REG - Invinity Energy Sys - 1.5 MWh Sale to Hungarian Resale Partner

Invinity Energy SystemsAnnouncement

27/03/2023 07:00

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RNS Number : 2240U  Invinity Energy Systems PLC  27 March 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").

 

27 March 2023

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

1.5 MWh Sale to Hungarian Resale Partner

First sale under Hungarian reseller agreement

 

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading
global manufacturer of utility-grade energy storage, is pleased to announce a
1.5 MWh sale to STS Group ("STS"), for use in a solar plus storage project
near the municipality of Öskü, central Hungary.

 

Further to the Company's 10 March 2023 announcement of the reseller agreement
with Ideona Group ("Ideona") and STS, this project, supported with EU funding,
will see seven VS3 flow batteries coupled alongside a 2 MWp solar array that
will provide power for up to 6 hours. Invinity's battery will increase the use
of renewable energy and provide grid-balancing services for the local grid by
storing and dispatching excess solar generation.

 

Ideona will own and operate the entire project and STS will fully install and
integrate the battery. The project was created as part of a government tender
issued by the National Research, Development, and Innovation Office in
Hungary.

 

Delivery of the Invinity batteries is expected to commence in H2 2023. The
contract was included as part of the Company's Base category in its most
recently disclosed commercial pipeline.

 

Matt Harper, Chief Commercial Officer at Invinity said:

 

"This achievement reflects the effectiveness of Invinity's strategy of
engaging with strong regional partners to build global demand for our products
and emphasises the commercial momentum we expect will be the hallmark of
Invinity's business through the first half of 2023. We look forward to
deepening our relationship with STS and Ideona and further establishing
Invinity as the leading provider of safe, durable long duration storage in the
growing Hungarian market."

 

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

 EAS Advisors LLC (US Corporate Advisor)                     +1 (646) 495 2225
 Matthew Bonner / Chris Chesworth

 

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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