Ajay29
2021-10-13
Good article 👍
Stock jumps as Wilsonville battery maker ESS begins trading on Wall Street, reversing wobbly debut
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The stock trades under the ticker symbol GWH (a nod to “gigawatt hour,” 1 billion watt hours of electricity).</p>\n<p>ESS makes iron-based batteries that it says will enable clean electricity generators, like solar and wind farms, to store their energy. Energy storage for clean power is an essential element of any move away from fossil fuels.</p>\n<p>The clean energy company had planned to raise $465 million by merging with a publicly traded investment fund, known as a special purpose acquisition company, or SPAC. But most of the SPAC’s investors opted out of the deal last week, choosing to cash out their shares instead.</p>\n<p>The result was that ESS raised just $308 million in Monday’s deal. That’s still a hefty sum for a small company, which employs only 165, but had suggested investors were glum about ESS’ prospects.</p>\n<p>Trading started off slow Monday morning, with the stock edging up around 2%. Shares then began a sudden, upward climb around 10:30 a.m. Pacific time.</p>\n<p>It’s not clear what ignited the stock’s rally, but at 10:12 a.m.CNBC posted a flattering articleabout ESS, with a headline touting it as a “Bill Gates-backed” company. (Gates’ clean energy fund, Breakthrough Energy Ventures, is among ESS’ investors.)</p>\n<p>The article described ESS’ battery technology in detail but didn’t note that most of the SPAC investors walked away from the deal last week.</p>\n<p>Regardless, ESS suddenly has a high profile among clean-energy investors and a rising stock price – which could aid the company if it seeks more capital in the future.</p>\n<p>“The proceeds from this transaction will enable us to scale our operations to meet the growing global demand for a product that the world needs today to support the transition to clean, renewable energy,” CEO Eric Dresselhuys said in a written statement Monday.</p>\n<p>ESS said it plans to spend its new capital to expand manufacturing and its sales operation, for research and to bolster its balance sheet.</p>\n<p>ESS had originally anticipated a $1.1 billion market value; the company said it will be at least a month before it has an accurate valuation following its listing, “because of the arcane rules around a company going public, plus delays in determining an accurate valuation due to timing of” private investment registrations.</p>\n<p>Over the past two weeks, ESS has announced deals to provide its batteries to two large energy companies — Enel Green Power, in Spain, and SoftBank subsidiary SB Energy. The explosive growth the Wilsonville company has promised to investors, though, is far from assured.</p>\n<p>ESS is still proving out demand for its products. The company forecasts just $2 million in sales this year but projects revenue will leap to $37 million next year, $300 million in 2023 and an astronomical $3.6 billion in 2027.</p>\n<p>That’s all speculation at this point. Most small companies with soaring ambitions pitch bullish forecasts to venture capitalists or other large, private investors.</p>\n<p>But SPACs have given young companies a path to pursue their lofty dreams on the public markets.</p>\n<p>Here’s how SPACs work: Investors pool their money in a blank-check fund, the SPAC, and obtain a listing on a Wall Street exchange. The SPAC then merges with a private business, providing investment capital and a ready-made stock listing to the business.</p>\n<p>ESS combined with a SPAC called ACON S2 Acquisition Corp. ACON shares were trading around $10 before it announced its deal with ESS last May.</p>\n<p>ACON investors had the option of redeeming their shares at $10 apiece rather than taking shares of ESS. And most ACON shareholders did that last week, taking $208 million out of the transaction and triggering a 16%, one-day drop in ACON’s share price.</p>\n<p>That’s the stock listing ESS inherited Monday, when it completed the transaction.</p>\n<p>If the SPAC process was a disappointment, though, the deal held together thanks to $250 million in private backing from investment funds and energy companies. That made up the bulk of the sum ESS raised by going public.</p>","source":"lsy1634092569661","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock jumps as Wilsonville battery maker ESS begins trading on Wall Street, reversing wobbly debut</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock jumps as Wilsonville battery maker ESS begins trading on Wall Street, reversing wobbly debut\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-13 10:35 GMT+8 <a href=https://www.oregonlive.com/silicon-forest/2021/10/wilsonville-battery-maker-ess-begins-trading-on-wall-street-but-most-investors-opted-out.html><strong>oregonlive</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ESS Tech, a small Wilsonville battery manufacturer, made an emphatic debut on Wall Street as a sudden spate of investor enthusiasm overcame a difficult week for the company.\nShares jumped 27%, $2.22, ...</p>\n\n<a href=\"https://www.oregonlive.com/silicon-forest/2021/10/wilsonville-battery-maker-ess-begins-trading-on-wall-street-but-most-investors-opted-out.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GWH":"ESS Tech Inc."},"source_url":"https://www.oregonlive.com/silicon-forest/2021/10/wilsonville-battery-maker-ess-begins-trading-on-wall-street-but-most-investors-opted-out.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158468432","content_text":"ESS Tech, a small Wilsonville battery manufacturer, made an emphatic debut on Wall Street as a sudden spate of investor enthusiasm overcame a difficult week for the company.\nShares jumped 27%, $2.22, to close at $10.43 after trading began Monday on the New York Stock Exchange. The stock trades under the ticker symbol GWH (a nod to “gigawatt hour,” 1 billion watt hours of electricity).\nESS makes iron-based batteries that it says will enable clean electricity generators, like solar and wind farms, to store their energy. Energy storage for clean power is an essential element of any move away from fossil fuels.\nThe clean energy company had planned to raise $465 million by merging with a publicly traded investment fund, known as a special purpose acquisition company, or SPAC. But most of the SPAC’s investors opted out of the deal last week, choosing to cash out their shares instead.\nThe result was that ESS raised just $308 million in Monday’s deal. That’s still a hefty sum for a small company, which employs only 165, but had suggested investors were glum about ESS’ prospects.\nTrading started off slow Monday morning, with the stock edging up around 2%. Shares then began a sudden, upward climb around 10:30 a.m. Pacific time.\nIt’s not clear what ignited the stock’s rally, but at 10:12 a.m.CNBC posted a flattering articleabout ESS, with a headline touting it as a “Bill Gates-backed” company. (Gates’ clean energy fund, Breakthrough Energy Ventures, is among ESS’ investors.)\nThe article described ESS’ battery technology in detail but didn’t note that most of the SPAC investors walked away from the deal last week.\nRegardless, ESS suddenly has a high profile among clean-energy investors and a rising stock price – which could aid the company if it seeks more capital in the future.\n“The proceeds from this transaction will enable us to scale our operations to meet the growing global demand for a product that the world needs today to support the transition to clean, renewable energy,” CEO Eric Dresselhuys said in a written statement Monday.\nESS said it plans to spend its new capital to expand manufacturing and its sales operation, for research and to bolster its balance sheet.\nESS had originally anticipated a $1.1 billion market value; the company said it will be at least a month before it has an accurate valuation following its listing, “because of the arcane rules around a company going public, plus delays in determining an accurate valuation due to timing of” private investment registrations.\nOver the past two weeks, ESS has announced deals to provide its batteries to two large energy companies — Enel Green Power, in Spain, and SoftBank subsidiary SB Energy. The explosive growth the Wilsonville company has promised to investors, though, is far from assured.\nESS is still proving out demand for its products. The company forecasts just $2 million in sales this year but projects revenue will leap to $37 million next year, $300 million in 2023 and an astronomical $3.6 billion in 2027.\nThat’s all speculation at this point. Most small companies with soaring ambitions pitch bullish forecasts to venture capitalists or other large, private investors.\nBut SPACs have given young companies a path to pursue their lofty dreams on the public markets.\nHere’s how SPACs work: Investors pool their money in a blank-check fund, the SPAC, and obtain a listing on a Wall Street exchange. The SPAC then merges with a private business, providing investment capital and a ready-made stock listing to the business.\nESS combined with a SPAC called ACON S2 Acquisition Corp. ACON shares were trading around $10 before it announced its deal with ESS last May.\nACON investors had the option of redeeming their shares at $10 apiece rather than taking shares of ESS. And most ACON shareholders did that last week, taking $208 million out of the transaction and triggering a 16%, one-day drop in ACON’s share price.\nThat’s the stock listing ESS inherited Monday, when it completed the transaction.\nIf the SPAC process was a disappointment, though, the deal held together thanks to $250 million in private backing from investment funds and energy companies. That made up the bulk of the sum ESS raised by going public.","news_type":1},"isVote":1,"tweetType":1,"viewCount":923,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":13,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/822190071"}
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