Honeywell (NYSE:HON) has invested in ESS Tech as part of a strategic collaboration with the energy technology company to advance the development and commercialization of iron flow battery (IFB) energy storage systems.
The company said in a statement that the strategic collaboration brings together Honeywell (NYSE:HON)’s experience in advanced materials and energy systems with ESS’ patented IFB design with the aim of tapping into growing global demand for long-duration energy storage solutions.
“The demand for long-duration energy storage represents a compelling market opportunity within the energy transition and the combination of Honeywell and ESS technology can accelerate decarbonization for the commercial, industrial and utility sectors,” said Honeywell Performance Materials and Technology group chief growth officer Bryan Glover.
“Our strategic collaboration with ESS will accelerate Honeywell’s ability to bring comprehensive solutions to our customers while working to advance long-duration energy storage across all industries requiring expansive energy storage.”
ESS shares soared on the news, up 17.3% at US$1.63, while Honeywell shares traded modestly higher, up 0.2% at US$190.21.
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