ESS Tech Shares Rally on Honeywell Investment, Collaboration
By Colin Kellaher
ESS Tech shares rose sharply Monday after industrial giant Honeywell International took a significant stake in the energy-storage company as part of a collaboration focused on iron-flow-battery energy-storage systems.
Shares of the Wilsonville, Ore., company were recently changing hands at $1.57, up 13%.
Honeywell received nearly 16.5 million ESS shares as part of a $27.5 million investment, making it ESS's second-largest shareholder behind early backer Softbank, according to data from FactSet.
Honeywell received warrants to buy additional shares of ESS as part of the collaboration, and its UOP affiliate is also making a $15 million prepayment to ESS under a master supply agreement for equipment.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 25, 2023 10:26 ET (14:26 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
3 Dividend Stocks for October 2024
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued