Market Adoption & Demand Volatility: The successful commercialization and broad market adoption of ESS Tech’s long-duration energy storage solutions, particularly iron flow batteries, is uncertain and depends on evolving market dynamics, customer acceptance, and competitive pressures.

Manufacturing Scale-up & Supply Chain Risks: ESS Tech faces significant challenges and risks in scaling up its manufacturing operations to meet potential demand, securing necessary raw materials and components, and managing a complex global supply chain without disruptions or cost overruns.

Intense Competition & Technology Evolution: The energy storage market is highly competitive and rapidly evolving, with established players and new entrants developing alternative technologies, which could impact ESS Tech’s ability to gain market share or maintain a competitive edge.