REG - Invinity Energy Sys - AGM Statement

Invinity Energy SystemsAnnouncement

19/07/2023 07:00

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RNS Number : 4344G  Invinity Energy Systems PLC  19 July 2023

 

19 July 2023

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

AGM Statement

 

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading
global manufacturer of utility-grade energy storage, provides the following
update on current trading ahead of its Annual General Meeting, which is being
held this morning in London.

 

H1 2023 Revenue Guidance

 

The Company has performed strongly in the year to date and continues to trade
in line with expectations as set out in its 2022 Full Year Results and Current
Trading announcement on 28 June 2023. Driven primarily by the delivery of a
number of large-scale projects in the U.S., Canada and Australia (see pictures
below), the Company advises that it now expects to recognise total income of
no less than £13.0m for the first half of 2023 (HY22: £1.4m), representing a
more than 9.3x increase period-on-period and a 3.6x increase when compared to
total FY22 income (£3.6m).

 

The Company will announce its full interim financial statements to 30 June
2023 in September.

 

 

Invinity VFBs in transit to the Viejas Microgrid Project in Southern
California

 

 

Invinity VFBs delivered to the Spencer Energy Project, South Australia (left)
and Chappice Lake Solar + Storage Project, Alberta (right)

 

Sales & Backlog

 

The Company's pipeline of sales opportunities remains strong and continues to
grow. As announced on 28 June, Invinity has more than 40 MWh of deals in final
negotiation, with a further c.70 MWh on which Invinity expects to enter into
final contracting shortly. Additionally, Invinity's pipeline also includes
more than 1 GWh of qualified commercial interest for the Company's
next-generation product.

 

Since the 28 June announcement, Invinity has also closed a 0.4 MWh sale to a
customer in Bulgaria, representing entry into a new European market. The
project will see two Invinity VS3s collocated with a solar PV array at a site
in Sofia. Delivery of the batteries is expected to commence in Q4 2023. The
contract was included in the Advanced category of the Company's most recently
disclosed pipeline.

 

Larry Zulch, Chief Executive Officer at Invinity said:

 

"I'm thrilled with Invinity's progress so far in 2023. Significant
period-on-period revenue growth demonstrates very important progress along our
pathway to profitability and strengthens Invinity's position as a leader in
the non-lithium battery energy storage sector.

 

"We look forward to generating further value for our shareholders throughout
the remainder of the year by continuing to deliver on our backlog, closing new
deals, scaling the organisation and progressing our next-generation product."

 

 

Stay up to date with news from Invinity. Join the distribution list for the
Company's monthly investor newsletter here
(https://invinity.com/newsletter/?utm_source=iesrns) .

 

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 (mailto: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 (https://invinity.com/?utm_source=rns) ,
sign up to our monthly Investor Newsletter here
(https://invinity.com/newsletter/?utm_source=iesrns) or contact Investor
Relations on via +44 (0)20 4551 0361 or ir@invinity.com
(mailto:ir@invinity.com)

 

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