REG - Invinity Energy Sys - 2.2 MWh Sale to Taiwanese Resale Partner

Invinity Energy SystemsAnnouncement

21/11/2022 07:00

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RNS Number : 9866G  Invinity Energy Systems PLC  21 November 2022

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").

 

21 November 2022

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

2.2 MWh Sale to Taiwanese Resale Partner

Invinity enters Taiwan through resale agreement with local partner

 

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading
global manufacturer of utility-grade energy storage, is pleased to announce a
2.2 MWh sale to Bei Ying International Corporation ("Bei Ying"), a Taiwanese
industrial equipment wholesaler.

 

Bei Ying has made an initial purchase of 10 Invinity VS3 batteries with a
total capacity of 2.2 MWh. Acting in its capacity as a local, in-country
reseller for Invinity, these batteries will be resold by Bei Ying to end-users
within Taiwan. The first battery will be delivered to an industrial technology
research institute with the remainder expected to be sold to commercial and
industrial electricity users in conjunction with renewable energy and electric
vehicle charging equipment.

 

This commercial milestone represents entry into the Taiwanese market for
Invinity and an additional commercial partnership in East Asia through which
the Company expects to generate significant new sales. A deposit is now due,
with the first battery planned for delivery next month, December 2022.
Delivery of the remaining nine batteries is expected to occur throughout 2023.

 

Taiwan has become an attractive market for energy storage manufacturers in
recent times as a result of ambitious zero-emissions targets. These targets
include a goal of generating more than 20% of the island's power from
renewables by 2026. Battery storage is expected to play an important role in
Taiwan's road map to hit net-zero by 2050 with Government and state-owned
companies planning to spend approximately USD 32 billion on renewables, grid
infrastructure and energy storage projects between 2022 and 2030.

 

Established in 2005 in Taipei, Bei Ying International Corporation is pursuing
the rapidly growing energy storage market in Taiwan. Bei Ying's business
targets also include products and services related to renewable energy
generation, EV charging infrastructure, and e-mobility.

 

 

Matt Harper, Chief Commercial Officer at Invinity said:

 

"Our entry into Taiwan is an exciting commercial milestone for Invinity. The
island is ideally positioned to take advantage of renewable power, made
dispatchable by energy storage solutions, in pursuit of ambitious climate
targets.

 

We are continuing to execute on our strategy of expanding into new markets
alongside trusted local partners and in this respect, we are very pleased to
be working with Bei Ying to access new global sales opportunities. We look
forward to demonstrating the competitive advantages of our products in Taiwan
and expanding our presence across East Asia."

 

 

Enquiries:

 

 Invinity Energy Systems plc                                 +44 (0)204 551 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 / 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 33
MWh of systems deployed to date across more than 50 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 on the AIM Market of the London Stock Exchange and on
the Aquis Stock Exchange (AQSE). The Company trades in the USA on OTCQX Best
Market under the symbol "IESVF".

 

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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