May. 30 at 5:20 PM
$ESS Tech shares surged 48% after receiving an unexpected capital infusion, with shares trading around
$1.22. Despite the jump, the stock is still down about 79% on the year.
The energy storage company had previously warned that it might need to take workforce actions if it couldn’t raise the necessary capital to avoid or delay a shutdown.
However, ESS announced on Friday that it secured sufficient capital—unexpected in the normal course of business—allowing the company to continue operations at its Wilsonville facility in the near term. Still, the company plans to carefully manage its operating expenses moving forward.
