REG - Invinity Energy Sys - First Commercial Mistral Order

Invinity Energy SystemsAnnouncement

14/09/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230914:nRSN3971Ma&default-theme=true

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 £2.5m strategic investment into Invinity as part of the Company's
oversubscribed placing and open offer which raised gross proceeds of c.£23m.
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
(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)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEAENLFFXDEEA