HON - Why ESS Tech Stock Surged Higher Today
2023-09-25 12:10:00 ET
Energy storage company ESS Tech (NYSE: GWH) is partnering with Honeywell (NASDAQ: HON) to advance its tech and hopefully bring a product to market. Investors are excited about what the collaboration could mean and sent shares of ESS up as much as 20% on Monday.
ESS is working on iron flow battery systems, which could be a big part of the solution as the world works to shift toward renewable energy . The company's tech uses abundant resources including iron, salt, and water to provide energy storage for utility-scale energy storage applications. If it goes as planned, the tech could solve the problem of how to use solar, for example, to light up houses overnight.
The market for utility-scale energy storage could be as much as $50 billion right now and could grow significantly from here should renewables continue to gain share, according to the LDES Council and McKinsey & Co. Honeywell wants to help ESS deliver on that promise.
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Why ESS Tech Stock Surged Higher Today