The Export-Import Bank of the United States (EXIM), with the unanimous support of its bipartisan board of directors, has approved a $50 million financing package for ESS Inc., a small business specializing in long-duration battery storage technology.
This investment, falling under the Make More in America (MMIA) Initiative, will fund the construction of several new production lines at ESS Tech’s facility in Wilsonville, Oregon.
Supporting American Jobs and Global Energy Transition
This fourth deal under the MMIA initiative is projected to create approximately 100 full-time jobs in Oregon. The $50 million financing package comprises a final commitment for two immediate production lines, along with a preliminary commitment for additional lines as ESS expands its production capacity to meet growing customer demand.
EXIM’s Commitment to Domestic Manufacturing and Innovation
Reta Jo Lewis, President and Chair of EXIM’s Board of Directors, expressed pride in this transaction, highlighting its alignment with EXIM’s mandates. The investment supports technologies crucial to the global energy transition while strengthening domestic supply chains and fostering quality employment opportunities in the United States.
Expanding Production Capacity for Global Reach
EXIM’s funding is expected to triple the annual production capacity at ESS Tech’s Wilsonville facility. This increased capacity will enable ESS to expand its exports of long-duration battery storage solutions to international markets, including Europe, Australia, and Africa.
Strengthening American Supply Chains through the MMIA Initiative
The MMIA initiative leverages EXIM’s existing medium- and long-term loans and loan guarantees to support export-oriented domestic manufacturing projects. This initiative aligns with the Biden-Harris Administration’s comprehensive approach to enhancing the resilience and security of American supply chains, as outlined in Executive Order 14017.