ESS Tech, a New York Stock Exchange-listed company that produces long-duration energy storage iron flow batteries, has secured a $50 million investment from the Export-Import Bank of The United States (EXIM). The funds will be used to expand ESS’s production capacity at its Wilsonville, Oregon plant and help triple its manufacturing capacity. The investment was made through the ExIM’s Make More in America Initiative, which provides loans, guarantees, and insurance to finance export-oriented domestic manufacturing projects. ESS Tech manufactures 100% of its products in the United States and is already delivering iron flow energy storage systems to customers in Europe, Australia and Africa. The company’s battery systems operate for 25 years, compared to conventional batteries that last about 7 to 10 years.

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