Ess Tech shares rise 13.28% intraday after raising $31 million in insider-led funding.

Ess Tech, Inc. rose 13.28% in intraday trading, with the company raising $31 million in insider-led funding measures. The funding package includes a standby equity purchase agreement with YA II PN for up to $25 million over a 3-year period, a sale-lease back with a U.S. strategic partner for $4 million cash, and short-term loans from a syndicated group led by ESS board members and management.