By Colin Kellaher

ESS Tech shares rose sharply Monday after industrial giant Honeywell International took a significant stake in the energy-storage company as part of a collaboration focused on iron-flow-battery energy-storage systems.

Shares of the Wilsonville, Ore., company were recently changing hands at $1.57, up 13%.

Honeywell received nearly 16.5 million ESS shares as part of a $27.5 million investment, making it ESS's second-largest shareholder behind early backer Softbank, according to data from FactSet.

Honeywell received warrants to buy additional shares of ESS as part of the collaboration, and its UOP affiliate is also making a $15 million prepayment to ESS under a master supply agreement for equipment.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 25, 2023 10:26 ET (14:26 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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