Export-Import Bank of the U.S. Vice Chair Judith Pryor and Director Owen Herrnstadt Join Oregon Sen. Wyden and Leaders at ESS Tech, Inc. Manufacturing Facility to Celebrate[...]

EXIM Financing Supports Hundreds of Good-Paying Jobs in Oregon

FOR IMMEDIATE RELEASEAugust 7, 2024

Wilsonville, Oregon - Export-Import Bank of the United States (EXIM) First Vice President and Vice Chair Judith Pryor and Director Owen Herrnstadt traveled to Oregon to celebrate and attend a ribbon-cutting event to mark the expansion of ESS Tech, Inc.'s long-duration battery production facility financed through EXIM's Make More in America Initiative (MMIA). This is the fourth deal approved under EXIM's MMIA initiative.

"EXIM's Make More in America initiative aims to support American jobs and U.S.-based companies working to meet global demand for critical technologies. As a leading commercial manufacturer of advanced energy storage technology, ESS was an obvious choice," said EXIM Vice Chair Judith Pryor. "This award not only supports ESS to meet growing global demand for LDES but also reinforces EXIM's dedication to strengthening domestic supply chains, supporting sectors vital for U.S. national security, and deploying American technology in the fight against climate change."

"Make More in America enables EXIM to support U.S. jobs and U.S. supply chains by providing key financing tools for goods and services in critical export-oriented industries like renewable, sustainable energy, manufacturing and transportation," said EXIM Director Owen Herrnstadt. "With its cutting-edge, sustainable, long duration energy storage system that powers clean energy developed and produced by U.S. workers, ESS is a model for EXIM's Make More in America initiative."

"I'm honored to cut the ribbon on one of the most advanced energy storage manufacturing facilities in Oregon, a testament to our state's leadership in clean technology," said Oregon U.S. Senator Ron Wyden, Chair of the U.S. Senate Finance Committee."In addition to tripling ESS's production capacity and helping meet global demand for LDES, the partnership with EXIM also underscores both EXIM's and ESS' commitment to bettering the lives of Americans by creating jobs for hardworking Oregonians."

"EXIM's Make More in America initiative is perfectly suited to meet the needs of growing American manufacturers. Long-term financing, at very attractive rates, provides exactly the non-dilutive capital that companies like ESS need to achieve scale and meet global demand for clean energy technologies," said ESS CEO Eric Dresselhuys. "There is broad bipartisan agreement that manufacturing more critical technology in America is a high priority. We look forward to working with EXIM and other stakeholders to build and deliver the energy storage solutions that will drive global decarbonization."

The EXIM Board of Directors approved a $50 million financing package in June 2024 that will support the construction of several new long-duration battery storage production lines in Wilsonville, Oregon and will support hundreds of full-time, good-paying jobs.

In 2022, ESS announced a partnership, financed in part by EXIM, with Nigerian energy company Sapele Power, representing one of the first long-duration energy storage projects in Nigeria and the entire sub-Saharan Africa region. The deal won EXIM's Sub-Saharan Africa Deal of the Year Award for driving investment in Africa and creating new opportunities across the continent. ESS also has partnerships with global energy and services companies, including Honeywell International, German energy company LEAG and, through a local partner, Australian generator Stanwell Corporation, among others.

Established in 2011, ESS Tech is an innovative company that has a deep experience in fuel cells, electrochemistry, advanced material science and renewable energy. In 2015, ESS Tech began their first commercial deployment by shipping turnkey energy storage solutions that allowed companies and municipalities to control their own energy future.

EXIM leaders also attended a small business roundtable and spoke with local officials and businesses about EXIM financing tools and programs to support American exporters.

ABOUT EXIM:

The Export-Import Bank of the United States (EXIM) is the nation's official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov.