Hey Steve,
The battery is running in lipo mode.
Here are the instructions to get it out of Auto-Lipo.
1. Hold full throttle while switching on esc. (All lights blink)
2. You will hear a short series of tones followed by a 2 second pause,
followed by a long series of tones. ESC will beep continuously with
flashing red LED.
(Green > RED)
3. Continue holding full throttle until you hear and additional long series of
tones with all LEDs flashing, then continuous beeping with Yellow LED
flashing.
(All>Yellow)
4. Release trigger allowing it to return to neutral position. ESC will beep
continuously while flashing Yellow LED.
(Yellow)
5. In order to turn Auto-Lipo OFF, move trigger to the full brake position. ESC
will beep continuously with RED LED flashing.
(OFF/RED)
6. Release Trigger allowing it to return to neutral position. All LEDs will flash
with a series of tones. ONce solid Yellow LED is present your ESC is ready
for use.
I hope this was help. Had the same problem as well.
Cheers,
Chris