REG - Invinity Energy Sys - MoU with Dawsongroup for UK Battery Rentals

Invinity Energy SystemsAnnouncement

16/01/2023 07:00

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RNS Number : 7512M  Invinity Energy Systems PLC  16 January 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").

 

16 January 2023

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

 

MoU with Dawsongroup plc to develop UK battery rental offering

Partnership anticipates Invinity batteries being rented to Dawsongroup
customers in UK

 

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 signed a non-binding Memorandum of Understanding ("MoU") with
Dawsongroup Power Solutions Limited, part of Dawsongroup plc, a leading
commercial asset rental business operating across the UK and EU, with the
intention of appointing Dawsongroup as Invinity's exclusive partner for the UK
equipment rental market.

 

Dawsongroup has also purchased a 0.22 MWh Invinity VS3 battery which will be
installed at the company's headquarters in Milton Keynes, UK later this year.
The system will be used as a showcase project, providing Dawsongroup's
corporate customers the opportunity to view Invinity's vanadium flow battery
technology in operation.

 

Dawsongroup is one of Europe's leading asset rental, leasing and contract hire
businesses and is the UK's largest in this sector, owning over 31,000 premium
supply chain assets including transport, municipal services and cold storage
which are rented to a broad customer base of large, reputable companies. The
group is committed to reducing its environmental impact, through fleet
electrification and using more renewable energy, that will allow its customers
to accelerate their transition to net zero.

 

With the MoU signed, both parties will now work to conclude a definitive
partnership agreement that would see Dawsongroup procure battery storage
products exclusively from Invinity and become Invinity's exclusive rental
partner in the UK. Both parties see strong potential for a rental market in
the UK for vanadium flow batteries and expect to target customer commitments
of more than 50 MWh over the next two years.

 

Lee Vines, Managing Director at Dawsongroup said:

 

"Dawsongroup Power Solutions' proposed partnership with Invinity is an
exciting step towards supplying sustainable solutions for our customers.
Invinity's vanadium flow batteries combined with our Smarter Asset Strategy
will provide renewable energy that is safe, reliable and economical for the
most demanding applications; ideal for the transition to net zero."

 

Matt Harper, Chief Commercial Officer at Invinity said:

 

"Flexible equipment ownership is a great way for organizations to increase
operational efficiencies. Invinity already has a strong book of business where
our vanadium flow batteries are decreasing energy bills and accelerating
decarbonisation for commercial and industrial customers by providing on-site,
clean power. We're very excited to work with Dawsongroup to deliver those same
benefits to customers whose needs include agile worry-free asset ownership,
significantly expanding our commercial opportunities."

 

 

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

 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 33
MWh of systems deployed to date across more than 50 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 on the AIM Market of the London Stock Exchange and on
the Aquis Stock Exchange (AQSE). The Company trades in the USA on OTCQX Best
Market under the symbol "IESVF".

 

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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