Walkers acts as Cayman Islands counsel to ACON S2 Acquisition Corp. on its Business Combination with ESS Inc.

Walkers is pleased to have acted as Cayman Islands counsel to ACON S2 Acquisition Corp., a special purpose acquisition company, in relation to its business combination with ESS Inc.

ACON S2 will enter into a business combination with ESS Tech, Inc. a manufacturer of long-duration iron flow batteries for commercial and utility-scale energy storage applications. The transaction will result in ESS becoming a publicly listed company, with the combined company having a pro forma enterprise value of $1.072 billion. As part of the transaction, ACON S2 raised a $250 million fully committed PIPE from institutional investors. The transaction is expected to close in the third quarter of 2021.

The Walkers team was led by Cayman Islands partner Bicrom Das with assistance from associate Tom Hagger.

Bicrom DasPartnerT +1 345 814 4606bicrom.das@walkersglobal.com

Tom HaggerSenior AssociateT +971 4 363 7950tom.hagger@walkersglobal.com

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