(Updates with the latest stock movement in the first paragraph and headline.)

ESS Tech (GWH) shares were up nearly 129% in recent Friday trading after the company said it signed a new iron flow battery pilot to deliver power under a 10-year agreement with Salt River Project.

The agreement involves adding a 5-megawatt, 50 megawatt-hour battery system to the grid, the parties said late Thursday.

The Iron Flow Battery project aims to evaluate the performance of non-lithium, long-duration energy storage in the Arizona climate. The pilot seeks to validate the company's technology as a safer and sustainable alternative to lithium-ion batteries, it said.

Price: 3.94, Change: +2.22, Percent Change: +128.78