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ESS Tech has completed a capital increase and secured a multimillion-dollar contract with the U.S. military, addressing the demand for long-term energy storage. The financing will enhance liquidity, while a significant reduction in liabilities allows for greater financial flexibility.

The contract from Concurrent Technologies Corporation and the U.S. Air Force Research Laboratory involves providing energy storage solutions for the Clear Space Force Station in Alaska, serving as a reference for the reliability of ESS Tech's iron-flow battery technology.