Short Seller-Driven Class Action Suit Dismissed

July 05, 2023 at 09:00 AM EDT

Plaintiff voluntarily dismisses suit

ESS Tech, Inc. (“ESS”) (NYSE: GWH) is pleased to announce that, on June 29, 2023, the previously disclosed class action suit was voluntarily dismissed without any payment or other consideration from ESS. The suit was largely based upon assertions in the flawed Grizzly Research report published in December of 2022. As ESS has consistently stated, the short seller report contained numerous false and misleading assertions and allegations, including claims related to ESS’ relationship with its Australian customer, Energy Storage Industries – Asia Pacific (ESI). The voluntary dismissal underscores that the claims made in the report by a self-described short seller are meritless.

"ESS is pleased that the plaintiff has elected to dismiss the suit,” said Eric Dresselhuys, CEO of ESS. “We remain focused on our primary mission to deploy safe and sustainable long-duration energy storage and catalyze the clean energy future.”

ESS delivers iron flow long-duration energy storage systems worldwide to meet growing demand in partnership with major U.S. and international utilities, developers and service providers to enable renewable energy deployment and deep decarbonization of the grid.

About ESS Tech, Inc.

At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it’s needed. As more renewable energy is added to the grid, long- duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining and the wind is not blowing.

Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS Inc. enables project developers, independent power producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy storage solutions. For more information visit www.essinc.com.

Forward-Looking Statements

This communication contains certain forward-looking statements regarding ESS and its management team’s expectations, hopes, beliefs, or intentions regarding the future. The words “estimate”, “expect”, “will” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding the Company’s ability to execute on orders and the Company’s relationships with customers. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments. Many factors could cause actual future events to differ materially. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.