ESS Tech Files for Chapter 7 Bankruptcy, Ceases Operations
By Josh Beckerman
Energy storage company ESS Tech said it filed for chapter 7 bankruptcy and ceased operations after considering all strategic alternatives.
In a filing with the Securities and Exchange Commission, the company said it terminated all employees and officers without cause.
ESS Tech shares traded over the counter after the stock was delisted from the New York Stock Exchange in early October. Shares closed down 21% to 7 cents Friday.
ESS Tech, whose investors included SoftBank Group, was valued at about $1.1 billion as of May 2021, when its combination with ACON S2 Acquisition Corp. was announced.
The company's products had included sodium-ion batteries, which it said "provide a safer, more robust, and sustainable alternative to lithium-ion technology for short- and medium-duration energy storage" and reduced reliance on constrained critical minerals.
On Sept. 2, ESS Tech said it had achieved Awardable status through the Chief Digital and Artificial Intelligence Office's Tradewinds Solutions Marketplace, which it said "expands our visibility within the U.S. Department of War and broader federal community."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
November 13, 2026 18:41 ET (23:41 GMT)
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