ESS Tech, Inc. (GWH): debt financing — ESS Tech closes $40M note financing with Yorkville; warrant for 1.05M shares at $9.98

ESS Tech, Inc.

Unsecured promissory note of $40M in two tranches: $30M now, $10M upon ATM agreement with Yorkville Securities.
Note bears 3% interest, matures Oct 14, 2026; proceeds for working capital and general corporate purposes.
Issued warrant to Yorkville for up to 1,052,104 common shares at $9.98/share, exercisable for five years.
Financing follows recent 50 MWh Salt River Project announcement; management cites strategic pivot to Energy Base.
Company expects to use capital for execution on existing commitments and signing new long-duration storage contracts.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ESS Tech, Inc. incurred loan of up to $40 million with YA II PN, LTD. at 3% per annum maturing October 14, 2026.

Instrument: loan
Principal: up to $40 million
Counterparty: YA II PN, LTD.
Rate: 3% per annum
Maturity: October 14, 2026
Event: incurrence

Exact text from the filing

On October 14, 2025, ESS Tech, Inc. (the “Company”) entered into an unsecured promissory note with YA II PN, LTD., an investment fund managed by Yorkville Advisors Global, L.P. (“Yorkville”) in the aggregate principal amount of up to $40 million

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ESS Tech, Inc. filing history →

Source: SEC EDGAR

accession 0001819438-25-000065

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