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PHOENIX - Salt River Project (SRP), a not-for-profit public power utility serving the Phoenix metropolitan area, has signed an agreement with ESS Inc. (NYSE:GWH) to deploy a 5 MW, 50 MWh iron flow battery system at SRP’s Copper Crossing Energy and Research Center in Florence, Arizona. ESS Inc., with a market capitalization of $25.59 million and current annual revenue of $6.17 million, has seen its stock surge 17% over the past week. According to InvestingPro analysis, the company appears undervalued based on its Fair Value calculation.
The project, named New Horizon, will operate under a ten-year energy storage agreement and is expected to store enough energy to power approximately 1,125 homes for 10 hours. The system will utilize ESS’s Energy Base technology and is scheduled for completion by December 2027.
According to a press release statement, the pilot project is part of SRP’s initiative to evaluate non-lithium ion long-duration energy storage technologies as the utility works to meet increasing energy demand in the Phoenix area.
"This is another opportunity for SRP to evaluate the real-world performance of emergent technologies on our grid and in the Arizona climate," said Chico Hunter, SRP Manager of Innovation and Development. ESS Inc.’s stock has historically shown high price volatility, making it crucial for investors to stay informed. Access detailed financial health metrics and expert analysis through InvestingPro’s comprehensive research reports, available for over 1,400 US stocks.
SRP currently has nearly 1,300 MW of energy storage supporting its grid, including 1,100 MW of battery storage and 200 MW of pumped hydro storage. The utility plans to at least double its generating resources over the next decade.
The ESS technology uses iron, salt, and water to store and discharge energy, offering a 25-year life expectancy with no risk of thermal runaway. The companies will work with the Electric Power Research Institute to monitor the project’s performance data.
The Copper Crossing facility currently includes a 99-MW natural gas facility and will also host a 55-MW utility-scale solar project currently under construction, as well as CMBlu Energy’s Desert Blume, another long-duration energy storage project.
Design for the ESS project is already underway, with manufacturing set to begin in 2026.
In other recent news, ESS Tech Inc. reported a significant revenue increase for the second quarter of 2025, with a 294% year-over-year growth to $2.4 million. Despite continuing net losses, the company’s strategic initiatives and operational improvements have garnered a positive response from the market. Additionally, ESS Tech announced that its 2025 annual meeting of stockholders is scheduled for October 6. Stockholder proposals for inclusion in the proxy materials must be received by September 8, as stated in the company’s SEC filing. The deadline was set because the meeting is scheduled more than 25 days after the one-year anniversary of the 2024 annual meeting. Proposals submitted after the deadline will not be included in the proxy materials. These recent developments reflect ESS Tech’s ongoing efforts to engage with its shareholders and improve its financial performance.
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