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Why ESS Tech Stock Is Soaring Today

TheMotleyFool

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Shares of ESS Tech (NYSE: GWH) surged nearly 20% by 11:15 a.m. ET on Friday. Powering the battery company's rally was its second-quarter financial results.

ESS Tech achieved a major milestone in the second quarter. The manufacturer of iron flow batteries recorded revenue for the first time, recognizing $686,000 in the quarter through the sale of three energy warehouses.

Overall, the company completed the delivery of all six energy warehouses ordered by SDG&E in the quarter. The utility purchased them to couple with solar energy and supply a steady power source to a local grid. The company also delivered an energy warehouse to its partner TerraSol Energies, which it will deploy on behalf of another customer to support a solar energy project.

Source Fool.com

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