REG - Invinity Energy Sys - Invinity Awarded £11m for 30 MWh Flow Battery

Invinity Energy SystemsAnnouncement

12/04/2023 07:00

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RNS Number : 8982V  Invinity Energy Systems PLC  12 April 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").

 

 12 April 2023

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

Invinity Awarded £11m for 30 MWh Flow Battery

Wins UK Government's LODES Competition

 

Further to the announcement on 18 January 2023, Invinity Energy Systems plc
(AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of
utility-grade energy storage, is pleased to announce that it has been awarded
£11m of grant funding from the Department for Energy Security and Net Zero
under Phase 2 of the Longer Duration Energy Storage Demonstration ("LODES")
Competition. The funding will be used to deploy a 30 MWh vanadium flow battery
("VFB"), the UK's largest flow battery and Invinity's largest delivery to
date.

 

The award is structured as matched-funding and is conditional on the Company
executing a sales contract with a project partner, who is expected to provide
the balance of funding then develop, own, operate and optimise the battery
project. The Company has already signed a heads of terms agreement with its
preferred project partner and will provide a further update upon conclusion of
definitive contracting. Upon completion of that step the build and
commissioning phase of the project will commence subject to necessary planning
and connection approvals being received.

 

The battery, expected to be delivered during 2024, will be a standalone,
grid-connected 30 MWh Invinity VFB at a key node on the National Grid. Capable
of delivering more than 7 MW of power on demand, the fast-response and
high-throughput characteristics of Invinity's battery technology will be
utilised to offer a broad range of services to the grid. The battery system
will provide important network flexibility and accelerate the UK's transition
to low carbon domestic energy sources.

 

With an energy capacity equivalent to the daily electricity use of more than
3,500 homes, this will be the largest UK-manufactured battery ever deployed.
Approximately six times larger than Invinity's battery at the Energy Superhub
Oxford, it will also be one of the world's largest flow batteries. Finally,
with the ability to deliver full power for a discharge duration of over four
hours, this battery is expected to be the largest longer duration battery
asset serving the UK grid.

 

The majority of the income receivable under the project is expected to be
recognised by the Company during 2024. This project was included in the
Company's Advanced category in its most recent disclosed commercial
opportunity pipeline and has now progressed to the Base category following
this development.

 

 

Minister for Energy Security and Net Zero Graham Stuart said:

"Storing energy for longer periods is vital to build a robust and secure
energy system and ensure that renewable energy is used efficiently.
Fortunately the UK has a wealth of pioneering businesses that are making their
mark on this industry.

"Today we're backing three UK businesses to make their projects a reality,
which will go on to play a role in our country's energy security."

 

Matt Harper, Chief Commercial Officer at Invinity said:

 

"We appreciate the UK Department of Energy Security and Net Zero Energy's
recognition of the importance of longer duration energy storage for grid
stability and to making low-cost renewable power available on demand. We are
grateful that Invinity was chosen from a very competitive field and look
forward to delivering what will be the largest battery ever manufactured in
the UK. We are pleased to help improve the UK's energy security, further
demonstrate UK leadership in energy technology, and support UK industry and
jobs. This award is a critical step in Invinity's journey from development
stage to a commercial supplier of batteries critical to the global path to net
zero."

 

 

 

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 / Harry Pardoe / 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 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) or
call Investor Relations on +44 (0)204 551 0361.

 

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