SoftBank vehicle SB Energy and BASF contributed to a $250m PIPE financing that will support the merger with the Nasdaq-listed Acon S2 Acquisition Corp.

ESS, a US-headquartered energy storage technology producer backed by corporate investors SoftBank, PTT Global, Evergy and BASF, agreed a reverse takeover with special purpose acquisition company Acon S2 Acquisition Corp yesterday.

Acon S2 floated on in a $250m initial public offering on the Nasdaq Capital Market in September 2020, and the merged business will take its listing, the deal valuing ESS at $1.1bn.

Investment and financial services group Fidelity led a $250m private investment in public equity (PIPE) financing supporting…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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