GWH - Why ESS Tech Stock Crushed the Market on Tuesday
2023-09-26 18:42:03 ET
On a generally gloomy Tuesday for the stock market, ESS Tech (NYSE: GWH) was a bright light. The next-generation storage solutions manufacturer saw its share price leap by almost 7% following the details of a direct equity investment by a heavyweight business partner. In sharp contrast, the benchmark S&P 500 index -- which includes said partner as one of its component stocks-- tumbled by 1.5%.
That partner is no less an industrial sector titan than Honeywell (NASDAQ: HON) . On Monday, ESS Tech announced that it and Honeywell are collaborating to advance the development and implementation of the iron flow battery storage solutions the former company specializes in.
The icing on that cake was that Honeywell also directly invested in ESS Tech. At the time, the level of this investment was not divulged.
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Why ESS Tech Stock Crushed the Market on Tuesday