ESS Tech, Inc. has announced the closure of additional orders for its Energy Warehouse and Energy Center products as part of its inventory movement strategy. These transactions, which align with the company's pivot to a focused Energy Base product offering, include the first sale of a core component. While these orders will not involve additional cash payments, they will allow the company to recognize revenue of approximately $2.5 million and sell related Advanced Manufacturing Production Tax Credits valued at around $1 million. The company anticipates these revenues and PTC transactions to be recognized in the second quarter. Despite these developments, ESS Tech, Inc. continues to face cash flow challenges and is actively seeking additional funding to sustain operations, engaging with potential capital providers and exploring various financing options.
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