REG - Invinity Energy Sys - Strategic Manufacturing Deal & Mistral Validation

Invinity Energy SystemsAnnouncement

26/02/2024 07:00

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RNS Number : 3520E  Invinity Energy Systems PLC  26 February 2024

 

 

26 February 2024

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

Strategic Manufacturing Agreement Signed, Successful Mistral Performance Test

 

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 entered into an agreement with its Taiwanese strategic partner,
Everdura, to undertake domestic manufacturing of its next-generation vanadium
flow battery ("VFB") product, code-named "Mistral", to serve the Taiwanese and
other markets ("the Agreement").

 

Everdura has been Invinity's reseller since 1 December 2022. Everdura's parent
company, Everbrite, made a £2.5m strategic investment into the Company which
was announced 22 February 2023. On 14 September 2023, Everdura placed a 14.4
MWh pre-order for Mistral and entered into a MoU which proposed a strategic
manufacturing partnership with Invinity which has now been superseded by this
Agreement.

 

Under the Agreement, Everdura will manufacture Mistral VFBs to fulfil orders
it intends to secure under the terms of the existing reseller agreement which
targets more than 255 MWh of product sales over a three-year period. The
Agreement states that Everdura will pay Invinity a royalty fee based on a
material percentage of the sale price of any Mistral products sold. Everdura
will also utilise Invinity's existing supply chain and purchase cell stacks
directly from the Company, which will continue to be manufactured by Invinity
at its facilities in the UK and Canada.

 

In addition, further to its December 2023 Year-End Business Update, Invinity's
product development team has successfully undertaken initial performance
testing of the first operating Mistral prototype. The Company is delighted to
report that these tests have verified Mistral's fundamental performance
targets and operating parameters. This significant development milestone
enables Invinity to conclude the development of production tooling, processes
and procedures required for manufacturing and delivery of initial Mistral
modules and to build towards the planned commercial launch of the product
later this year.

 

Separately to the above developments and in line with its 18 December 2023
announcement, the Board is very pleased with the level of interest shown in
the Company by a number of potential strategic partners. Discussions with
these parties are now at an advanced stage and continue to progress
positively. On this basis, the Company estimates that it should be in a
position to conclude an agreement with one or more of these partners within
approximately four to six weeks.

 

 

Larry Zulch, Chief Executive Officer at Invinity said:

 

"Everdura has become an important strategic partner for Invinity, providing
access to the important Taiwanese market and areas beyond. Our relationship
with Everdura forms a template for regions where we believe we will be better
represented by strong, local partners than by an organisation we build
ourselves. This agreement, like many of our current activities, is intended to
support the forthcoming global launch of our next-generation product, and with
our first product prototype exhibiting encouraging performance, it is
tremendously exciting to see our vision for Mistral becoming reality."

 

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 Financial Officer and Chief Development Officer

 Joe Worthington, Director of Communications

 Canaccord Genuity (Nominated Adviser and Joint Broker)                  +44 (0)20 7523 8000
 Henry Fitzgerald-O'Connor / Harry Pardoe

 VSA Capital (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 / Gareth Tredway / Saskia Sizen                            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 70
MWh of systems already deployed or contracted for delivery across over 79
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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