REG - Invinity Energy Sys - First Mistral Pilot Project

Invinity Energy SystemsAnnouncement

09/06/2023 07:00

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RNS Number : 1770C  Invinity Energy Systems PLC  09 June 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").

 

 

9 June 2023

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

First Mistral Pilot Project

1.2 MWh Mistral prototype to be deployed in British Columbia, Canada supported
by CAD $0.5m award from B.C. Centre for Innovation & Clean Energy

 

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 will deploy the first prototype of its next-generation
product at a site in British Columbia ("B.C."), Canada early next year, funded
in part by a CAD $0.5m award from the B.C. Centre for Innovation & Clean
Energy ("CICE").

 

The award will support the manufacture and deployment of a 1.2 MWh prototype
of Invinity's next-generation vanadium flow battery ("VFB"), code-named
"Mistral", at a site near Invinity's engineering and operations centre in
Vancouver, British Columbia. Expected to be operational in H1 2024, this will
be the first Mistral product deployed as a pilot in the field. The prototype
will be tested against a commercial use case with the intention of
demonstrating performance of the newly-developed product as a customer facing,
fully-integrated energy storage system. Further details of this project are
expected to be announced before the end of this year.

 

This funding further supports Invinity's Mistral product development timeline
by accelerating testing of the product at operational scale. This Mistral
prototype will also act as an important reference site for the Company's
stakeholders, while providing referenceable performance data to prospective
customers.

 

This funding award coincides with the formal opening of the Company's newly
expanded manufacturing facility in Vancouver, Canada, capable of delivering up
to 200 MWh of Invinity's products annually. The opening event, which took
place yesterday and included addresses by Invinity CEO Larry Zulch, Invinity
CCO Matt Harper and CICE Deputy Executive Director Todd Sayers to the more
than 100 attending press, partners, customers and other stakeholders.

 

A full report of the event will be available on Invinity's website in the
coming days and included in the company's monthly investor newsletter; sign up
here (https://invinity.com/newsletter/?utm_source=iesrns) .

 

CICE, the awarding body, has a mission to advance the world towards a net-zero
carbon future. Founded in 2021, the B.C. Centre for Innovation and Clean
Energy provides non-dilutive funding to B.C.-based companies and entrepreneurs
that helps fund the commercial development and scaling of made-in-B.C. clean
energy solutions from Canada to the world.

 

Dr. Ged McLean, Executive Director at B.C. Centre for Innovation and Clean
Energy said:

 

"As the number of intermittent renewable energy sources grow, so does the need
for world-class energy storage technology that can stabilize utility grids.
Invinity Energy Systems has exceptional global market potential and is quickly
becoming a recognized leader in this field. CICE is thrilled to fund the
leading-edge company and accelerate expansion of its made-in-B.C. design and
manufacturing capabilities, bringing great innovation from our province to the
world."

 

Larry Zulch, Chief Executive Officer at Invinity said:

 

"We gratefully acknowledge CICE's support for our progress toward providing
the large-scale, non-lithium energy storage a net-zero world demands. Mistral
will highlight Vancouver, B.C.'s unmatched capabilities in electrochemistry
and Invinity's deep expertise in VFBs. We're tremendously excited at the
progress we're making toward changing the world of stationary energy storage,
further accelerated by the award from CICE."

 

 

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)

 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) ,
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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