WILSONVILLE, Ore.--(BUSINESS WIRE)-- ESS Tech, Inc. ("ESS" or the "Company") (NYSE:GWH), a leading manufacturer of iron flow long-duration energy storage systems for commercial- and utility-scale applications, today announced the closing of a $40 million financing transaction with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, L.P. ("Yorkville"). The financing provides $30 million of immediate capital, with an additional $10 million available upon execution of an at-the-market sales agreement with Yorkville Securities, LLC, an affiliate of Yorkville, subject to customary conditions, and in each case less an original issue discount and certain fees and expenses. The transaction is structured as a one-year promissory note, repayable in cash or from a portion of the proceeds raised from equity issuances under the Company's existing or future capital raising arrangements. Additional details regarding the transaction are included in the Company's Current Report on Form 8-K filed this morning.

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