REG - Invinity Energy Sys - Interim Results
27/09/2024 07:00
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RNS Number : 9014F Invinity Energy Systems PLC 27 September 2024
27 September 2024
Invinity Energy Systems plc
("Invinity" or the "Company")
Interim Results
Sale of 1.2MWh Next-Generation Vanadium Flow Battery Demonstrator
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading
global manufacturer of utility-grade energy storage, announces its unaudited
consolidated results for the six months ended 30 June 2024 (the "Period"). The
Company is also pleased to announce the sale of a 1.2 MWh Mistral battery
system to Gamesa Electric, who will integrate the battery alongside solar and
wind generation at a site in Zaragoza, Spain.
The Company will hold a virtual meeting for analysts at 9.00 a.m. (UK time)
today. Analysts wishing to attend are kindly asked to email
invinity@tavistock.co.uk (mailto:invinity@tavistock.co.uk) .
Invinity's management team will host a virtual results presentation and
interactive Q&A for all shareholders at 3.00 p.m. (UK time) on Tuesday 1
October. Those wishing to join the session can sign up to Investor Meet
Company for free via this registration link
(https://www.investormeetcompany.com/invinity-energy-systems-plc/register-investor)
.
HIGHLIGHTS
Financial
· Total income including sales revenue and project-related grant income
of £1.6m (H1 2023: £14.8m) in line with recent guidance;
· Loss from operating activities of £11.4m, in line with recent
guidance (H1 2023 loss: £12.6m), comprising:
o Gross loss of £1.1m (H1 2023: £3.3m);
o Administrative expenses £10.3m (H1 2023: £9.3m);
· Period-end cash (including short term investments in cash) of £49.2m
(H1 2023: £12.9m) following a £57.4m fundraise, completed in May 2024,
cornerstoned by a £25m investment from UK Infrastructure Bank ("UKIB").
Commercial and Operational
· 4 MWh of sales closed during the period (H1 2023: 5.38 MWh);
· 6.2 MWh manufactured during the period, of which 2.1 MWh has been
delivered;
· Enhanced UK manufacturing capabilities with a new 26,000 sq ft
facility in Motherwell;
· Next-generation product on track for commercial launch and general
sale by Invinity before year end. Production prototype achieving and exceeding
expectations. Production cost reduction programme ongoing.
Corporate and Strategic
· £25m investment by UKIB including £18m ringfenced capital for UK
LDES projects;
· Strategic manufacturing agreement signed with Everdura, incorporating
a royalty and licence model, covering the Taiwanese market;
· Invinity to redomicile to the UK from Jersey; process commenced and
expected to complete in early 2025.
Post Period
· Board changes:
o Larry Zulch retired as CEO and Jonathan Marren appointed CEO;
o CFO recruitment process underway;
· UK manufacturing capabilities enhanced as part of production cost
reduction programme:
o New manufacturing facility opened in Motherwell, UK;
o Semi-automated stack production line ordered and expected to be
operational at the Bathgate, UK facility during H1 2025;
· Commercial team resources increased in recent weeks with:
o New Head of UK and European Sales;
o New U.S.-based VP of Business Development;
o New Director of Market Intelligence;
· Key commercial deals continue to progress towards close, including
the LODES project on which tripartite discussions are advancing positively;
· Closed a 1.2 MWh Mistral sale to Gamesa Electric which is anticipated
to be the first Mistral product to be shipped.
Outlook
During the remainder of 2024 we plan to deliver against the near-term
corporate goals and set in place the foundations for 2025 and beyond. We
believe Long Duration Energy Storage remains critical to increasing the
penetration of renewable energy and in advancing the path to net-zero - this
is not capable of being achieved by lithium alone. Vanadium flow batteries
remain, in our view, the most credible and advanced such alternative and if we
can deliver on our corporate goals, the market opportunity remains very
significant.
Invinity's executive team has set the following corporate goals to achieve
within the next 12 months:
· Ship remaining VS3 orders to support revised 2024 year-end revenue
forecasts;
· Launch the Mistral product for general sale before 2024 year-end;
· Close deals from commercial pipeline to support volume ramp in line
with forecasts;
· Further advance the production cost reduction programme for the
Mistral product and incrementally improve product margins across 2025 and
beyond; and
· Review capital allocation across the business and drive operational
efficiencies
Jonathan Marren, Chief Executive Officer at Invinity said:
"I have spent much of the past three weeks since my appointment as CEO meeting
with our staff, customers and investors and it is clear there is enormous
opportunity for our business. This was reinforced this week during many
conversations with potential customers at the Solar and Storage Live trade
show in Birmingham, where they see Invinity as the natural choice when
considering the future role that LDES will play in the UK and the
implementation of the long-awaited LDES cap and floor mechanism.
"There will be inevitable challenges to overcome as well but I am reassured
that the launch of our next-generation product remains on track, further
underlined by the sale announced today which we anticipate will be the first
Mistral product to ship. This is an important achievement and gives me
confidence in delivering on the five corporate priorities I've set out to
achieve over the next 12 months. I look forward to updating on further
positive progress in these areas before year end."
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 Executive Officer
Joe Worthington, Director of Communications and Investor Relations
Canaccord Genuity (Nominated Adviser and Joint Broker) +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor / Harry Pardoe / Charlie Hammond
VSA Capital (AQSE Corporate Advisor, Financial Adviser and Joint Broker) +44 (0)20 3005 5000
Andrew Monk / Andrew Raca
Tavistock (Financial PR Advisor) +44 (0)20 7920 3150
Simon Hudson / Saskia Sizen / Adam Baynes 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 75 MWh
of systems already deployed or contracted for delivery across 82 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 quoted 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) .
Chairman's Statement
Three days from now, Ratcliffe-on-Soar power station is set to shut down for
the final time and the UK will no longer be powered by coal. This notable
event underlines the UK's commitment to a cleaner electricity grid which,
allied with the rapid increase in solar, wind and energy storage deployments,
demonstrates that the transition to net zero is achievable and moving ahead at
pace.
This example of leadership in decarbonising power production is helping to
provide the necessary foundations for future clean economies around the world.
Invinity has a crucial role to play in making 24/7 renewable energy a reality
and we are grateful for the leaders who have played their role in our story to
date, in particular, Larry Zulch, who as CEO was instrumental in guiding the
Company to become a global leader in the field of modular flow batteries. For
this we thank him and wish him all the best in his retirement.
Significant change can be challenging, but I am delighted that Jonathan Marren
agreed to take over the leadership of the Company. As Chief Development
Officer and then also as Chief Financial Officer, Jonathan has had a
significant impact on the financial and strategic side of the business, not
only improving operational and financial efficiencies across the whole Company
but also securing vital strategic partnerships including the backing of UK
Infrastructure Bank. As the new CEO, Jonathan's task now is to steer the
Company towards profitability as a self-sustaining business and has set out
five key priorities which signpost the way. Jonathan's appointment signals a
new era for Invinity and the Board and I have every confidence that, with the
support of Matt Harper as Chief Commercial Officer and the whole Invinity
team, he will succeed.
Neil O'Brien
Non-Executive Chairman
Chief Executive Officer's Report
I assumed the role of CEO three weeks ago and have spent much of this time
speaking with our staff, shareholders, partners and customers. From these
conversations, what is clear is that whilst the impact of short-term timing
issues is clearly disappointing and reflected in the current share price, the
medium- and long-term fundamentals underpinning our business remain unchanged.
We have developed a competitive product, proven its abilities in customer
operation around the world and manufactured and delivered more than 1,000
battery modules. The opportunity remains significant and my key priority is
implementing steps immediately to ensure we can capture it and restore value
to our shareholders whilst making a positive impact on the energy transition.
The key short-term priorities for the business include addressing delays in
closing commercial deals in the year to date and completing the production
cost reduction exercise on Mistral. Although we stated in May that revenues
were likely to be significantly weighted towards H2 2024, the risk of these
revenues being further pushed into 2025 has become increasingly likely as we
announced in the trading update on 6 September.
As we set out in the trading update, the fundraise in May this year has
provided Invinity with capital to achieve profitability. Demand for our
next-generation Mistral product remains strong and supportive policy that
encourages longer duration energy storage provides exciting upside for our
business in our core markets.
In the trading update I set out a number of areas in which I promised to
highlight progress on at the announcement of our H1 results. I'm pleased to
report the following:
We have in recent weeks significantly enhanced the capabilities of our
Commercial team. We have added a new Director of Market Intelligence who
brings to the team significant expertise in UK and European energy markets and
is already providing deeper analytical capabilities to better inform
commercial targeting. We have also taken steps to enhance our regional
capabilities in Invinity's core UK and U.S. markets. Our new Head of Sales for
the UK and Europe brings over 25 years of sales experience with leading global
energy and energy services companies to bear in accelerating deal flow. Our
recently hired Vice President of Business Development will help refine the
Company's longer-term commercial strategy while enhancing relationships with
key stakeholders such as the UK's Department for Energy Security and Net Zero
("DESNZ") and the U.S. Department of Energy ("DOE"). I will be monitoring this
area of the business closely in the coming months.
Operationally, a new semi-automated stack production line is now on order and
expected to be operational at our Bathgate facility during H1 2025. This is in
line with the plans we set out during our fundraise in May this year and is
expected to result in a material reduction in stack production costs. In the
past week we have secured approval to use the "Made in Britain" mark on our
UK-manufactured products - this recognition underlines our commitment as a UK
domestic battery manufacturer and we believe this positions us well for the
future. Additionally, discussions are advancing positively in the U.S. with a
number of partners across our supply chain and our intention remains to
achieve domestic content requirements in the U.S. in time for Mistral volume
production.
We will continue to make important progress on these areas outlined above but
in the medium- to longer-term, my focus as CEO is to ensure Invinity delivers
for all its stakeholders and rewards the support we have received to date. As
such, my priorities for the next 12 months are to:
· Ship remaining VS3 orders to support revised 2024 year-end revenue
forecasts;
· Launch the Mistral product for general sale before 2024 year-end;
· Close deals from commercial pipeline to support volume ramp in line
with forecasts;
· Further advance the production cost reduction programme for the
Mistral product and incrementally improve product margins across 2025 and
beyond; and
· Review capital allocation across the business and drive operational
efficiencies.
I look forward to providing further updates as we advance in each of these
areas.
H1 2024 Financial Results
The £1.6m total income, including sales revenue and project related grant
income (H1 2023: £14.8m), refers primarily to the delivery of the 2.1 MWh
project for OPALCO as well as other associated revenues from projects in our
core geographies of North America, the UK, Europe and Australia in the Period.
The £11.4m operating loss (H1 2023: £12.6m) incorporates an improved gross
loss position of £1.1m (H1 2023: £3.3m) in the Period alongside a small
increase in Administrative Expenses to £10.3m (H1 2023: £9.3m) relating
primarily to payroll costs and research and development costs.
Finance income and finance costs relates to interest received on cash balances
held as a result of the equity funding secured during the period.
Total inventory and pre-paid inventory of £6.4m relates to projects expected
to be delivered by the end of 2024 as follows. Net related working capital at
the end of the period is £4.8m (H1 2023: £4.7m) as a result of the sales
activity.
Six months ended Six months ended Year ended
31 December 2023
30 June 2024 30 June 2023
£000 £000 £000
Total Inventory 4,437 3,681 3,288
Pre-paid Inventory 1,960 3,136 1,073
Total Inventory and Pre-paid Inventory 6,397 6,817 4,361
Trade Receivables 1,530 4,151 2,496
Accrued Income 897 1,857 888
Deferred Revenue (1,454) (3,884) (1,312)
Trade Payables (2,062) (3,341) (2,166)
Onerous Contract Provision (474) (856) (333)
Net Position 4,834 4,744 3,934
During the Period, the Company raised £57.4m from an equity fundraising
including a £25m strategic investment from UK Infrastructure Bank. The
Company remains debt-free excluding leases.
Commercial and Operational
During the Period, Invinity closed 4 MWh of new VS3 sales (H1 2023: 5.4 MWh of
VS3 sales). 6.2 MWh of batteries were manufactured, of which 2.1 MWh were
delivered with the balance expected to be shipped by year end.
The Period also included significant milestones enhancing the Company's
position in the global energy storage market. In January, the Company was
recognised by BloombergNEF as the world's first non-lithium Tier 1 battery
supplier - a significant achievement. In March, our Chairman Neil O'Brien
attended a high-profile launch event, at which the Belgian Minister for Energy
was present, of the Invinity VFB system owned by Equans Belgium and delivered
in partnership with European heavyweight customers Engie Belgium and Jan De
Nul.
Since last reported in June, the Company's commercial pipeline remains
materially unchanged. Invinity continues to receive strong qualified interest
in its products from customers across the world, enhancing Management's
confidence in the Company's commercial prospects. Closing further deals, in
addition to the 1.2 MWh order announced today, remains a key priority for the
Commercial team.
To this end, tripartite discussions on the LODES project between Invinity, a
major international renewable energy project developer and DESNZ are
progressing strongly, with the parties actively engaged in finalising the
project's structure and contracts. The large-scale DOE-funded deals first
announced in September 2023 also continue to progress positively, the closure
of which are a key priority for Invinity's new U.S.-based VP of Business
Development.
The Company recently presented details of the first of these DOE-funded
projects, to be located at the Pacific Northwest National Labs ("PNNL"), at
the DOE's annual Energy Storage Grand Challenge Summit alongside the PNNL
programme lead. The Company was also pleased to note the visit by DOE Loan
Programs Office ("LPO") director Jigar Shah to partner Indian Energy's project
at the Viejas Resort and Casino in California, where 44 VS3s with a total
capacity of 10 MWh are now installed and commercial operation is expected
before the end of 2024.
The Company continues to evolve its engagement with partners in non-core
markets, including its relationship with Taiwanese partner Everdura. Together,
the companies are progressing towards certification of Mistral for the
Taiwanese grid, a key requirement for large national battery procurement
programmes expected in 2025. Invinity and Everdura are also progressing
operational plans for the delivery of Invinity products in the context of the
Company's license and royalty model, whereby Invinity will benefit from
Everdura's enhancing local competitiveness by using domestic supply chains,
assembly facilities and support services.
Without accounting for any other deals within Invinity's existing pipeline,
the potential revenue contribution from the LODES project (match-funded, but
yet to close) and the 14.4 MWh order from Everdura (closed in September 2023)
substantially covers 2025 revenue forecasts, with the aforementioned DOE
projects representing a material portion of 2026 revenue.
Policy & Government Engagement
During the Period, there were a number of strong policy developments in
support of long duration energy storage. This included the launch of a
consultation in January by DESNZ for a Cap and Floor mechanism to support the
UK LDES market which specifically excludes lithium-ion. Additionally in March,
the House of Lords Science and Technology Committee, led by Baroness Brown,
published its report titled "Get on with it" that looked at the importance of
long duration energy storage in the UK and quoted evidence provided by
Invinity to the Committee's enquiry into long duration energy storage for the
UK grid. Finally, Invinity continued its work engaging with policymakers in
its core markets, of which a particular highlight during the Period was Matt
Harper's policy roundtable with David Eby, Premier of British Columbia,
Canada.
Post-Period, the Company held a Capital Markets Day for shareholders and
investors and two further visits for Cabinet Ministers from the Scottish and
UK Governments at its new Motherwell facility which provides enhanced
manufacturing capabilities to Invinity ahead of the next-generation product
launch later this year. These visits are a continuation of the Company's
strong government engagement that is of increasing importance as LDES policy
in the UK and elsewhere continues to progress.
Next-Generation Product
Invinity's next-generation product development programme continues to advance
with the support of the Company's development partner and a number of pilot
customers. The Mistral production prototype is currently connected to the grid
at Invinity's product development centre in Vancouver, Canada and has not only
achieved performance targets, but has exceeded technical expectations in
certain areas.
Commercial launch, which will see the product offered for general sale by
Invinity, will occur by the end of this year. Although volume rollout of the
product will now occur later in 2025, the first shipment of the Mistral
product is still expected to occur on schedule. To this end, the Company is
pleased to announce the sale of a 1.2 MWh Mistral battery system to Gamesa
Electric, details of which are disclosed above.
In parallel with the Mistral commercial launch and first customer delivery,
Invinity is advancing plans for a cost reduction exercise as announced in the
Company's Trading Update of 6 September 2024. Initiatives already underway
expect to deliver reduced product costs through both design improvements and
enhanced supplier efficiencies. Design improvements include changes to
decrease part count and simplify assembly procedures. Supplier efficiencies
will be achieved by evolving manufacturing of high-value components from
one-off bespoke production to methods suitable for higher volume, while
transitioning from flexible but low-volume localised suppliers to global
best-cost regions suitable for delivering significant production volumes.
Corporate and Strategic
The Company's relationship with Taiwanese partner Everdura took a further step
forward with the signing of a strategic manufacturing agreement in February.
This agreement will see Everdura market and sell Invinity products in Taiwan
and other markets under its existing reselling agreement with the Company.
Everdura will manufacture Mistral VFBs, purchasing cell stacks directly from
the Company, and Invinity will be paid a royalty fee based on a material
percentage of the sale price of any Mistral products sold.
In addition to advancing its strategic relationship with Taiwanese partner
Everdura, covered in detail in the Commercial and Operational section above,
the Company secured significant financial backing from two further strategic
partners in the May 2024 fundraise, being UK Infrastructure Bank, which has
provided £18m of ringfenced capital to support the deployment of LDES
projects within the UK, and Korea Investment Partners. Part of UKIB's
investment also includes a Board position that will support the Company's
ongoing governance and development as well as provide valuable financial
expertise.
In May 2024 Invinity stated its commitment to redomicile the Company back to
the UK. The Company confirms this process is underway and is expected to
complete early in the new year.
Jonathan Marren
Chief Executive Officer
Unaudited Financial Results for the Period Ended 30 June 2024
Unaudited Consolidated Statement of Profit and Loss
For the six months ended 30 June 2024
Six months ended Six months ended Year ended
31 December
30 June 2024 30 June 2023
2023
Continuing operations Note £000 £000 £000
Revenue 4 1,637 14,812 22,006
Direct costs (2,750) (18,143) (25,361)
Grant income against direct costs 4 - 11 11
Cost of sales 5 (2,750) (18,132) (25,350)
Gross loss (1,113) (3,320) (3,344)
Operating costs
Administrative expenses 6 (10,296) (9,259) (19,085)
Other items of operating income and expense 8 17 (9) (349)
Loss from operations (11,392) (12,588) (22,778)
Finance income 315 467 719
Finance costs (38) (1,134) (1,233)
Gain/(loss) on foreign currency transactions 7 (69) 113
Net finance (costs)/income 284 (736) (401)
Loss before income tax (11,108) (13,324) (23,179)
Income tax expense - - -
Loss for the period/year (11,108) (13,324) (23,179)
Loss per ordinary share in pence
Basic 9 (4.6) (8.2) (13.1)
Diluted 9 (4.6) (8.2) (13.1)
The above unaudited consolidated statement of profit and loss should be read
in conjunction with the accompanying notes.
Unaudited Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2024
Six months ended Six months ended Year ended
31 December 2023
30 June 2024 30 June 2023
Continuing operations Note £000 £000 £000
Loss for the year (11,108) (13,324) (23,179)
Other comprehensive income/(expense)
Exchange differences on the translation of foreign operations
(117) (85) (60)
Total comprehensive loss for the period/year (11,225) (13,409) (23,239)
The above unaudited consolidated statement of comprehensive income should be
read in conjunction with the accompanying notes.
Unaudited Consolidated Statement of Financial Position
As at 30 June 2024
Six months ended Six months ended Year ended
30 June 2024 30 June 2023 31 December 2023
Note £000 £000 £000
Non-current assets
Goodwill and other intangible assets 11 23,980 24,025 24,002
Property, plant and equipment 12 1,749 1,111 1,699
Right-of-use assets 1,745 1,370 1,558
Contract assets 15 304 - 304
Total non-current assets 27,778 26,506 27,563
Current assets
Inventory 13 4,437 3,681 3,288
Other current assets 14 6,177 6,344 2,721
Contract assets 15 897 1,857 888
Trade receivables 16 1,530 4,151 2,496
Cash and cash equivalents 17 46,243 12,929 5,014
Total current assets 59,284 28,962 14,407
Total assets 87,062 55,468 41,970
Current liabilities
Trade and other payables 18 (5,101) (4,481) (3,948)
Derivative financial instruments 19 (339) (474) (406)
Contract liabilities 15 (1,454) (3,884) (1,312)
Lease liabilities (669) (601) (723)
Provisions 15 (955) (2,109) (812)
Total current liabilities (8,518) (11,549) (7,201)
Net current assets 50,766 17,413 7,206
Non-current liabilities
Lease liabilities (1,095) (670) (833)
Provisions 15 (124) - (123)
Total non-current liabilities (1,219) (670) (956)
Total liabilities (9,737) (12,219) (8,157)
Net assets 77,325 43,249 33,813
Equity
Called up share capital 53,473 51,347 51,348
Share premium 215,231 162,852 162,883
Share based payment reserve 6,947 6,321 6,683
Accumulated losses (196,381) (175,418) (185,273)
Currency translation reserve (1,984) (1,892) (1,867)
Other reserves 39 39 39
Total equity 77,325 43,249 33,813
The above unaudited consolidated statement of financial position should be
read in conjunction with the accompanying notes.
Unaudited Consolidated Statement of Changes in Equity
As at 30 June 2024
Called up share capital Share premium Share-based payment reserve Accum-ulated losses Currency translation reserve Other reserves Total
£000 £000 £000 £000 £000 £000 £000
At 1 January 2024 51,348 162,883 6,683 (185,273) (1,867) 39 33,813
Loss for the period - - - (11,108) - - (11,108)
Other comprehensive gain/(loss)
Foreign currency translation differences - - - - (117) - (117)
Total comprehensive loss for the period - - - (11,108) (117) - (11,225)
Transactions with owners in their capacity as owners
Investment funding arrangement, net of transaction costs
2,125 52,348 - - - - 54,473
Share-based payments - - 264 - - - 264
Total contributions by owners 2,125 52,348 264 - - - 54,737
At 30 June 2024 53,473 215,231 6,947 (196,381) (1,984) 39 77,325
As at 30 June 2023
Called up share capital Share premium Share-based payment reserve Accum-ulated losses Currency translation reserve Other reserves Total
£000 £000 £000 £000 £000 £000 £000
At 1 January 2023 50,716 141,579 5,957 (162,094) (1,807) 39 34,390
Loss for the period - - - (13,324) - - (13,324)
Other comprehensive gain/(loss)
Foreign currency translation differences - - - - (85) (85)
Total comprehensive loss for the period - - - (13,324) (85) - (13,409)
Transactions with owners in their capacity as owners
Investment funding arrangement, net of transaction costs
631 21,272 23 - - - 21,926
Exercise of share options - 1 - - - - 1
Share-based payments - - 341 - - - 341
Total contributions by owners 631 21,273 364 - - - 22,268
At 30 June 2023 51,347 162,852 6,321 (175,418) (1,892) 39 43,249
The above unaudited consolidated statements of changes in equity should be
read in conjunction with the accompanying note.
Unaudited Consolidated Statement of Changes in Equity
For the year ended 31 December 2023
Called up share capita Share premium Share-based payment reserve Accum-ulated losses Currency translation reserve Other reserves Total
£000 £000 £000 £000 £000 £000 £000
At 1 January 2023 50,716 141,579 5,957 (162,094) (1,807) 39 34,390
Loss for the year - - - (23,179) - - (23,179)
Other comprehensive income
Foreign currency translation differences - - - - (60) - (60)
Total comprehensive for the year - - - (23,179) (60) - (23,239)
Transactions with owners in their capacity as owners
Investment funding arrangement, net of transaction costs
631 21,295 - - - - 21,926
Exercise of share options 1 9 - - - - 10
Share-based payments - - 726 - - - 726
Total contributions by owners 632 21,304 726 - - - 22,662
At 31 December 2023 51,348 162,883 6,683 (185,273) (1,867) 39 33,813
The above unaudited consolidated statements of changes in equity should be
read in conjunction with the accompanying note.
Unaudited Consolidated Statement of Cash Flows
For the six months ended 30 June 2024
Six months ended Six months ended Year ended 31 December 2023
30 June 2024 30 June 2023
Note £000 £000 £000
Cash flows from operating activities
Cash used in operations (12,614) (12,228) (19,657)
Interest received 247 115 299
Interest paid (1) (13) (1)
Net cash outflow from operating activities (12,368) (12,126) (19,359)
Cash flows from investing activities
Acquisition of property, plant and equipment (395) (191) (1,103)
Proceeds from disposal of property, plant and equipment - - 57
Deposits on right-of-use assets (47) - (28)
Net cash outflow from investing activities (442) (191) (984)
Cash flows from financing activities
Payment of lease liabilities (343) (403) (629)
Interest paid on lease liabilities (37) (36) (44)
Financing charges on repayment of derivative financial instrument - (992) (992)
Repayment of investment funding arrangement - (320) (881)
Proceeds from sale of conversion shares - 742
Proceeds from the issue of share capital, net of transaction costs
57,383 21,927 23,044
Payment of transaction costs for the issue of share capital (2,911) - (1,117)
Proceeds from the exercise of share options and warrants
- 1 10
Net cash inflow from financing activities 54,092 20,177 20,133
Net increase/(decrease) in cash and cash equivalents 41,282 7,860 (210)
Cash and cash equivalents at the start of the period/year 5,014 5,137 5,137
Effects of exchange rate changes on cash and cash equivalents (53)
(68) 87
Cash and cash equivalents at the end of the period/year 46,243
12,929 5,014
The above unaudited consolidated statement of cash flows should be read in
conjunction with the accompanying note.
Notes
(forming part of the unaudited consolidated historical financial information)
1 General Information
Invinity Energy Systems plc (the "Company") is a public company limited by
shares incorporated and domiciled in Jersey. The registered office address is
Third Floor, IFC5, Castle Street, St. Helier, JE2 3BY, Jersey.
The Company is quoted on the AIM Market of the London Stock Exchange with the
ticker symbol IES.L, on the AQSE Growth Market in the United Kingdom with the
ticker symbol IES and on the OTCQX Best Market in the United States of America
with the ticker symbol IESVF.
The principal activities of the Company and its subsidiaries (together the
"Group") relate to the manufacture and sale of vanadium flow battery systems
and associated installation, warranty and other services.
2 Accounting Policies
The accounting policies applied in this condensed consolidated financial
information are consistent with those applied in preparing the financial
statements for the year ended 31 December 2023.
Basis of Preparation
This unaudited condensed consolidated interim financial information for the
six-months ended 30 June 2024 (the 'interim financial information') has been
prepared in accordance with IAS 34, 'Interim financial reporting' as adopted
by the European Union. The financial information should be read in conjunction
with the Group's annual financial statements for the year ended 31 December
2023 that were prepared in accordance with International Financial Reporting
Standards as adopted by the European Union.
The annual report and financial statements for the year ended 31 December 2023
are available on the company's website (www.invinity.com
(http://www.invinity.com) ).
This interim financial information has been prepared using the historical cost
basis of accounting. The accounting policies applied across all the Group's
subsidiaries when preparing the financial information are consistent with
those adopted and disclosed in the annual financial statements for the year
ended 31 December 2023. The accounting policies have been consistently applied
across all Group entities for the purpose of producing this interim financial
information.
The financial information included in this document does not comprise
statutory accounts within the meaning of Companies (Jersey) Law 1991. The
comparative figures for the financial year ended 31 December 2023 are not the
Company's statutory accounts for that financial year within the meaning of
Companies (Jersey) Law 1991. Those accounts have been reported on by the
Company's auditors and delivered to the Jersey Financial Services Commission.
The report of the auditors included in the annual report and financial
statements for the year ended 31 December 2023 was unqualified.
The Group's business activities, together with factors likely to affect its
future development, performance and position, are set out in the operations
and financial review sections of this report.
The financial position of the Group, its cash flows and liquidity position are
described in the financial review section.
Going Concern
The Directors are satisfied that the Group has adequate resources to continue
to operate as a going concern for the foreseeable future and that no material
uncertainties exist which could cause significant doubt with respect to this
assessment. In making this assessment, the Directors have considered the
Group's balance sheet position and forecast earnings and cash flows for the
period from the date of approval of these financial statements to 30 June
2025.
The Group has relied on fundraising in previous years and following the
completion of successful fundraising in May 2024, the Group had cash of £49.2
million as at 30 June 2024 (30 June 2023: £12.9 million).
As part of the going concern assessment the Directors have prepared a cash
flow forecast which indicates that the Group would expect to remain cash
positive during this period and without the requirement for further
fundraising. The business continues in a cash outflow position, using funding
generated from previous fundraises. However, it plans to move to a cash inflow
position upon the launch and delivery of material volume of the next
generation product.
This cash flow forecast was stress-tested for a worst-case scenario of no
positive cash receipts from sales. In these tested scenarios, the business
would remain cash positive for the 12 months from the date of approval of
these financial statements.
Therefore, the Directors believe it is appropriate to prepare the accounts on
a going concern basis.
3 Critical Accounting Judgements and Key Sources of Estimation Uncertainty
The preparation of interim financial information requires management to make
judgments, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities and of items of
income and expense. Actual results may differ from these estimates.
In preparing this interim financial information, the significant judgments
made by management in applying the Group's accounting policies were the same
as those that applied to the consolidated financial statements for the year
ended 31 December 2023. Similarly, the key sources of estimation uncertainty
related to the financial information were the same as those encountered when
applying the Group's accounting policies in relation to the preparation of the
consolidated financial statements for the year ended 31 December 2023.
In preparing the condensed consolidated financial information, management is
required to consider the principal risks and uncertainties facing the Group.
In management's opinion the principal risks and uncertainties facing the Group
are unchanged since the preparation of the consolidated financial statements
for the year ended 31 December 2023. Those risks and uncertainties, together
with management's response to them are described in the risk review section of
the annual report and financial statements for the year ended 31 December
2023.
4 Revenue from Contracts with Customers and Income from Government Grants
Segment Information
The Group derives revenue from a single business segment, being the
manufacture and sale of vanadium flow battery systems and related hardware
together with the provision of services directly related to battery systems
sold to customers.
The Group is organised internally to report on its financial and operational
performance to its chief operating decision maker, which has been identified
as the Executive Directors as a group.
All revenues were derived from continuing operations.
Revenue from Contracts with Customers
Six months ended Six months ended
30 June 2024 30 June 2023 Year ended 31 December 2023
£000 £000 £000
Battery systems and associated control systems 1,186 13,653 19,425
Integration hardware 35 - 1,470
Integration and commissioning 18 705 504
Other services 398 454 607
Total revenue in the statement of profit and loss 1,637 14,812 22,006
Grant Income other than Revenue
The Group receives grant income to help fund certain projects that are
eligible for support, typically in the form of innovation grants. The total
grant income that was received in the period was as follows:
Six months ended Six months ended
30 June 2024 30 June 2023 Year ended 31 December 2023
£000 £000 £000
Grants for research and development 106 11 160
Grants for product deployment 40 - 378
Economic and social development 2 - 1
Total government grants received 148 11 539
5 Cost of Sales
Six months ended Six months ended Year ended 31 December 2023
30 June 2024 30 June 2023
£000 £000 £000
Movement in inventories of finished battery systems 2,372 18,698 27,023
Movement in provisions for warranty costs 299 142 (429)
Movement in provisions for sales contracts 79 (697) (1,233)
Total cost of sales 2,750 18,143 25,361
6 Administrative Expenses
Six months ended Six months ended Year ended 31 December 2023
30 June 2024 30 June 2023
£000 £000 £000
Staff costs 6,840 6,141 12,750
Research and development costs 1,029 811 1,868
Research and development recoveries, tax credits and grants (145) (853) (1,949)
Professional fees 345 409 669
Sales and marketing costs 398 388 1,048
Facilities and office costs 277 222 232
Depreciation and amortisation 501 409 1,056
Other administrative costs 1,051 1,732 3,411
Total administrative expenses 10,296 9,259 19,085
7 Staff Costs
Six months ended Six months ended Year ended 31 December 2023
30 June 2024 30 June 2023
£000 £000 £000
Wages and salaries 5,783 5,261 11,475
Employer payroll taxes 514 477 839
Contributions to defined contribution plans 69 57 123
Other benefits 577 346 977
Share-based payments 264 341 726
Total staff costs 7,207 6,482 14,140
Six months ended Six months ended Year ended 31 December 2023
30 June 2024 30 June 2023
£000 £000 £000
Staff costs charged to cost of sales 367 340 1,390
Staff costs charged to cost of administrative expenses 6,840 6,141 12,750
Total staff costs 7,207 6,482 14,140
8 Other Items of Operating Income and Expense
Six months ended Six months ended Year ended 31 December 2023
30 June 2024 30 June 2023
£000 £000 £000
(Income)/expenses
Gain on disposal of property, plant and equipment - - (15)
Obsolete inventory - 9 8
Impairment of inventory to net realisable value 43 - 151
Reversal of impairment of inventory (60) - -
Loss on curtailment of right-of-use asset - - 205
Total other operating (income)/expenses (net) (17) 9 349
9 Loss per Share
The weighted average number of shares used to calculate basic and diluted loss
per share as presented in the consolidated statement of comprehensive loss was
as follows:
Six months ended Six months ended Year ended 31 December 2023
30 June 2024 30 June 2023
In issue at 1 January 191,067,464 119,007,846 119,007,846
Shares issued in the period - weighted average 52,091,369 42,978,571 57,431,223
Weighted average shares in issue at the end of the period 243,158,833 161,986,417 176,439,069
Effect of employee share options and warrants not exercised 1,324,728 3,104,440 1,476,768
Weighted average number of diluted shares at the period end 244,483,561 165,090,857 177,915,837
Additional potential shares used in the calculation of diluted earnings per
share primarily relate to potential shares outstanding at 30 June 2024 that
may be issued in satisfaction of 'in-the-money' employee share options.
Potentially dilutive shares related to 'in-the-money' outstanding warrants to
subscribe for ordinary shares in the Company are also included in calculating
diluted earnings per share.
Where additional potential shares have an anti-dilutive impact on the
calculation of loss per share calculation, such potential shares are excluded
from the weighted average number of shares used in the calculation.
Additional potential shares are anti-dilutive where their inclusion in the
calculation of loss per share results in a lower loss per share.
10 Cash Flows from Operating Activities
Six months ended Six months ended Year ended 31 December 2023
30 June 2024 30 June 2023
£000 £000 £000
Loss after income tax (11,108) (13,324) (23,179)
Adjustments for:
Depreciation and amortisation 693 727 1,399
Loss on disposal of property, plant and equipment - - (15)
Impairment of inventory 43 - 151
Reversal of impairment of inventory (60) - -
Obsolete inventory - - 8
Share-based payments charge 264 341 726
Net finance (income)/costs (277) 732 481
Gain/(loss) on unrealised foreign currency transactions 49 126 (71)
(10,396) (11,398) (20,500)
Changes in operating assets and liabilities
(Increase)/decrease in inventory (1,174) 5,945 6,144
Increase in contract assets (19) (1,359) (694)
Decrease/(increase) in trade receivables and other receivables 940 (2,559) (796)
(Increase)/decrease in other assets and prepaid inventory (3,441) 2,513 5,823
Increase in trade payables 1,190 (342) (956)
Increase/(decrease) in warranty provision 7 (47) (647)
Increase/(decrease) in onerous contract provision 143 (751) (1,217)
Increase/(decrease) in contract liabilities 136 (4,230) (6,814)
(2,218) (830) 843
Cash used in operations (12,614) (12,228) (19,657)
11 Goodwill and Intangible Assets
Goodwill Patents and certifications Software and domain names Total
£000 £000 £000 £000
Cost
At 1 January 2024 23,944 203 34 24,181
Effects of movements in foreign exchange - - (1) (1)
At 30 June 2024 23,944 203 33 24,180
Accumulated amortisation
At 1 January 2024 - (153) (26) (179)
Amortisation charge - (20) (1) (21)
At 30 June 2024 - (173) (27) (200)
Net book value
At 1 January 2024 23,944 50 8 24,002
At 30 June 2024 23,944 30 6 23,980
Goodwill Patents and certifications Total
Software and domain names
£000 £000 £000 £000
Cost
At 1 January 2023 23,944 203 50 24,197
Effects of movements in foreign exchange - - (2) (2)
At 30 June 2023 23,944 203 48 24,195
Accumulated amortisation
At 1 January 2023 - (112) (35) (147)
Amortisation charge - (20) (4) (24)
Effects of movements in foreign exchange - - 1 1
Amortisation at 30 June 2023 - (132) (38) (170)
Net book value
At 1 January 2023 23,944 91 15 24,050
At 30 June 2023 23,944 71 10 24,025
Goodwill Patents and certifications Software Total
and domain names
£000 £000 £000 £000
Cost
At 1 January 2023 23,944 203 50 24,197
Disposals - - (15) (15)
Effects of movements in foreign exchange - - (1) (1)
At 31 December 2023 23,944 203 34 24,181
Accumulated amortisation
At 1 January 2023 - (112) (35) (147)
Amortisation charge - (41) (7) (48)
Disposals - - 15 15
Effects of movements in foreign exchange - - 1 1
Amortisation at 31 December 2023 - (153) (26) (179)
Net book value
At 1 January 2023 23,944 91 15 24,050
At 31 December 2023 23,944 50 8 24,002
Goodwill
All goodwill is tested annually for impairment. At 31 December 2023, goodwill
was tested for impairment using a fair value less costs of disposal
methodology by reference to the Company's quoted market capitalisation using
the price of 35.0 pence per share at that date. No impairment loss was
identified in relation to goodwill.
The closing share price on 25 September 2024 was 9.25p, giving a market
capitalisation of £40.53m which does not indicate impairment of goodwill.
Patents and Certifications
There have been no events or circumstances that would indicate that the
carrying value of patents and certifications may be impaired at 30 June 2024.
12 Property, Plant and Equipment
Computer Leasehold improvements Vehicles and equipment Total
and office equipment
£000 £000 £000 £000
Cost
At 1 January 2024 554 823 2,235 3,612
Additions 34 77 283 394
Disposals - - (9) (9)
Effects of movements in foreign exchange (7) (20) (41) (68)
At 30 June 2024 581 880 2,468 3,929
Accumulated Depreciation
At 1 January 2024 (465) (424) (1,024) (1,913)
Depreciation charge (23) (112) (172) (307)
Disposals - - 9 9
Effects of movements in foreign exchange 5 10 16 31
Depreciation at 30 June 2024 (483) (526) (1,171) (2,180)
Net book value
At 1 January 2024 89 399 1,211 1,699
At 30 June 2024 98 354 1,297 1,749
Computer Leasehold improvements Vehicles and equipment Total
and office equipment
£000 £000 £000 £000
Cost
At 1 January 2023 699 1,119 1,402 3,220
Additions - 9 182 191
Disposals - - (44) (44)
Effects of movements in foreign exchange (6) (16) (27) (49)
At 30 June 2023 693 1,112 1,513 3,318
Accumulated Depreciation
At 1 January 2023 (662) (635) (715) (2,012)
Depreciation charge (8) (152) (103) (263)
Disposals - - 44 44
Effects of movements in foreign exchange 5 6 13 24
Depreciation at 30 June 2023 (665) (781) (761) (2,207)
Net book value
At 1 January 2023 37 484 687 1,208
At 30 June 2023 28 331 752 1,111
Computer Leasehold improvements Vehicles and equipment Total
and office equipment
£000 £000 £000 £000
Cost
At 1 January 2023 699 1,119 1,402 3,220
Additions 76 212 799 1,087
Disposals (214) (328) (125) (667)
Transfers - (161) 191 30
Foreign currency exchange differences (7) (19) (32) (58)
At 31 December 2023 554 823 2,235 3,612
Accumulated Depreciation
At 1 January 2023 (662) (635) (715) (2,012)
Depreciation charge (23) (271) (230) (524)
Disposals 214 328 83 625
Transfers - 147 (177) (30)
Effects of movements in foreign exchange 6 7 15 28
Depreciation at 31 December 2023 (465) (424) (1,024) (1,913)
Net book value
At 1 January 2023 37 484 687 1,208
At 31 December 2023 89 399 1,211 1,699
The Group has no assets pledged as security. No amounts of interest have been
capitalised within property, plant and equipment at 30 June 2024 (2023:
£nil).
13 Inventory
30 June 2024 30 June 2023 31 December 2023
£000 £000 £000
Raw materials and consumables 2,768 1,421 2,961
Work in progress 1,572 1,503 285
Finished goods 97 756 42
Total inventory 4,437 3,681 3,288
14 Other Current Assets
30 June 2024 30 June 2023 31 December 2023
£000 £000 £000
Prepayments and deposits 639 1,108 475
Prepaid inventory 1,960 3,136 1,073
Tax credits recoverable 425 1,179 719
Short-term investment 3,000 - -
Other receivables 153 921 454
Total other current assets 6,177 6,344 2,721
Prepaid inventory is recognised on inventory payments where physical delivery
of that inventory has not yet been taken by the Group and is stated at the
lower of cost and net realisable value.
15 Contract Related Balances
30 June 2024 30 June 2023 31 December 2023
£000 £000 £000
Amounts due from customer contracts included in trade receivables 1,530 4,151 2,496
Contract assets (accrued income for work done not yet invoiced) 897 1,857 888
Non-current contract assets 304 - 304
Contract liabilities (deferred revenue related to advances on customer (1,454) (3,884) (1,312)
contracts)
Net position of sales contracts 1,277 (2,124) 2,376
The amount of revenue recognised in the period that was included in contract
liabilities at the end of the prior year was £203,997 (2023: £8,097,770).
Provisions Related to Contracts with Customers
Warranty provision Provision for contract losses Total
£000 £000 £000
At 1 January 2024 602 333 935
Charges to profit or loss
§ Provided in period 258 151 409
§ Unused amounts reversed - (4) (4)
Amounts used in period (252) (4) (256)
Movement due to foreign exchange (3) (2) (5)
At 30 June 2024 605 474 1,079
Current 584 371 955
Non-current 21 103 124
Warranty provision Legacy Provision for contract losses Total
products provision
£000 £000 £000 £000
At 1 January 2023 284 1,016 1,607 2,907
Charges to profit or loss
§ Provided in period 75 63 - 138
§ Unused amounts reversed - - (697) (697)
Amounts used in period (75) (63) - (138)
Movement due to foreign exchange (1) (46) (54) (101)
At 30 June 2023 283 970 856 2,109
Current 283 970 856 2,109
Non-current - - - -
Warranty provision Legacy Provision for contract losses Total
products provision
£000 £000 £000 £000
At 1 January 2023 284 1,016 1,607 2,907
Charges to profit or loss
§ Provided in year 552 15 332 899
§ Unused amounts reversed (38) (968) (235) (1,241)
Amounts used in year (195) (13) (1,315) (1,523)
Movement due to foreign exchange (1) (50) (56) (107)
At 31 December 2023 602 - 333 935
Current 586 - 226 812
Non-current 16 - 107 123
Warranty Provision
The warranty provision represents management's best estimate of the costs
anticipated to be incurred related to warranty claims, both current and
future, from customers in respect of goods and services sold that remain
within their warranty period. The estimate of future warranty costs is updated
periodically based on the Company's actual experience of warranty claims from
customers.
The element of the provision related to potential future claims is based on
management's experience and is judgmental in nature. As for any product
warranty, there is an inherent uncertainty around the likelihood and timing of
a fault occurring that would cause further work to be undertaken or the
replacement of equipment parts.
A standard warranty of up to two years from the date of commissioning is
generally provided to customers on goods and services sold and is included in
the original cost of the product. Customers are also able to purchase extended
warranties that extend the warranty period for up to a total of ten years.
Provision for Contract Losses
A provision is established for contract losses when it becomes known that a
contract has become onerous. A contract is onerous when the unavoidable costs
of fulfilling the Group's obligations under a contract are greater than the
revenue that will be earned from it.
The unavoidable costs of fulfilling contract obligations will include both
direct and indirect costs.
The creation of an additional provision is recognised immediately in profit
and loss. The provision is used to offset subsequent costs incurred as the
contract moves to completion.
16 Trade Receivables
30 June 2024 30 June 2023 31 December 2023
£000 £000 £000
Total trade receivables 1,530 4,151 2,496
All trade and other receivables relate to receivables arising from contracts
with customers.
Trade receivables are amounts due from customers for sales of vanadium flow
battery systems in the ordinary course of business. Trade receivables do not
bear interest and generally have 30-day payment terms and therefore are all
classified as current.
An allowance for potential credit losses of £nil (2023: £139,639) has been
recognised.
17 Cash and Cash Equivalents
30 June 2024 30 June 2023 31 December 2023
£000 £000 £000
Cash at bank and in hand 5,243 3,929 5,014
Cash equivalents 41,000 9,000 -
Total cash and cash equivalents 46,243 12,929 5,014
Term deposits are presented as cash equivalents if they have a maturity of
three months or less from the date of acquisition, are readily convertible to
a known amount of cash and are subject to an insignificant amount of risk of
change in value.
18 Trade and Other Payables
30 June 2024 30 June 2023 31 December 2023
£000 £000 £000
Trade payables 2,062 3,341 2,166
Other payables 17 89 29
Accrued liabilities 1,462 706 877
Accrued employee compensation 1,389 324 772
Government remittances payable 171 21 104
Total trade and other payables 5,101 4,481 3,948
Trade payables are unsecured and are usually paid within 30 days.
The carrying amounts of trade and other payables are the same as their fair
values due to the short-term nature of the underlying obligation representing
the liability to pay.
19 Derivative Financial Instruments
30 June 2024 30 June 2023 31 December 2023
£000 £000 £000
Derivative value of warrants issued 339 474 406
Total derivative financial instruments 339 474 406
20 Related Parties
The only related parties of the Company are the key management and close
members of their family. Key management has been determined as the CEO and his
direct reports.
There have been no related party transactions in the period.
21 Events Occurring After the Reporting Period
Motherwell Facility
On 23 July 2024 the Company formally launched its new manufacturing facility
in Scotland which will increase the Company's assembly capacity to over 500
MWh per year.
Deferred A Shares
On 22 November 2022 the shareholders of Invinity approved a capital
reorganisation, whereby the share capital of Invinity was split into Ordinary
Shares, which are quoted on AIM and AQSE, and non-voting deferred A Shares
("Deferred A Shares"), which are not quoted.
On 29 August 2024 the Company announced the upcoming transfer of all Deferred
A Shares from the holders to Invinity Energy Group Services Limited for nil
consideration.
Board changes
On 6 September 2024 the Company announced Larry Zulch's retirement as the
Company's Chief Executive Officer ("CEO") and member of the Board of Invinity,
effective immediately.
Jonathan Marren, previously Chief Financial Officer ("CFO") and Chief
Development Officer ("CDO"), has been appointed as CEO on a permanent basis.
The recruitment of a new CFO commenced immediately.
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