Usage of the backtick character (`) in JavaScript?

In JavaScript, a backtick seems to work the same as a single quote. For instance, I can use a backtick to define a string like this:

var s = `abc`;

Is there any way in which the behavior of the backtick actually differs from that of a single quote?

† Note that among programmers, "backtick" is one name for what is more generally called the grave accent. Programmers also sometimes use the alternate names "backquote" and "backgrave". Also, on Stack Overflow and elsewhere, other common spellings for "backtick" are "back-tick" and "back tick".