TIDMIES
RNS Number : 3971M
Invinity Energy Systems PLC
14 September 2023
The information contained within this Announcement is deemed by
Invinity Energy Systems plc to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
14 September 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
First Customer Order for Invinity's Next-Generation Vanadium
Flow Battery
MoU signed to develop strategic sourcing and manufacturing in
Taiwan
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX:
IESVF), a leading global manufacturer of utility-grade energy
storage , is pleased to announce that the Company has received the
first customer order for its next-generation product, code-named
"Mistral".
Invinity's customer is the Company's Taiwanese strategic
partner, Everdura Technology Company ("Everdura"), who have decided
to vary the terms of their initial 15 MWh order, previously
announced 1 December 2022, specifying that it be fulfilled by
Invinity's next-generation product.
A 14.4 MWh vanadium flow battery ("VFB"), comprising a single
Mistral array, will now be installed by Everdura at a site in
central Taiwan and used to balance the island's electric grid
through the provision of Enhanced Dynamic Regulation (E-dReg)
services. Invinity expects to ship the order in late 2024. Once
operational, the project is expected to be the largest of its kind
in Taiwan and the first time a vanadium flow battery has provided
regulation services for the Taiwanese grid.
Under the terms of the agreement, Invinity is now due a further
payment which will be used to purchase long-lead-time components
and allow the manufacturing phase to commence. The Company's
current revenue backlog remains materially unchanged by the
variation of this order. However, as the order will now be
fulfilled by Invinity's Mistral product, the Company expects that
the sale will achieve a greater gross margin than previously
anticipated.
In addition to this order variation, the companies have signed a
non-binding Memorandum of Understanding (the "MoU") which proposes
Everdura and Invinity enter into a strategic manufacturing
partnership for Invinity products in Taiwan. Everdura and Invinity
expect to convert this MoU into a definitive, binding commitment,
leading to a significant expansion of Invinity's total global
manufacturing capacity and greater access to Asian energy storage
markets for both companies in the future. Further updates will be
provided in due course.
Picture: Invinity and Everdura held a formal signing ceremony at
Invinity's booth during the RE+ Conference in Las Vegas, USA
On 15 March 2023, Everbrite Technology Co., Ltd. Everdura's
parent company, made a GBP2.5m strategic investment into Invinity
as part of the Company's oversubscribed placing and open offer
which raised gross proceeds of c.GBP23m. Everdura operates as
Invinity's reseller in Taiwan and has a three-year agreement in
place targeting the deployment of a further 255 MWh of Invinity
batteries into the region.
Everdura Technology Co., Ltd. was established in July 2022 as a
joint venture between Everbrite Technology Co., Ltd. and Pronergy
Technology Co., Ltd. The Taiwan-based company was created to focus
on construction, system integration and technology distribution
within the fields of energy, smart buildings and public EV charging
infrastructure.
Darren Yen, Chairman at Everdura said:
"We are pleased to be the first launch customer for Mistral,
Invinity's next-generation product. The need for large-scale,
non-lithium energy storage in Taiwan and the broader Asian region
has never been clearer. Our confidence in Invinity's products to
meet the requirements of this growing market is demonstrated by our
intention to develop a manufacturing partnership with them . We are
looking forward to great success with Mistral and a growing and
prosperous relationship with Invinity."
Larry Zulch, Chief Executive Officer at Invinity said:
"Mistral represents the future of grid-connected energy storage
with market-leading scalability and economics. Getting a first
order for a new generation of product is always an important
milestone, and having it come from Everdura, our trusted partner in
Taiwan, is a demonstration of our deep relationship. Our
long-standing connection is further supported by announcing our
intention to enter into a strategic manufacturing relationship with
Everdura to address the large and growing energy storage demand in
Taiwan and greater Asia. "
Stay up to date with news from Invinity. Join the distribution
list for the Company's monthly investor newsletter here .
Enquiries :
Invinity Energy Systems plc +44 (0)20 4551 0361
Jonathan Marren, Chief Development Officer and Interim
CFO
Joe Worthington, Director of Communications
Canaccord Genuity (Nominated Adviser and Joint Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O'Connor / Harry Pardoe / Gordon
Hamilton
VSA Capital (Financial Adviser and Joint Broker) +44 (0)20 3005 5000
Andrew Monk / Simon Barton
Tavistock (Financial PR Advisor) +44 (0)20 7920 3150
Simon Hudson / Charles Baister invinity@tavistock.co.uk
Notes to Editors
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX:
IESVF) manufactures vanadium flow batteries for large-scale,
high-throughput energy storage requirements of business, industry
and electrical networks.
Invinity's factory-built flow batteries run continually with no
degradation for over 25 years, making them suitable for the most
demanding applications in renewable energy production. Energy
storage systems based on Invinity's batteries are safe, reliable,
and economical, and range in size from less than 250 kilowatt-hours
to tens of megawatt-hours.
Invinity was created in April 2020 through the merger of two
flow battery industry leaders: redT energy plc and Avalon Battery
Corporation. With over 65 MWh of systems already deployed or
contracted for delivery across over 70 sites in 15 countries,
Invinity is active in all major global energy storage markets and
has operations in the UK, Canada, USA, China and Australia.
Invinity Energy Systems plc is listed in the UK on AIM and AQSE and
trades in the USA on OTCQX.
To find out more, visit invinity.com , sign up to our monthly
Investor Newsletter here or contact Investor Relations on via +44
(0)20 4551 0361 or ir@invinity.com
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