Foresight Energy Infrastructure Partners II, an energy transition fund managed by Foresight Group, has acquired a 49% stake, while a Foresight portfolio company, Blackmead Infrastructure Limited, acquired the remaining 51%.
NLC India has granted an in-principle approval to <a href="https://www.mercomindia.com/nlc-india-to-invest-%E2%82%B916-3-billion-in-renewables-subsidiary" target="_blank" rel="noopener">invest</a> up to ₹16.3 billion (~$190 million) in one or more tranches in its wholly owned subsidiary, NLC India Renewables (NIRL). This investment will be utilized to support NIRL’s renewable energy projects via capital expenditure funding. The investment will be made by subscribing to 100% equity shares in NIRL at their face value. The related-party transaction is subject to approvals from the Department of Investment and Public Asset Management and other relevant authorities.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-opdenergy-secures-412-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: ESS Tech Raises $31 Million

ESS Tech, a manufacturer of iron flow long-duration energy storage (LDES) systems for commercial- and utility-scale applications, has <a href="https://cms.mercomindia.com/iron-flow-battery-ess-tech-raises-million/" target="_blank" rel="noopener">closed</a> $31 million in insider-led funding measures. This funding enables the company to build its technical momentum for its LDES product, Energy Base, which has a 12.2-hour duration at rated power and 17.8 hours at reduced power. The product is focused on being produced completely in the U.S.
Energy Storage developer Lightshift Energy has <a href="https://cms.mercomindia.com/lightshift-energy-secures-40-million-in-corporate-credit-facility/" target="_blank" rel="noopener">closed</a> a $40 million corporate credit facility, provided by the institutional investment platform Aiga Capital Partners. The company plans to move a large portion of its pipeline into construction during the second half of 2025 and into 2026. This facility is expected to support its expanding portfolio by addressing interconnection and power purchase agreement security needs, as well as equipment deposits and other related costs.
Ionic Mineral Technologies, an advanced battery materials producer, has announced the <a href="https://cms.mercomindia.com/ionic-mineral-technologies-closes-29-million-series-b-funding/" target="_blank" rel="noopener">closing</a> of a $29 million Series B funding. The oversubscribed funding round, which exceeded its initial $25 million target, saw participation from undisclosed investors. The funding will be used to expand the company&#8217;s 74,000-square-foot facility in Provo, Utah, accelerating the production of nano-silicon anode material to 1,000 metric tons annually and supporting Gen-2 sample qualification with global battery OEMs and suppliers.
Foresight Group, an infrastructure and private equity investment firm, has <a href="https://cms.mercomindia.com/foresight-group-acquires-harmony-energy-income-trust/" target="_blank" rel="noopener">announced</a> the acquisition of Harmony Energy Income Trust (HEIT), a developer of utility-scale battery energy storage projects. Foresight Energy Infrastructure Partners II, an energy transition fund managed by Foresight Group, has acquired a 49% stake, while a Foresight portfolio company, Blackmead Infrastructure Limited, acquired the remaining 51%.
NLC India has granted an in-principle approval to <a href="https://www.mercomindia.com/nlc-india-to-invest-%E2%82%B916-3-billion-in-renewables-subsidiary" target="_blank" rel="noopener">invest</a> up to ₹16.3 billion (~$190 million) in one or more tranches in its wholly owned subsidiary, NLC India Renewables (NIRL). This investment will be utilized to support NIRL’s renewable energy projects via capital expenditure funding. The investment will be made by subscribing to 100% equity shares in NIRL at their face value. The related-party transaction is subject to approvals from the Department of Investment and Public Asset Management and other relevant authorities.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-opdenergy-secures-412-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://essinc.com/" target="_blank" rel="noopener">ESS Tech</a>, a manufacturer of iron flow long-duration energy storage (LDES) systems for commercial- and utility-scale applications, has closed $31 million in insider-led funding measures.
The funding package primarily involves the execution of a standby equity purchase agreement with YA II PN, granting ESS the right, but not the obligation, to sell up to $25 million of common equity to YA II PN over a 3-year period.
The package also includes a sale-lease back with a U.S. strategic partner for $4 million cash, with certain closing conditions, $0.9 million in short-term loans from and warrants issued to a syndicated group led by ESS board members and management, alongside participation from an investment fund managed by Yorkville Advisors Global, and a $0.8 million production tax credit transaction with an SB Energy affiliate.
“I am pleased to announce these transactions with our key partners coupled with a broader capital markets transaction that supports ongoing execution of our strategic pivot. This funding helps to strengthen our cash position to allow us to focus on the completion of key Energy Base contracting opportunities and to secure our broader capital raise,” said Kelly Goodman, Interim Chief Executive Officer.
This funding enables the company to build its technical momentum for its LDES product, Energy Base, which has a 12.2-hour duration at rated power and 17.8 hours at reduced power. The product is designed to be manufactured entirely in the U.S.
According to Mercom’s Q1 2025 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">Report</a> for Energy Storage, announced debt and public market financing for Energy Storage companies in Q1 2025 decreased 90% YoY, with $1.1 billion in 13 deals compared to $10.5 billion in six deals in Q1 2024.
In January, H2 Inc., a vanadium flow battery developer and manufacturer, <a href="https://cms.mercomindia.com/flow-battery-company-h2-inc-raises-16-million-in-bridge-funding/" target="_blank" rel="noopener">raised</a> $16 million in a recent bridge funding finalized in the second half of 2024. The bridge funding brings the company’s total funding to $77 million.

Iron Flow Battery Manufacturer ESS Tech Raises $31 Million

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					</table><a href="https://www.mercomindia.com/blupine-acme-winners-ruvnls-1-2-gw-solar-storage-auction" target="_blank" rel="noopener">Solarcraft Power (BluPine Energy) and ACME Solar have emerged winners in Rajasthan Urja Vikas Nigam’s auction to set up 1,200 MW of solar power projects anywhere in India</a> with a committed supply for at least six hours during the peak demand periods from an energy storage system. BluPine Energy won 100 MW by quoting a tariff of ₹6.68 (~$0.081)/kWh, and ACME won 500 MW out of the quoted 600 MW at ₹6.69 (~$0.081)/kWh.
<a href="https://www.mercomindia.com/sjvn-subsidiary-and-om-for-200-mw-solar-project" target="_blank" rel="noopener">SJVN Green Energy, a wholly owned subsidiary of SJVN, has invited bids for the supply of a balance of system package along with comprehensive three-year operation and maintenance services</a> for a 200 MW grid-connected solar power project situated at Khavda Solar Park, Gujarat. The last date to submit the bid is September 5, 2023. Bids will be opened the same day.
<a href="https://www.mercomindia.com/ntpc-sjvn-hinduja-rumsls-phase-ii-300-mw-floating-solar-auction-2" target="_blank" rel="noopener">NTPC Renewable Energy, SJVN Green Energy, and Hinduja Renewables Energy have won Rewa Ultra Mega Solar’s auction to develop a 300 MW floating solar park (Phase II) at the Omkareshwar reservoir in Madhya Pradesh.</a> According to Mercom sources, SJVN Green Energy won 90 MW by quoting ₹3.79 (~$0.0458)/kWh, NTPC Renewable Energy 80 MW at ₹3.80(~$0.0459)/kWh, and Hinduja Renewables Energy 80 MW for the tariff of ₹3.89 (~$0.0470)/kWh.
<a href="https://www.mercomindia.com/rerc-discom-settle-arrears-solar-wind-developers-ppas" target="_blank" rel="noopener">The Rajasthan Electricity Regulatory Commission recently allowed  Rajasthan Urja Vikas Nigam to pay the arrears to renewable energy developers who had supplied solar and wind power</a> to DISCOM beyond the power purchase agreements. The Commission ruled that the arrears have to be settled within 90 days for the wind power procured at ₹2.44 (~$0.029)/kWh and solar power at ₹2.24 (~$0.027)/kW for the period beyond March 31, 2019, and in case of late payment, a surcharge would be applicable.
<a href="https://www.mercomindia.com/parliament-panel-extension-fame-program-2027" target="_blank" rel="noopener">A parliamentary committee has recommended that the government extend Phase II of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) for at least three years</a> beyond March 31, 2024, to make electric vehicles a norm in the Indian automobile market. The standing committee on Industry made this recommendation in a report relating to the Ministry of Heavy Industries and presented it to Parliament recently.
<a href="https://www.mercomindia.com/gcls-n-type-topcon-cell-manufacturing-unit-operation" target="_blank" rel="noopener">China-based solar manufacturer GCL System Integration Technology recently operationalized Phase I of the 20 GW high-efficiency n-type TOPCon (tunnel oxide passivated contact) solar cell</a> manufacturing facility at Wuhu in China’s Anhui province. The facility is now ready to produce 10 GW of solar cells. The project was developed with an estimated investment of CNY8 billion (~$1.11 billion).
<a href="https://www.mercomindia.com/swift-current-energy-779-million-593-mw-solar-project" target="_blank" rel="noopener">Swift Current Energy, a U.S.-based utility-scale renewable developer, has secured $779 million in financing for its Double Black Diamond Solar project, with a capacity of 800 MWdc (593 MWac).</a> Comprising $695 million in construction and tax equity bridge loans, along with an $84 million letter of credit facility, this financing is claimed to be among the most substantial solar project funding endeavors in the U.S.
<a href="https://www.mercomindia.com/despite-headwinds-poised-to-surpass-6-gw-in-2023" target="_blank" rel="noopener">Community solar installations in the U.S. have displayed a downward trend, with a 6% decrease reported in 2022 and a 13% decline during the first quarter of 2023,</a> according to a report jointly published by Wood Mackenzie and the Coalition for Community Solar Access. The decline in numbers was mainly caused by uncertainties in the supply chain over the past year and challenges related to interconnection and siting, which hindered growth in important state markets like Massachusetts and Maine.
<a href="https://www.mercomindia.com/ev-battery-tech-developer-continue-into-q2-2023" target="_blank" rel="noopener">Solid Power, which develops all-solid-state battery technology for electric vehicles, recorded a net loss of $12.21 million during Q2 of FY 2023, a 189 % year-over-year (YoY) decrease from a profit of $13.67 million.</a> The company’s revenue during the April to June quarter came up to $4.91 million, a YoY increase of 90.3% from $2.58 million. The ongoing implementation of the company’s collaborative development agreements led to increased revenue.
<a href="https://www.mercomindia.com/ess-techs-net-loss-widens-q2-2023" target="_blank" rel="noopener">ESS Tech, a long-duration iron-flow battery manufacturer, recorded a net loss of $22.93 million in the second quarter of 2023, a YoY increase of 40.89% from a loss of $16.27 million.</a> The increase in net loss could be attributed partly to increased research and development costs, as the company worked to get additional patents for its iron flow battery technology. The United States-based company recorded a 312% YoY increase in revenue at $2.83 million in Q2 2023 from $686,000.
<a href="https://www.mercomindia.com/solar-tracker-firm-array-continues-in-q2-2023" target="_blank" rel="noopener">United States-based utility-scale solar tracker company Array Technologies recorded a net profit of $64.81 million during Q2 of FY 2023, a YoY increase of 1,391%, compared to a loss of $5.02 million.</a> The company’s revenue came in at $507.73 million, a YoY increase of 21%. This growth was driven by a rise in both the total capacity shipped and an increase in average selling price, attributed to better pass-through pricing to customers.

Daily News Wrap-Up: RUVNL’s 1.2 GW Solar With Storage Auction

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					</table><a href="https://essinc.com/" target="_blank" rel="noopener">ESS Tech</a>, a long-duration iron-flow battery manufacturer, recorded a net loss of $22.93 million in the second quarter of 2023, a year-over-year (YoY) increase of 40.89% from a loss of $16.27 million.
The increase in net loss could be attributed partly to increased research and development (R&amp;D) costs, as the company worked to get additional patents for its iron flow battery technology.
The United States-based company recorded a 312% YoY increase in revenue at $2.83 million in Q2 2023 from $686,000.
The R&amp;D expenses during the period went up from $16.17 million to $19.45 million, a 20.32% YoY increase.
ESS was awarded ten additional patents for its iron flow battery technology in the second quarter, bringing the number of patents held by it to 70 worldwide. It had filed  235 patent applications as of June 30, 2023.
The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were recorded at a loss of $20.45 million.
The company also recorded a loss of $115,000 on the revaluation of common stock warrant liabilities, a 101.33% drop from a gain of $8.6 million during the same period last year.
ESS has started supplying long-duration energy storage in the form of energy warehouses and energy centers. The company shipped nine energy warehouses in the second quarter.
In June this year, the company <a href="https://www.mercomindia.com/ess-battery-storage-leag-germany" target="_blank" rel="noopener">partnered</a> with Germany-based energy provider LEAG to construct a 50 MW/500 MWh iron flow battery system at the Boxberg power plant site in Germany. The project is estimated to cost an initial €200 million (~$218 million).
The execution of definitive agreements for the partnership is expected in the third quarter in anticipation of the project&#8217;s financial close.
Eric Dresselhuys, CEO of ESS, said, “We’ve made significant improvements across our internal operations, which are driving solid gains in manufacturing efficiency, greater predictability in our ability to meet our customers&#8217; needs, and more streamlined revenue recognition. As the Inflation Reduction Act continues to spark increased interest among customers seeking low-cost ways to decarbonize and enable long-duration energy storage in their grids, ESS remains well-positioned to capture share in this rapidly expanding market, as evidenced by our partnership with LEAG.”
1H 2023
During the first half (1H) of 2023, ESS tech reported a net loss of $44.83 million, a 110.5% YoY increase from $21.30 million.
The revenue for the period, however, soared by 366%, from $686,000 to $3.2 million. The company had reported zero revenue during Q1 2022, leading to a steep increase.
The R&amp;D expenses for the January to June period increased to $37.18 million, a 27.9% YoY increase from $29.06 million.
The company’s gains from the revaluation of common stock warrant liabilities dropped by 97.7% YoY from $25.1 million to $573,000.
The EBITDA for 1H 2023 stood at a loss of $41.82 million.
The company also announced that it had started the shipments for the first phase of ESS’s commitment to the Sacramento Municipal Utility District to supply up to 2 GWh of long-duration energy storage over the next four years in the form of Energy Warehouses and Energy Centers.
According to a recent report by Wood Mackenzie, the energy storage market in the U.S., including grid-scale, residential and community, commercial, and industrial segments, <a href="https://www.mercomindia.com/us-grid-scale-energy-drop-by-33-in-q1-2023" target="_blank" rel="noopener">experienced</a> a 26% decline in the Q1 of 2023 compared to the previous quarter, adding a total of 2,145 MWh.

Iron Flow Battery Manufacturer ESS Tech’s Net Loss Widens by 41% in Q2 2023

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					</table>Manufacturer of long-duration iron-flow batteries,<a href="https://essinc.com/" target="_blank" rel="noopener"> ESS Tech</a>, recorded a net loss of $25 million in the fourth quarter (Q4) of 2022, a year-on-year improvement of 86.12% compared to a $180.73 million loss during the corresponding period in 2021.
The company said it continued to be challenged by supply throughout the year, which hindered its ability to fully achieve its delivery ambitions for the year, resulting in losses.
However, it delivered 14 &#8216;Energy Warehouses&#8217; in the fourth quarter.
The company recorded $16,000 in revenue during the quarter compared to zero revenue generation in Q4 2021.
The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter stood at a loss of $27.52 million, an improvement of 15% YoY, compared to a loss of $23.95 million.
Full Year 2022 
For the full year, ESS Tech posted a net loss of $77.97 million, a YoY improvement of 83.7% compared to $477.41 million in 2021.
The company&#8217;s revenue stood at $610,000 compared to zero revenue generation in 2021.
The adjusted EBITDA stood at a loss of $92.1 million, a YoY increase of 75.7% from a loss of $52.4 million in 2021.
Eric Dresselhuys, CEO of ESS, said, &#8220;2022 was a transformative year for ESS. We signed landmark deals with the Sacramento Municipal Utility District and ESIAP, along with many other wins with utilities and developers, and unlocked new applications such as airport decarbonization that we believe hold the promise of considerable upside.&#8221;
He added the company surpassed a critical operational goal, achieving nearly 800 MWh of annual capacity by the year&#8217;s end.
The company also entered into an agreement with Burbank Water and Power (BWP) in California to deliver BWP&#8217;s first utility-scale battery storage project. The agreement considers a 75 kW/500kWh ESS Energy Warehouse to be installed and connected to a 265 kW solar array on the BWP EcoCampus.
This project includes the first iron flow battery for a gas compression plant and is expected to provide a sustainable, resilient energy storage solution.
The company <a href="https://mercomindia.com/iron-flow-battery-maker-ess-tech-cuts-loss-38-yoy/" target="_blank" rel="noopener">recorded</a> a loss of $31.6 million in Q3 2022, a 38% YoY improvement compared to a loss of $51.33 million in 2021.
In Q2 2022, the company<a href="https://mercomindia.com/ess-tech-posts-rise-revenue-q2-2022/" target="_blank" rel="noopener"> posted</a> revenue of $686,000 compared to zero revenue generation for the same period in 2021.

Iron Flow Battery Maker ESS Tech’s Q4 Net Loss Narrows

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					</table>U.S.-based manufacturer of long-duration iron-flow batteries<a href="https://essinc.com/" target="_blank" rel="noopener"> ESS Tech</a> recorded a loss of $31.6 million in Q3 2022, a 38% year-over-year (YoY) improvement compared to a loss of $51.33 million in 2021.
The company’s revenue was recorded at $192,000 compared to zero revenue generation for the third quarter (Q3) the year before.
The company, which<a href="https://mercomindia.com/ess-technology-goes-public-with-acon/" target="_blank" rel="noopener"> went</a> public last year in a $1.07 billion deal, is a long-duration energy storage company specializing in iron flow battery technology that designs and produces batteries predominantly using earth-abundant materials.
The change in fair value of public and private warrant liabilities resulted in a loss of $4.35 million for Q3 in 2022, an increase of 47.45% compared to a loss of $2.95 million for the year before. Further, the change in the fair value of earnout liabilities resulted in a loss of $234,000 for the third quarter.
Research and development expenses increased by $12.46 million, or a YoY increase of 162% from $7.67 million. The increase resulted primarily from increased purchases of materials and supplies, including related freight costs, increased personnel-related expenses due to expanded headcount, and an increase in warranty-related costs.
The adjusted EBITDA for this quarter stood at a loss of $24.38 million.
Company CEO Eric Dresselhuys said: “In the third quarter, the team at ESS executed well and gained traction across multiple fronts of the business &#8230; significant improvements in operational efficiency speak volumes as to the strength of the team we are building at ESS.”
9M 2022
ESS Technology recorded a cumulative revenue of $878,000 for the nine months (9M) 2022 period compared to zero revenue generation for the same period in 2021. The change in fair value of public and private warrant liabilities resulted in the company recording a gain of $19.47 million compared to a loss of $17.75 million for 9M 2021.
The company’s research and development expenses increased by $29.64 million or 152% from $19.55 million in 2021 to $49,19 million for 9M in 2022. The increase resulted from increased purchases of materials and supplies, including freight costs, increased personnel-related expenses due to expanded headcount, and increased warranty-related costs.
The adjusted EBITDA for 9M 2022 stood at a loss of $64.58 million.
ESS commenced shipping their second-generation Energy Warehouses in the third quarter of 2021 and received final customer acceptance for the initial units shipped during the second quarter of 2022. It began installing its fully automated manufacturing line in the third quarter, which is expected to be operational before year-end, and increased its annual production capacity to over 750 MW.
The company said it is seeing accelerating customer demand. It has announced a deal with the Sacramento Municipal Utility District to supply up to 2 GWh of long-duration energy storage over the next five years to support its 2030 Zero Carbon Plan.
In Q2 2022, the company <a href="https://mercomindia.com/ess-tech-posts-rise-revenue-q2-2022/" target="_blank" rel="noopener">posted</a> revenue of $686,000 compared to zero revenue generation for the same period in 2021.
According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2022-funding-ma-report-storage-grid-efficiency" target="_blank" rel="noopener">9M and Q3 2022 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, global corporate funding for energy storage, smart grid, and energy efficiency companies in the first nine months (9M) of 2022 increased to $25 billion compared to $15.1 billion raised in 9M 2021, a 66% increase year-over-year (YoY).

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