ESS has become the first energy storage manufacturer to be supported by the Make More in America Initiative of the Export-Import Bank of the United States (EXIM) with the recent approval of a $50 million financing package. The company will use the proceeds from the deal to expand production of the company’s proprietary iron flow battery (IFB) modules.
The company’s first fully automated IFB module line was commissioned last year and the planned expansion will leverage this proven design to quickly and cost effectively add capacity. ESS serves a global customer base with projects announced or underway in the US, Europe, Australia and Africa. The LDES Council and McKinsey & Co. project the world will need to install up to 140 TWh of LDES by 2040 to achieve decarbonisation targets.
EXIM’s Make More in America Initiative (MMIA) finances export-oriented domestic manufacturing projects to support American exports and American jobs. MMIA supports environmentally beneficial projects, small businesses, and transformational export transactions in areas including semiconductors, biotech and biomedical products, renewable energy, and energy storage while supporting domestic jobs.
“EXIM’s Make More in America initiative aims to support American jobs and US-based companies working to meet global demand for critical technologies” said EXIM Vice Chair Judith Pryor. “As a leading commercial manufacturer of advanced energy storage technology, ESS was an obvious choice. This award not only supports ESS to meet growing global demand for LDES but also reinforces EXIM’s dedication to strengthening domestic supply chains, supporting sectors vital for US national security, and deploying American technology in the fight against climate change.”
Recently, ESS announced a partnership, financed in part by EXIM, with Nigerian energy company Sapele Power, representing one of the first long-duration energy storage projects in Nigeria and the entire sub-Saharan Africa region. The deal won EXIM’s Sub-Saharan Africa Deal of the Year Award for driving investment in Africa and creating new opportunities across the continent. ESS also has partnerships with global energy and services companies, including Honeywell International, German energy company LEAG and, through a local partner, Australian generator Stanwell Corporation, among others.
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