ESS Signs Letter of Intent for Proposed Business Combination

ESS Tech, Inc. (NYSE: GWH) announced on August 6, 2026, the signing of a non-binding Letter of Intent (LOI) for a proposed business combination with a private energy sector company. The transaction remains confidential during due diligence and negotiations, with ESS targeting a final agreement by the end of September 2026 and a potential close before year-end. The company stated the proposed deal aligns with its strategy to deliver energy solutions rapidly. ESS CEO Drew Buckley emphasized the transaction’s potential to support long-term objectives and maximize shareholder value.

The LOI does not legally bind either party to complete the transaction. Completion depends on satisfactory due diligence, definitive agreement negotiations, and required approvals from boards, stockholders, and regulators. ESS will not provide further updates unless additional disclosure becomes necessary. The proposed transaction has not been approved or reviewed by the SEC or any state securities regulatory agency.

Neither the SEC nor any state securities regulatory agency has approved or disapproved the proposed transaction, passed upon its merits, or reviewed the adequacy of disclosures. Any contrary claim constitutes a criminal offense. ESS and the Counterparty, along with their directors and executive officers, may be deemed participants in proxy solicitations related to the transaction under SEC rules.

ESS is the leading provider of non-lithium energy storage solutions, established in 2011 to accelerate decarbonization through longer-lasting storage. The company uses easy-to-source materials to enable energy security, reliability, and resilience. ESS builds flexible storage solutions to meet rising energy demand without disruptions and maximize the value of excess energy. Further details are available at www.essinc.com.