RCS - Invinity Energy Sys - Follow-on UK Order & New EU Commercial Partnership

Invinity Energy SystemsAnnouncement

10/03/2023 07:00

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RNS Number : 5097S  Invinity Energy Systems PLC  10 March 2023

10 March 2023

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

Follow-on UK Order & New EU Commercial Partnership

Dawsongroup relationship strengthened with follow-on order; new commercial
partnership in Hungarian market.

 

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) a leading
global manufacturer of utility-grade energy storage, is pleased to announce a
further sale in the UK to Dawsongroup plc and entry into a new European market
through the initiation of a multi-party commercial partnership with Ideona
Group and STS Group in Hungary.

 

Follow-on order with Dawsongroup plc

 

Further to Invinity's 16 January 2023 announcement of a partnership with
Dawsongroup plc to develop a UK battery rental offering that included an
initial VS3 unit sale, the Company is pleased to announce it has received an
additional order from Dawsongroup for another 0.22 MWh VS3 battery.

 

Invinity is working closely with Dawsongroup Power Solutions, a newly formed
business unit within Dawsongroup plc, to jointly develop and market a full
package battery plus renewables solution that is designed to be available on a
capex-free basis to UK commercial customers.

 

Commercial Partnership in Hungary

 

Invinity has entered into a multi-party commercial partnership with leading
Hungarian renewable energy project developer, STS Group ("STS") and their
strategic partner, Ideona Group ("Ideona") a Hungarian asset management
company. Under the agreement, Invinity has appointed Ideona and STS as the
Company's partners in Hungary with a mandate to deploy Invinity batteries as
part of future solar plus storage and grid infrastructure support projects.

 

Invinity's new Hungarian partners have already identified over 50 MWh of
potential projects for Invinity batteries, the majority of which have reached
a sufficient stage of qualification to have been included in the Company's
most recently published pipeline.

 

Hungary was among the first countries globally to turn its 2050 emissions
target into a legal commitment. The country is targeting a 90% clean energy
mix by 2030 which includes an increase in renewable generation and battery
storage.

 

Matt Harper, Chief Commercial Officer at Invinity said:

 

"I'm very pleased to report these positive developments for Invinity in new
and existing markets. Our new partnership with Ideona and STS will help to
establish Invinity as a leading provider of safe, durable longer-duration
storage in Hungary. Our second sale to Dawsongroup further deepens our
relationship with one of the UK's foremost asset rental businesses and builds
upon the tremendous demand we see for Invinity's flow batteries to serve the
UK commercial and industrial sector."

 

 

Enquiries:

 

 Invinity Energy Systems plc                                 +44 (0)20 4551 0361
 Jonathan Marren, Chief Development Officer and Interim CFO

 Joe Worthington, Director of Communications

 

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 (https://invinity.com/?utm_source=rns) or
call Investor Relations on +44 (0)204 551 0361.

 

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