ESS Tech (GWH) stock rocketed higher on Friday after the iron flow long-duration energy storage (LDES) systems manufacturer announced a long-term battery deal with not-for-profit public power utility Salt River Project. This new agreement is named Project New Horizon and will see ESS Tech add a 5 MW, 50 MWh battery system to the grid.
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Under the terms of the deal, the new system will be installed at Salt River Project’s Copper Crossing Energy and Research Center in Florence, Arizona. ESS Tech will sell capacity to Salt River Project through a 10-year energy storage agreement. This new system will be capable of storing energy to power 1,125 average-size homes for 10 hours.
Kelly Goodman, interim CEO of ESS Tech, said, “SRP once again demonstrates its leadership with its commitment to non-lithium, long duration energy storage. This project is a significant validation in both the LDES industry and ESS as a technology provider. We are thrilled to be working with SRP to deliver more hours of clean energy to its customers.”
ESS Tech Stock Movement Today
ESS Tech stock was up 176.74% in pre-market trading on Friday, following a 3.91% drop yesterday. The shares have fallen 70.75% year-to-date and 78.09% over the past 12 months. Today’s news came with heavy trading, as some 78 million shares changed hands, compared to a three-month daily average of about 309,000 units.
Is ESS Tech Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for ESS Tech is Hold, based on two Hold ratings over the past three months. With that comes an average GWH stock price target of $1.83, representing a potential 6.4% upside for the shares.
