This Bill Gates-Backed Renewable Energy Company Has Skyrocketed On NYSE Debut After SPAC Merger

ESS Inc GWH, the Bill Gates-backed battery maker went public on the New York Stock Exchange on Monday after completing a slated business combination with special purpose acquisition company Acon S2 Investment Corp. The company's stock surged 21.16% on the first day of trading at $10.42 and traded another 37.8% higher in the pre-market session on Tuesdsay.

The SPAC deal is expected to bring proceeds of $308 million through the SPAC deal. 

The Oregon-based company earlier attracted investments totaling $57 million from backers such as Gates and SB Energy, a subsidiary owned by Softbank Group Corp. SFTBY, CEO Eric Dresselhuys told CNBC.

ESS hopes to sidestep the use of lithium and cobalt in its manufacturing process by using iron, salt, and water and looks to solve one of the most pressing issues in renewable tech by harnessing wind and solar energy when the wind isn't blowing and the sun isn't shining.

Gates who founded Microsoft MSFT has made several investments into the clean energy space through his company Breakthrough Energy.