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Debt | 6 Months Ended
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Jun. 30, 2023
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Debt | Note 11. Debt ​ Credit and Security Facility ​ ESS Metron a wholly owned subsidiary of the Company, has a $10.0 million Credit and Security Facility, which consists of a $6.0 million Revolving Line of Credit and a $4.0 million Equipment Guidance Line. ​ The $6.0 million Revolving Line of Credit has a term of one year with interest due monthly and principal due at maturity. All amounts borrowed under the Revolving Line of Credit carry a variable interest rate of not less than 4.0% and are secured by the assets of ESS Metron. As of June 30, 2023, the interest rate was 7.5%. ​ The $4.0 million Equipment Guidance Line has a term of one year and permits the Company to finance up to 80.0% of certain equipment purchases. All amounts borrowed under the Equipment Guidance Line carry a variable interest rate of not less than 4.0% and are secured by the assets of ESS Metron. As of June 30, 2023, the interest rate was 7.5%. ​ Total borrowings under the Revolving Line of Credit during the six months ended June 30, 2023, were approximately $0.9 million and payments were $0.5 million. During the six months ended June 30, 2023, the entire amount outstanding under the Revolving Line of Credit of approximately $0.4 million converted to a fixed rate term loan (see below). As of June 30, 2023 and December 31, 2022, the outstanding balance of the Revolving Line of Credit was zero and less than $0.1 million, respectively, and was recognized within Other long-term liabilities on the Condensed Consolidated Balance Sheets. ​ All borrowings and accrued interest under the Equipment Guidance Line convert to fixed rate term loans every six months, which have either five-year terms for borrowings used to acquire vehicles and manufacturing equipment (“Manufacturing Term Loans”) or three-year terms for borrowings of equipment other than vehicles and manufacturing equipment (“Equipment Term Loans”). The Manufacturing Term Loans carry interest at a fixed rate equal to the five-year treasury rate plus 2.5% as of conversion and the Equipment Term Loans carry interest at a fixed rate equal to the three-year treasury rate plus 2.5% as of conversion. During the six months ended June 30, 2023, approximately $0.4 million outstanding under the Credit and Security Facility was converted into a three-year Equipment Term Loan with a fixed interest rate of 6.6%. As of June 30, 2023, no amount was outstanding under Manufacturing Term Loans and approximately $0.4 million was outstanding under Equipment Term Loans. ​ As of June 30, 2023, the outstanding balance on the Equipment Term Loans was recognized net of approximately $0.1 million of deferred financing costs. The net current balance on the Equipment Term Loans of $0.1 million was recognized within Accrued Expenses and the net long-term balance of $0.3 million was recognized within Other long-term liabilities on the Condensed Consolidated Balance Sheets. ​ As of June 30, 2023, the Company was in compliance with all covenants of the Credit and Security Facility.

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