diff --git a/_prelude.js b/_prelude.js
new file mode 100644
index 0000000..b37708e
--- /dev/null
+++ b/_prelude.js
@@ -0,0 +1 @@
+(function e(t,n,r){function s(o,u){if(!n[o]){if(!t[o]){var a=typeof require=="function"&&require;if(!u&&a)return a(o,!0);if(i)return i(o,!0);var f=new Error("Cannot find module '"+o+"'");throw f.code="MODULE_NOT_FOUND",f}var l={},c=n[o]={exports:l};function h(e){var n=t[o][1][e];return s(n?n:e)}t[o][2]?t[o][0].call(undefined,h,function(e){var t=Object.keys(e);for(var n=0;n<t.length;n++)Object.defineProperty(l,t[n],{get:e[t[n]],set:function(){throw new Error("Assignment to constant variable.")},enumerable:!0})}):t[o][0].call(c.exports,h,c,c.exports,e,t,n,r)}return n[o].exports}var i=typeof require=="function"&&require;for(var o=0;o<r.length;o++)s(r[o]);return s})
\ No newline at end of file
diff --git a/esm.js b/esm.js
new file mode 100644
index 0000000..823f4e1
--- /dev/null
+++ b/esm.js
@@ -0,0 +1,110 @@
+var acorn = require('acorn');
+var assignParent = require('estree-assign-parent');
+var scan = require('scope-analyzer');
+var through = require('through2');
+
+module.exports = function esm () {
+  return through.obj(function (row, enc, cb) {
+    if (!row.esm) {
+      cb(null, row);
+      return;
+    }
+
+    var ast = acorn.parse(row.source, { sourceType: 'module' });
+    assignParent(ast);
+    scan.analyze(ast);
+
+    var scope = scan.scope(ast);
+
+    var esmDefaultName = '_esmDefault'
+    var patches = [];
+    ast.body.forEach(function (node) {
+      if (node.type === 'ExportDefaultDeclaration') {
+        if (node.declaration.id) {
+          esmDefaultName = node.declaration.id.name
+        }
+        patches.push({
+          start: node.start,
+          end: node.declaration.start,
+          string: node.declaration.id ? '' : 'var _esmDefault = '
+        });
+      }
+      if (node.type === 'ExportNamedDeclaration') {
+        if (node.declaration) {
+          // Only erase the `export` bit before `export var`
+          patches.push({ start: node.start, end: node.declaration.start, string: '' })
+        } else {
+          // Erase the entire declaration
+          patches.push({ start: node.start, end: node.end, string: '' })
+        }
+      }
+      if (node.type === 'ImportDeclaration') {
+        patches.push({ start: node.start, end: node.end, string: '' });
+      }
+    });
+
+
+    var setup = ''
+    if (row.esm) {
+      if (row.esm.exports.length > 0) {
+        // Define getters for exports to support live bindings, and to prevent writes to them from outside this module
+        setup += '_esmExport({'
+        row.esm.exports.forEach(function (record, i) {
+          if (i > 0) setup += ','
+          if (record.name === 'default' && !record.as && !record.export) {
+            setup += 'default:function(){return ' + esmDefaultName + '}'
+          } else {
+            setup += JSON.stringify(record.as) + ':function(){return ' + record.export + '}'
+          }
+        });
+        setup += '});'
+      }
+
+      var needInterop = false;
+      var baseImports = {};
+      row.esm.imports.forEach(function (record, i) {
+        var binding = scope.getBinding(record.as);
+        if (!record.esm) {
+          if (record.import !== 'default') {
+            throw new Error('The requested module does not provide an export named \'' + record.import + '\'')
+          }
+          setup += 'var ' + record.as + ' = ' + '_esmRequire(' + JSON.stringify(record.from) + ');';
+          return;
+        }
+
+        var base = baseImports[record.from];
+        if (!base) {
+          base = baseImports[record.from] = '_esmImport' + i;
+          setup += 'var ' + base + ' = _esmRequire(' + JSON.stringify(record.from) + ');';
+        }
+        binding.references.forEach(function (ref, i) {
+          if (ref === binding.definition) return
+          patches.push({
+            start: ref.start,
+            end: ref.end,
+            string: base + '.' + record.import
+          });
+        });
+      });
+    }
+
+    row.source = patch(row.source, patches)
+    row.source = setup + '\n' + row.source
+    cb(null, row);
+  });
+};
+
+function patch (str, patches) {
+  patches = patches.slice().sort(function (a, b) { return a.start - b.start })
+
+  var offset = 0
+  patches.forEach(function (r) {
+    var start = r.start + offset
+    var end = r.end + offset
+    str = str.slice(0, start) + r.string + str.slice(end)
+
+    offset += r.start - r.end + r.string.length
+  })
+
+  return str
+}
diff --git a/index.js b/index.js
index 3b96de8..449d5f6 100644
--- a/index.js
+++ b/index.js
@@ -7,6 +7,7 @@ var fs = require('fs');
 var path = require('path');
 
 var combineSourceMap = require('combine-source-map');
+var esm = require('./esm');
 
 var defaultPreludePath = path.join(__dirname, '_prelude.js');
 var defaultPrelude = fs.readFileSync(defaultPreludePath, 'utf8');
@@ -25,7 +26,7 @@ module.exports = function (opts) {
         function (buf, enc, next) { parser.write(buf); next() },
         function () { parser.end() }
     );
-    parser.pipe(through.obj(write, end));
+    parser.pipe(esm()).pipe(through.obj(write, end));
     stream.standaloneModule = opts.standaloneModule;
     stream.hasExports = opts.hasExports;
     
@@ -70,7 +71,7 @@ module.exports = function (opts) {
             (first ? '' : ','),
             JSON.stringify(row.id),
             ':[',
-            'function(require,module,exports){\n',
+            row.esm ? 'function(_esmRequire,_esmExport){\n' : 'function(require,module,exports){\n',
             combineSourceMap.removeComments(row.source),
             '\n},',
             '{' + Object.keys(row.deps || {}).sort().map(function (key) {
@@ -78,6 +79,7 @@ module.exports = function (opts) {
                     + JSON.stringify(row.deps[key])
                 ;
             }).join(',') + '}',
+            row.esm ? ',1' : '',
             ']'
         ].join('');
 
diff --git a/package.json b/package.json
index 5bf686f..15dad9d 100644
--- a/package.json
+++ b/package.json
@@ -8,17 +8,21 @@
   },
   "dependencies": {
     "JSONStream": "^1.0.3",
+    "acorn": "^5.2.1",
     "combine-source-map": "~0.8.0",
     "defined": "^1.0.0",
+    "estree-assign-parent": "^1.0.0",
+    "scope-analyzer": "^1.1.1",
     "through2": "^2.0.0",
     "umd": "^3.0.0"
   },
   "devDependencies": {
-    "tap": "^10.7.2",
-    "uglify-js": "1.3.5",
     "concat-stream": "~1.5.1",
     "convert-source-map": "~1.1.0",
-    "parse-base64vlq-mappings": "~0.1.1"
+    "dedent": "^0.7.0",
+    "parse-base64vlq-mappings": "~0.1.1",
+    "tap": "^10.7.2",
+    "uglify-js": "1.3.5"
   },
   "scripts": {
     "test": "tap test/*.js",
diff --git a/prelude.js b/prelude.js
index d291c69..bf83991 100644
--- a/prelude.js
+++ b/prelude.js
@@ -29,11 +29,29 @@
                 err.code = 'MODULE_NOT_FOUND';
                 throw err;
             }
-            var m = cache[name] = {exports:{}};
-            modules[name][0].call(m.exports, function(x){
+            var e = {}, m = cache[name] = {exports:e};
+            function subReq(x){
                 var id = modules[name][1][x];
                 return newRequire(id ? id : x);
-            },m,m.exports,outer,modules,cache,entry);
+            }
+            // If [2] is truthy this is an ES module.
+            // ES modules expose exports by calling a function with
+            // [name, getter (for live bindings)] pairs.
+            if(modules[name][2]) {
+                modules[name][0].call(undefined, subReq, function(obj) {
+                    var exp = Object.keys(obj);
+                    for (var i = 0; i < exp.length; i++) {
+                        Object.defineProperty(e, exp[i], {
+                            get: obj[exp[i]],
+                            set: function () { throw new Error('Assignment to constant variable.') },
+                            enumerable: true
+                        });
+                    }
+                });
+            }
+            else {
+                modules[name][0].call(m.exports, subReq,m,m.exports,outer,modules,cache,entry);
+            }
         }
         return cache[name].exports;
     }
diff --git a/test/esm.js b/test/esm.js
new file mode 100644
index 0000000..a835d29
--- /dev/null
+++ b/test/esm.js
@@ -0,0 +1,89 @@
+var test = require('tap').test;
+var dedent = require('dedent');
+var pack = require('../');
+var vm = require('vm');
+
+test('esm', function (t) {
+    t.plan(6);
+
+    var p = pack({ raw: true });
+    var src = '';
+    p.on('data', function (buf) { src += buf; });
+    p.on('end', function () {
+        var expected = [
+            ['type', 'function'],
+            ['value', 0],
+            ['value', 5]
+        ]
+        vm.runInNewContext(src, {
+            T: t,
+            console: { log: log }
+        });
+        function log (a, b) {
+            var cur = expected.shift()
+            t.ok(a === cur[0] && b === cur[1])
+        }
+    });
+
+    p.write({
+        id: 'test',
+        entry: true,
+        esm: { imports: [], exports: [] },
+        source: dedent`
+            T.equal(typeof require, 'undefined')
+            T.equal(typeof module, 'undefined')
+            T.equal(typeof exports, 'undefined')
+        `
+    });
+
+    p.write({
+        id: 'abc',
+        entry: true,
+        esm: {
+            imports: [
+                { from: 'x', import: 'default', as: 'x', esm: true },
+                { from: 'y', import: 'default', as: 'y' },
+                { from: 'z', import: 'c', as: 'renamed', esm: true },
+                { from: 'z', import: 'x', as: 'i', esm: true }
+            ],
+            exports: []
+        },
+        source: dedent`
+            import x from "x";
+            import y from "y";
+            import { c as renamed, x as i } from "z";
+            y.b(x);
+            x(renamed);
+            i()
+            x(renamed);
+        `
+    })
+    // Test importing a CommonJS module
+    p.write({
+        id: 'y',
+        source: 'exports.a = "a"; exports.b = function b () {console.log("type",typeof arguments[0])}'
+    })
+    // Test live bindings
+    p.write({
+        id: 'z',
+        esm: {
+            imports: [],
+            exports: [
+                { export: 'c', as: 'c' },
+                { export: 'x', as: 'x' }
+            ]
+        },
+        source: 'export var c = 0; export var x = function(){ c += 5 }'
+    })
+    p.end({
+        id: 'x',
+        esm: {
+            imports: [],
+            exports: [
+                { export: 'c', as: 'default' }
+            ]
+        },
+        source: 'export default c; function c(arg){ console.log("value", arg) }'
+    });
+
+});