ESS Tech gets $27.5M equity investment from Honeywell, enters supply and IP deals

ESS Tech, Inc.

Honeywell Ventures invested $27.5M for 16.5M common shares and a warrant for 10.6M shares at $1.89.
UOP (Honeywell) licenses IP to ESS, receives IP warrant for 6.3M shares at $2.90; both warrants expire 2028.
UOP pre-paid $15M for equipment, triggering an initial performance warrant for 775,760 shares at $1.45.
Potential future equipment purchases up to $300M by 2030 could generate additional performance warrants.
Joint development agreement on flow battery tech; registration rights granted to Honeywell Ventures.

item 1.01 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ESS Tech, Inc. entered into Master Supply Agreement with UOP valued at equipment supplied by the Company; initial performance warrant to issue up to 775,760 shares of Comm (effective 2023-09-21).

Action: entry
Agreement: supply
Counterparty: UOP
Value: equipment supplied by the Company; initial performance warrant to issue up to 775,760 shares of Comm
Effective: 2023-09-21

Exact text from the filing

the Company and UOP also entered into a Master Supply Agreement, pursuant to which UOP may purchase equipment supplied by the Company (the “Supply Agreement”).

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ESS Tech, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-032880

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