REG - Invinity Energy Sys - 2025 Interim Results
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RNS Number : 3077B Invinity Energy Systems PLC 30 September 2025
30 September 2025
Invinity Energy Systems plc
("Invinity" or the "Company")
2025 Interim Results
Invinity Energy Systems plc (AIM: IES) (OTCQX: IESVF), a leading global
manufacturer of utility-grade energy storage, announces its unaudited
consolidated results for the six months ended 30 June 2025 (the "Period") and
an update on trading in the year to date.
The Company will hold a virtual meeting for analysts at 9.30 a.m. today.
Analysts wishing to attend are kindly asked to email ir@invinity.com
(mailto:ir@invinity.com) .
Invinity's management team will host a virtual results presentation and
interactive Q&A via the Investor Meet Company platform for all
shareholders and investors at 3.30 p.m. UK Time on Wednesday 8 October -
please register for free here
(https://www.investormeetcompany.com/invinity-energy-systems-plc/register-investor)
.
H1 2025 SUMMARY
· H1 Revenue and Project Grant Income of £2.0m (H1 2024: £1.6m) as
previously disclosed on 9 September 2025;
· £20.0m 2025 order book(*) drives heavily H2 weighted FY25 Revenues
and Project Grant Income;
· Reduced loss from operating activities to £10.2m (H1 2024: £11.4m);
· New customer orders totalling 11.7 MWh signed in H1 (+193% YoY);
· Net Cash at 30 June of £18.7m.
( )
(*) Non-IFRS term defined in Commercial Outlook section of this announcement
YTD 2025 HIGHLIGHTS
· Significant progress made during the Period and in the year to date
against 12-month corporate objectives set out in September 2024;
· 43% reduction in delivered battery cost in transition from VS3 to
Endurium;
· Further improvement achieved in terms of projected Endurium cost
reduction since last reported in May 2025 (FY24 results);
· Over 6.7 GWh of energy dispatched by Invinity batteries historically
to date at existing customer sites;
· 16.7 GWh of Endurium projects confirmed eligible for the UK Cap and
Floor Scheme, the manufacturing for which has the potential to create up to
1,000 durable, high quality manufacturing jobs in Scotland assuming all
projects were to proceed(*);
· Current Cash of £39.7m as at 29 September 2025, reflecting a £25.0m
total strategic investment from Atri Energy Transition Limited ("Atri Energy")
and Next Gen Mobility ("Next Gen").
( )
(*) See 23 September 2025 announcement for further details of the projects and
associated risks
OUTLOOK
In the short term, Invinity's team remains focused on a number of key
objectives:
1) Deliver against our order book and close out the remaining commercial
contracts that underpin 2025 revenue forecasts.
2) Continue to meet or exceed Endurium cost down programme targets in
order to enhance product margins and compete even more effectively in new and
existing markets.
3) Progress our global expansion plans with partners and scale the
business operationally to be capable of delivering against gigawatt-scale
demand through 2027-30.
Evidence of the demand supporting this global expansion is increasingly
apparent across Invinity's core markets, demonstrated most recently by the
16.7 GWh of projects incorporating Invinity's Endurium batteries that have
been confirmed eligible for the UK Cap and Floor programme which target
deliveries (with associated revenue recognised) predominantly through 2028-30.
The Company is also actively engaged in comparable procurement schemes in the
USA and Canada and has received notification from a number of developers who
have submitted early-stage applications with Invinity's technology totalling
multiple gigawatt-hours for delivery across 2027-29 and beyond.
Strategically, Invinity is at a significant juncture in its corporate journey
with a technologically advanced product, a demonstrated track record of
delivery and operation, a leading market position within the vanadium flow
battery sector and a growing network of strategic partners across the world.
This capability is timely, as the Company has observed significant increases
in global interest in both long duration energy storage and non-lithium
battery solutions.
Building scale and reducing product cost are Invinity's key objectives as
global demand for LDES continues to accelerate. The Company anticipates the
start of the globalisation of its manufacturing operations over the next 12
months in regions including the USA, India and China and aggressively pursuing
improvements across our product, our processes and our people to successfully
transition our business into the next phase of its growth over the coming 5
years.
Jonathan Marren, Chief Executive Officer at Invinity said:
"The energy storage market is fast moving, innovative and growing
substantially. This creates significant opportunities as well as challenges
and to be successful we need to move and develop quickly. Acknowledging
revenue recognition is heavily H2-weighted and reflective of the launch of
Endurium only in late 2024, the achievements in the period and year to date
demonstrate the transformational progress we've made across our business in
the past 12 months. We remain on target to achieve a substantial improvement
in our 2025 FY results compared to last year while continuing to build deal
flow into 2026 and beyond.
"The announcement last week that 21 projects representing 16.7 GWh of Endurium
batteries have been confirmed eligible for the UK Cap and Floor Scheme was a
very significant step forward and endorsement for Invinity and Endurium. Were
all of these projects to be awarded, we estimate up to 1,000 durable, high
quality manufacturing jobs could be created in Scotland if the scheme
assessors apportion appropriate benefit to UK-manufactured technology
solutions, sourcing from UK supply chains. Alongside our partners, we will
continue make this case strongly to Ofgem, the UK regulator who is
administering the scheme.
"We have also recently broadened our partnerships with a strategic investment
from Atri Energy which will enable us to target opportunities commercially and
operationally in India, and in China where we signed a partnership with UESNT
and an MoU with Fortune 500 company, C&D Group.
"Our focus on continuing to reduce the product cost of Endurium remains
unwavering and I am delighted that we continue to advance ahead of our
previous expectations in this regard. This shows considerable progress over
the last 12 months and, as we build the foundation for success in the years to
come, the overwhelming feeling is one of growing momentum."
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, Senior Director, Corporate Affairs
Canaccord Genuity (Nominated Adviser and Joint Broker) +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor / Harry Pardoe / Charlie Hammond
VSA Capital (Joint Broker) +44 (0)20 3005 5000
Andrew Monk / Andrew Raca
Notes to Editors
Invinity Energy Systems plc (AIM: 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 30 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 more
than 190 MWh of systems deployed, contracted for delivery or awarded for
projects across more than 90 sites in 17 countries, Invinity is active in all
major global energy storage markets and has operations in the UK, Canada, USA
and China. Invinity Energy Systems plc is quoted in the UK on AIM 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) .
2025 Interim Report
Invinity's achievements throughout the Period and in the year to date are
representative of our talented team rising to the challenge of delivering
against the five goals I set out twelve months ago when I became CEO. Whilst
our work to deliver success in each of these areas never stops, I'm pleased to
report that twelve months on, we have achieved important progress against
every goal (summarised below) and materially advanced the business as a
result.
Goal 1 - Recognise FY24 revenue in line with analyst forecasts - Achieved
Invinity delivered revenue in line with revised analyst forecasts for FY24.
Goal 2 - Launch Endurium before 2024 year-end - Achieved
Endurium product successfully launched with products shipped before 2024
year-end. In September 2025, the Company launched Endurium Enterprise(TM), a
further expansion to Invinity's product range catering specifically to
commercial and industrial customers.
Goal 3 - Close deals from commercial pipeline to support volume ramp up - On
Track
Invinity's commercial team has built a £20m 2025 order book expected to
convert to revenue and project grant income in the current year and is working
to secure additional orders which will support revenue and cash generation in
2025 and beyond. Highlights include:
· New customer orders totalling 11.7 MWh signed during the Period,
representing a nearly three-fold increase year-on-year.
· Securing approval to proceed on the 20.7 MWh LoDES project, expected
to be the largest commercially operating VFB in Europe once commissioned.
· Securing a follow-on 4 MWh order in September 2025 from Hungarian
partner Ideona for delivery later this year.
Additionally, the Company has successfully originated and secured a number of
important strategic projects and relationships in the year to date which are
expected to significantly increase production volumes over the next 5 years.
These include:
· 21 project bids confirmed eligible for the UK Cap and Floor Scheme,
representing 16.7 GWh of potential Endurium demand primarily for delivery from
2028 - 2030. Pending the successful outcome of these bids, this is expected to
support a significant scale up of the Company's manufacturing capacity from
2027 onwards and represent billions of pounds of future revenue. The Company
estimates it could create up to 60 permanent jobs for every GWh awarded,
potentially as many as 1,000 if all projects were to proceed, noting that
there is no guarantee of this due to the competitive nature of the process,
details of which are set out in the 23 September 2025 announcement.
· Entry into the Chinese energy storage market following the signing of
a licence and royalty agreement with Guangxi United Energy Storage New
Materials Technology Limited ("UESNT") in July 2025 and further expanded in
September with the signing of an MoU with Xiamen C&D Cooperation Limited
("C&D").
· Entry into the Indian market through a strategic partnership with
Atri Energy which targets commercial opportunities in the region as well as an
expansion of manufacturing and supply chain capabilities in India.
Goal 4 - Further advance the cost reduction programme for Endurium and
incrementally improve product margins - Achieved
In the year to date, Invinity's team have achieved a 43% reduction to date in
the cost of Endurium as compared against the previous VS3 product.
Furthermore, the Company is currently tracking ahead of management
expectations in respect of cost reduction, which targets substantial
reductions year-on-year through 2030.
The Company's new semi-automated stack production line is now operational at
its Bathgate facility, which has doubled stack production and improved
quality, whilst recent strategic partnerships announced in Asia are expected
to generate further opportunities to accelerate cost reduction through
economies of scale and scope.
Goal 5 - Review capital allocation across the business and drive operational
efficiencies - Achieved
Ongoing projects related to minimising corporate overheads while expanding
business operations have already delivered a modest reduction in year-on-year
administration costs while expanding business operations. Further initiatives
such as the rollout of a new ERP system and improving our supplier development
processes are expected to drive further efficiencies in the coming months.
Note: Whilst management believe that these goals have been achieved in the 12
month period as anticipated, each of goals 3, 4 and 5 remain a priority of the
Company to continue to advance.
Financial Performance
Six Months Ended Six Months Ended Year Ended
30 June 2025
30 June 2024
31 December
2024
£m £m £m
Revenue 0.3 1.6 5.0
Gross Loss (1.9) (1.1) (3.5)
Project Grant Income 1.8 - -
Loss for the period (10.0) (11.1) (22.8)
Property, Plant and Equipment plus Intangible Assets 27.0 25.7 26.3
Total inventory and Pre-paid Inventory 14.1 6.4 8.2
Net Cash 18.7 46.2 32.3
Net Assets 55.7 77.3 65.7
Noting the significant uptick in H1 signed orders year-on-year, revenue
recognition is again expected to be heavily H2 weighted in 2025 with maximum
potential Revenue & Project Grant Income for the current year of £25.0m.
The Company recognised £2.0m of Revenue and Project Grant Income in H1 (H1
2024: £1.6m) as part of a £20m order book of signed contracts to deliver
against by the end of the year. The Company is also in the final negotiation
stage on contracts which could contribute approximately £5m of 2025 revenue,
should negotiations be successful and final documentation executed in a timely
fashion. Management also notes that in the event that licence and royalty fees
are recognised as anticipated from the agreement signed with UESNT in July
2025, this would likely have a significantly positive impact on net income.
Loss from operating activities reduced to £10.2m (H1 2024: £11.4m) supported
by a moderate reduction in administrative expenses, and the recognition of
£1.8m project grant income received under the LoDES project for which cash
has since been received. Within Cost of Goods Sold, unabsorbed overheads of
£0.9m reflect lower production volumes in H1 as the Company transitioned from
the VS3 to Endurium product, and an increase in warranty costs which includes
Direct Current Voltage Converters ("DC:DCs") that are being replaced by the
supplier in H2. Taken together, the loss for the period reduced to £10.0m (H1
2024: £11.1m).
Inventory and prepaid inventory increased to £14.1m (H1 2024: £6.4m) in
order to deliver against customer contract and project deliveries forecasted
for H2 2025. Cash at 30 June was £18.7m, which has increased to £39.7m at 29
September reflecting the total £25m strategic investment by Atri Energy and
Next Gen which was approved by shareholders yesterday. The Company remains
debt-free (excluding leases).
Commercial Outlook
The commercial revenue and project grant income outlook for the full year 2025
as at 30 September 2025 comprises the following:
Commercial Revenue and Project Grant Income 2025
£m
Order book 20
Near-term contracts 5
Development pipeline -
Maximum Potential Revenue & Project Grant income (based on above) 25
Where:
· Order Book includes signed contracts expected to generate revenue in
the relevant year that have either been delivered (and revenue recognised),
are in the fulfilment phase or are awaiting Notice to Proceed ("NTP").
Invinity has higher confidence in assessing the timing of delivery and revenue
for these projects, although risks related to supply chain, fulfilment and/or
receipt of NTP remain.
· Near-term contracts includes projects where the customer has
indicated an intent to proceed, and where final contracting is underway.
Invinity has lower confidence in assessing the timing of delivery and revenue
for these projects as risks related to final negotiation and documentation
remain.
· Development pipeline includes projects where the customer has engaged
Invinity in a procurement process, submitted Invinity's products to a public
procurement scheme or applied for relevant permits. Revenue is expected to be
recognised in the relevant year, however both commercial and development risks
remain.
Jonathan Marren
Chief Executive Officer
Unaudited Financial Results for the Period Ended 30 June 2025
Unaudited Consolidated Statement of Profit and Loss
For the six months ended 30 June 2025
Six Months Six Months Year Ended
31 December
Ended Ended
2024
30 June 2025 30 June 2024
Continuing operations Note £000 £000 £000
Revenue 4 256 1,637 5,015
Cost of sales 5 (2,186) (2,750) (8,528)
Gross loss (1,930) (1,113) (3,513)
Operating costs
Administrative expenses 6 (10,178) (10,296) (20,334)
Other items of operating income and expense 8 1,938 17 (210)
Loss from operations (10,170) (11,392) (24,057)
Finance income 397 315 1,358
Finance costs (58) (38) (106)
(Loss)/gain on foreign currency transactions (121) 7 8
Net finance income 218 284 1,260
Loss before income tax (9,952) (11,108) (22,797)
Income tax expense - - -
Loss for the period/year (9,952) (11,108) (22,797)
Loss per ordinary share in pence
Basic 9 (2.3) (4.6) (6.7)
Diluted 9 (2.3) (4.6) (6.7)
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 2025
Six Months Ended Six Months Ended Year Ended
31 December 2024
30 June 2025 30 June 2024
Continuing operations Note £000 £000 £000
Loss for the year (9,952) (11,108) (22,797)
Other comprehensive income/(expense)
Exchange differences on the translation of foreign operations
(228) (117) (355)
Total comprehensive loss for the period/year (10,180) (11,225) (23,152)
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 2025
Six Months Six Months Year Ended
Ended Ended 31 December 2024
30 June 2025 30 June 2024
Note £000 £000 £000
Non-current assets
Goodwill and other intangible assets 12 23,948 23,980 23,959
Property, plant and equipment 13 3,075 1,749 2,346
Right-of-use assets 2,200 1,745 1,526
Contract assets 16 - 304 -
Other non-current assets 14 218 - -
Total non-current assets 29,441 27,778 27,831
Current assets
Inventory 15 10,236 4,437 5,753
Other current assets 16 8,731 6,177 7,648
Contract assets 17 647 897 1,149
Trade receivables 18 496 1,530 827
Cash and cash equivalents 19 18,740 46,243 32,352
Total current assets 38,850 59,284 47,729
Total assets 68,291 87,062 75,560
Current liabilities
Trade and other payables 20 (4,747) (5,101) (4,525)
Derivative financial instruments 21 (203) (339) (271)
Contract liabilities 17 (1,592) (1,454) (1,392)
Lease liabilities (663) (669) (550)
Provisions 17 (417) (955) (381)
Other current liabilities 22 (1,566) - -
Total current liabilities (9,188) (8,518) (7,119)
Net current assets 29,662 50,766 40,610
Non-current liabilities
Lease liabilities (1,788) (1,095) (1,145)
Provisions 17 (1,533) (124) (1,627)
Other non-current liabilities (48) - -
Total non-current liabilities (3,369) (1,219) (2,772)
Total liabilities (12,557) (9,737) (9,891)
Net assets 55,734 77,325 65,669
Equity
Called up share capital 53,473 53,473 53,473
Share premium 215,121 215,231 215,121
Share based payment reserve 7,573 6,947 7,328
Accumulated losses (218,022) (196,381) (208,070)
Currency translation reserve (2,450) (1,984) (2,222)
Other reserves 39 39 39
Total equity 55,734 77,325 65,669
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 2025
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 2025 53,473 215,121 7,328 (208,070) (2,222) 39 65,669
Loss for the period - - - (9,952) - - (9,952)
Other comprehensive gain/(loss)
Foreign currency translation differences - - - - (228) - (228)
Total comprehensive loss for the period - - - (9,952) (228) - (10,180)
Transactions with owners in their capacity as owners
Share-based payments - - 245 - - - 245
Total contributions by owners - - 245 - - - 245
At 30 June 2025 53,473 215,121 7,573 (218,022) (2,450) 39 55,734
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 - - - (11,092) (228) - (11,320)
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
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 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 year - - - (22,797) - - (22,797)
Other comprehensive income
Foreign currency translation differences - - - - (355) - (60)
Total comprehensive for the year - - - (22,797) (355) - (23,152)
Transactions with owners in their capacity as owners
Investment funding arrangement, net of transaction costs
2,125 52,234 - - - - 54,359
Exercise of share options - 4 - - - - 4
Share-based payments - - 645 - - - 645
Total contributions by owners 2,125 52,238 645 - - - 55,008
At 31 December 2024 53,473 215,121 7,328 (208,070) (2,222) 39 65,669
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 2025
Six months ended Six months Year ended
30 June 2025 ended 31 December 2024
30 June 2024
Note £000 £000 £000
Cash flows from operating activities
Cash used in operations (11,991) (12,614) (26,103)
Interest received 324 247 1,222
Interest paid - (1) (13)
Net cash outflow from operating activities (11,667) (12,368) (24,894)
Cash flows from investing activities
Acquisition of property, plant and equipment (924) (395) (1,294)
Acquisition of subsidiaries through business combination (300) - -
Deposits on right-of-use assets - (47) (7)
Net cash outflow from investing activities (1,224) (442) (1,301)
Cash flows from financing activities
Payment of lease liabilities (371) (343) (676)
Interest paid on lease liabilities (73) (37) (92)
Proceeds from the issue of share capital, net of transaction costs
- 57,383 57,383
Payment of transaction costs for the issue of share capital - (2,911) (3,001)
Proceeds from the exercise of share options and warrants
- - 4
Net cash inflow from financing activities (444) 54,092 53,618
Net (decrease)/increase in cash and cash equivalents (13,335) 41,282 27,423
Cash and cash equivalents at the start of the period/year 19 32,352 5,014 5,014
Effects of exchange rate changes on cash and cash equivalents (277)
(53) (85)
Cash and cash equivalents at the end of the period/year 19 18,740
46,243 32,352
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 the UK. The registered office address is
Office 207, New Broad Street House, 35 New Broad Street, London EC2M 1NH.
On 9 January 2025, under a Scheme of Arrangement between Invinity Energy
Systems Limited ("former plc"), the former holding company of the Group, and
its shareholders, under Article 125 of the Companies (Jersey) Law 1991, and as
sanctioned by The Royal Court of Jersey, all the issued shares in former plc
were cancelled. In exchange, an equivalent number of new shares in former plc
were issued to Invinity Energy Systems plc in consideration for the allotment
to shareholders of one ordinary share in the Company for each ordinary share
in former plc that they held on the date of record, 8 January 2025.
The Company was incorporated under the Companies Act 2006 on 12 August 2024 as
a private company and re-registered on 3 January 2025 as a public company. The
introduction of a new Parent Company constitutes a Group reconstruction and
has been accounted for as a reverse acquisition under common control by
applying predecessor accounting in accordance with IFRS requirements. Although
the Group reconstruction did not become effective until 9 January 2025, the
Consolidated Financial Statements of the Company are presented as if the
Company had always been part of the Group with historical results combined
without recognition of goodwill. As the Company had no financial activity
prior to the scheme, the comparative consolidated financial statements for
prior periods remain unchanged. Earnings per share are unaffected by the
reorganisation.
The Company is quoted on the AIM Market of the London Stock Exchange with the
ticker symbol IES.L and trades 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 2024.
Basis of Preparation
This unaudited condensed consolidated interim financial information for the
six-months ended 30 June 2025 (the 'interim financial information') has been
prepared in accordance with IAS 34, 'Interim financial reporting' as adopted
for use in the United Kingdom. The financial information should be read in
conjunction with the Group's annual financial statements for the year ended 31
December 2024 that were prepared in accordance with International Financial
Reporting Standards as adopted for use in the United Kingdom.
The annual report and financial statements for the year ended 31 December 2024
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 2024. 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 constitute the
Company's statutory accounts within the meaning of section 434 of the
Companies Act 2006. The comparative figures for the financial year ended 31
December 2024 represent the Company's statutory accounts for that year, which
were prepared under the Companies (Jersey) Law 1991, reported on by the
Company's auditors, and delivered to the Jersey Financial Services Commission.
The statutory accounts for the year ended 31 December 2024 received an
unqualified audit report under the Companies (Jersey) Law 1991. Statutory
accounts for subsequent financial periods will be prepared and filed in
accordance with the Companies Act 2006 with the Registrar of Companies in
England and Wales.
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 September
2026.
The Group has relied on fundraising in previous years. Following the
completion of a strategic investment of £25m by Atri Energy and Next Gen
announced on 9 September 2025, the Group significantly strengthened its
liquidity position. The Group held cash of £18.7m as at 30 June 2025 (30 June
2024: £49.2m).
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 2024. 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 2024.
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 2024. 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
2024.
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 Year Ended
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Battery systems and associated control systems - 1,186 4,008
Integration hardware 30 35 443
Integration and commissioning 17 18 23
Other services 209 398 541
Total revenue in the statement of profit and loss 256 1,637 5,015
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 in the period was as follows:
Six Months Ended Six Months Ended Year Ended
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Grants for research and development 238 106 106
Grants for product deployment 1,758 40 67
Economic and social development - 2 2
Total government grants 1,996 148 175
5 Cost of Sales
Six Months Ended Six Months Ended Year Ended
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Movement in inventories of finished battery systems 1,331 2,372 6,434
Warranty costs 857 299 524
Movement in provisions for sales contracts (2) 79 1,570
Total cost of sales 2,186 2,750 8,528
6 Administrative Expenses
Six Months Ended Six Months Ended Year Ended
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Staff costs 6,985 6,840 12,886
Research and development costs 1,225 1,029 2,421
Research and development recoveries, tax credits and grants (928) (145) (1,150)
Professional fees 282 345 755
Sales and marketing costs 294 398 847
Facilities and office costs 195 277 345
Depreciation and amortisation 623 501 1,314
Other administrative costs 1,502 1,051 2,936
Total administrative expenses 10,178 10,296 20,334
Total expenditures incurred included in administrative expenses for the
Redomiciliation and business combination were as follows:
Six Months Ended Six Months Ended Year Ended
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Redomiciliation 9 - 483
Business combination 39 - -
Total expenses 48 - 483
7 Staff Costs
Six Months Ended Six Months Ended Year Ended
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Wages and salaries 6,063 5,783 11,010
Employer payroll taxes 602 514 905
Contributions to defined contribution plans 81 69 143
Other benefits 460 577 969
Share-based payments 245 264 622
Total staff costs 7,451 7,207 13,649
Six Months Ended Six Months Ended Year Ended
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Staff costs charged to cost of sales 466 367 783
Staff costs charged to cost of administrative expenses 6,985 6,840 12,866
Total staff costs 7,451 7,207 13,649
8 Other Items of Operating Income and Expense
Six Months Ended Six Months Ended Year Ended
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
(Income)/expenses
Project Grant Income (1,758) - -
Gain on curtailment of right-of-use asset (23) - (2)
Gain on legal settlement - - (169)
Sublease income (27) - (18)
Impairment of inventory to net realisable value 181 43 376
Reversal of impairment of inventory to net realisable value (425) (60) (47)
Obsolete inventory 114 - 70
Total other operating (income)/expenses (net) (1,938) (17) 210
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
30 June 2025 30 June 2024 31 December 2024
In issue at 1 January 440,561,739 191,067,464 191,067,464
Shares issued in the period - weighted average - 52,091,369 151,744,900
Weighted average shares in issue at the end of the period 440,561,739 243,158,833 342,812,364
Effect of employee share options and warrants not exercised 1,031,100 1,324,728 1,245,271
Weighted average number of diluted shares at the period end 441,592,839 244,483,561 344,057,635
Additional potential shares used in the calculation of diluted earnings per
share primarily relate to potential shares outstanding at 30 June 2025 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 2024
30 June 2025 30 June 2024
£000 £000 £000
Loss after income tax (9,952) (11,108) (22,797)
Adjustments for:
Depreciation and amortisation 684 693 1,383
Gain on curtailment or remeasurement of right-of-use asset (23) - (2)
Impairment of inventory 181 43 329
Reversal of impairment of inventory (425) (60) -
Obsolete inventory 114 - 70
Share-based payments charge 245 264 622
Net finance costs/(income) 19 (277) (43)
Loss on unrealised foreign currency transactions 177 49 19
(8,980) (10,396) (20,419)
Changes in operating assets and liabilities
Increase in inventory (4,451) (1,174) (2,971)
Decrease/(increase) in contract assets 490 (19) 28
Decrease in trade receivables and other receivables 233 940 1,610
Increase in other assets and prepaid inventory (1,412) (3,441) (6,125)
Increase in other non-cash operating working capital (208) - -
Increase in trade payables 401 1,190 624
Increase in other liabilities 1,613 - -
Increase in contract liabilities 323 136 64
Increase/(decrease) in warranty provision - 7 (481)
Increase in onerous contract provision - 143 1,567
(3,011) (2,218) (5,684)
Cash used in operations (11,991) (12,614) (26,103)
11 Business Combination
During the period, Invinity Energy (UK) Ltd. acquired a group of four
companies where Invinity Energy (UK) Ltd. holds 100% of the equity in Invinity
Energy BESS Holdings Ltd.; Invinity Energy BESS Holdings Ltd. owns 100% of the
equity in Uckfield BESS Ltd.; Uckfield BESS Ltd. holds 100% of the equity in
Uckfield Energy Centre Ltd.; Uckfield Energy Centre Ltd. holds 100% of the
equity in Uckfield Solar Electric Forecourt Ltd. Consequently, the Group
exercises full control over each subsidiary through successive, direct
ownership at each level. The total consideration paid for the acquisition was
£300,000.
On 31 March 2025, the acquisition date, the consideration given was allocated
to the fair value of assets acquired and liabilities assumed or discharged
based on their assessed fair values. The fair value of the total consideration
was allocated as follows:
Assets Acquired and Liabilities Assumed at 31 March 2025
Fair value
£'000
Non-current assets
Property, plant and equipment 197
Right-of-use asset 847
Current liabilities
Lease liability (10)
Non-current liabilities
Lease liability (734)
Net identifiable assets acquired 300
Goodwill -
Consideration for acquisition of Forecourt 300
Fair Value Adjustments Made
Property, plant and equipment relates to assets under construction for the
development of a 20.7 MWh vanadium flow battery system ("VFB BESS Project") at
the Group's Uckfield location in the South East of England. Given the early
stage of development of the project, the Group recognised the fair value of
expenditures incurred up to the acquisition date rather than the fair value of
the project as a whole.
The right-of-use asset was subject to a purchase price allocation (PPA) uplift
due to qualitative factors identified during the acquisition. These included
the strategic location of the site, proximity to a grid connection substation,
a successful planning application, and an agreement in place to construct
necessary infrastructure. As a result, the carrying value of the right-of-use
asset was increased by £132,684 as part of the acquisition accounting. This
uplift is being amortised over the remaining lease term and depreciation is
capitalised until asset is available for use.
The lease liability represents the Group's interest in leased land designated
as the site for the VFB BESS Project. The fair value of the lease liability
has been determined to be equivalent to its carrying value. This assessment
reflects the terms of the lease which include annual inflationary adjustments
tied to the consumer price index. Additionally, the lease liability was
remeasured at the acquisition date to incorporate an updated incremental
borrowing rate and revised management assumption regarding the lease extension
option.
Goodwill in the Business Combination
The fair value of the identifiable net assets acquired was equal to the total
consideration transferred and no goodwill was recognised.
This reflects that the purchase price was fully absorbed by the fair value of
the identifiable net assets acquired, and no intangible future economic
benefits beyond those assets and liabilities were identified at acquisition.
Revenue and Profit Contribution
The acquired group contributed no revenue or profit to the consolidated group
for the period from 31 March 2025 to 30 June 2025.
If the acquisition had taken place on 1 January 2025, consolidated pro-forma
revenue and net loss for the period ended 30 June 2025 would have been
unchanged from the reported consolidated revenue and net loss for the period.
12 Goodwill and Intangible Assets
Goodwill Patents and Certifications Software and Domain Names Total
£000 £000 £000 £000
Cost
At 1 January 2025 23,944 203 32 24,179
Effects of movements in foreign exchange - - (2) (2)
At 30 June 2025 23,944 203 30 24,177
Accumulated amortisation
At 1 January 2025 - (193) (27) (220)
Amortisation charge - (10) - (10)
Effects of movements in foreign exchange - - 1 1
At 30 June 2025 - (203) (26) (229)
Net book value
At 1 January 2025 23,944 10 5 23,959
At 30 June 2025 23,944 - 4 23,948
Goodwill Patents and Certifications Total
Software and Domain Names
£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 Software Total
and Domain Names
£000 £000 £000 £000
Cost
At 1 January 2024 23,944 203 34 24,181
Disposals - - - -
Effects of movements in foreign exchange - - (2) (2)
At 31 December 2024 23,944 203 32 24,179
Accumulated amortisation
At 1 January 2024 - (153) (26) (179)
Amortisation charge - (40) (2) (42)
Disposals - - - -
Effects of movements in foreign exchange - - 1 1
Amortisation at 31 December 2024 - (193) (27) (220)
Net book value
At 1 January 2024 23,944 50 8 24,002
At 31 December 2024 23,944 10 5 23,959
Goodwill
All goodwill is tested annually for impairment. At 31 December 2024, goodwill
was tested for impairment using the fair value less cost of disposal method.
The closing share price on 30 June 2025 was 23.75 pence giving a market
capitalisation of £104.6 million which is more than £48.8 million higher
than the Net Assets value of the Company on this date. The share price would
need to have dropped below 12.65 pence for the market value to be below the
Net Asset value of the Company at that date. Based on the above, no impairment
loss was identified in relation to 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 2025.
13 Property, Plant and Equipment
Computer Leasehold Improvements Vehicles and Equipment Total
and Office Equipment
£000 £000 £000 £000
Cost
At 1 January 2025 655 1,257 2,866 4,778
Additions 37 24 863 924
Additions from business combination - 631 - 631
Fair value adjustment from business combination - (434) - (434)
Effects of movements in foreign exchange (14) (32) (77) (123)
At 30 June 2025 678 1,446 3,652 5,776
Accumulated Depreciation
At 1 January 2025 (504) (623) (1,305) (2,432)
Depreciation charge (38) (126) (181) (345)
Effects of movements in foreign exchange 11 24 41 75
At 30 June 2025 (531) (725) (1,445) (2,701)
Net book value
At 1 January 2025 151 634 1,561 2,346
At 30 June 2025 147 721 2,207 3,075
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 2024 554 823 2,235 3,612
Additions 118 386 807 1,311
Transfers - 99 (68) 31
Foreign currency exchange differences (17) (51) (108) (176)
At 31 December 2024 655 1,257 2,866 4,778
Accumulated Depreciation
At 1 January 2024 (465) (424) (1,024) (1,913)
Depreciation charge (52) (232) (328) (612)
Effects of movements in foreign exchange 13 33 47 93
Depreciation at 31 December 2024 (504) (623) (1,305) (2,432)
Net book value
At 1 January 2024 89 399 1,211 1,699
At 31 December 2024 151 634 1,561 2,346
The Group has no assets pledged as security. No amounts of interest have been
capitalised within property, plant and equipment at 30 June 2025 (2024:
£nil).
14 Other Non-Current Assets
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Sublease net investment 218 - -
Total other non-current assets 218 - -
The Group has entered into a sublease agreement in respect of a property in
the United States that is held under an existing lease arrangement. The
sublease covers the remaining lease term, ending on 31 July 2029.
15 Inventory
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Raw materials and consumables 4,574 2,768 3,377
Work in progress 3,979 1,572 2,285
Finished goods 1,683 97 91
Total inventory 10,236 4,437 5,753
16 Other Current Assets
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Project Grant Income receivable 2,780 - -
Prepayments and deposits 740 639 736
Prepaid inventory 3,889 1,960 2,469
Tax credits recoverable 1,078 425 856
Short-term investment - 3,000 3,000
Sublease net investment 56 - 65
Other receivables 188 153 522
Total other current assets 8,731 6,177 7,648
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.
Project Grant Income receivable as at 30 June 2025 from the Department of
Energy Security and Net Zero ("DESNZ") of £2.78m in relation to the LoDES
BESS project has been received on 10 July 2025.
17 Contract Related Balances
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Amounts due from customer contracts included in trade receivables 496 1,530 827
Contract assets (accrued income for work done not yet invoiced) 647 897 1,149
Non-current contract assets - 304 -
Contract liabilities (deferred revenue related to advances on customer (1,592) (1,454) (1,392)
contracts)
Net position of sales contracts (449) 1,277 584
The amount of revenue recognised in the period that was included in contract
liabilities at the end of the prior year was £37,588 (2024: £876,586).
Provisions Related to Contracts with Customers
Warranty Provision Provision for Contract Losses Total
£000 £000 £000
At 1 January 2025 114 1,894 2,008
Charges to profit or loss
§ Provided in period 153 - 153
§ Unused amounts reversed -
Amounts used in period (153) - (153)
Movement due to foreign exchange (1) (57) (58)
At 30 June 2025 113 1,837 1,950
Current 101 316 417
Non-current 12 1,521 1,533
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 Provision for Contract Losses Total
£000 £000 £000
At 1 January 2024 602 333 935
Charges to profit or loss
§ Provided in year 81 2,198 2,279
§ Unused amounts reversed (103) - (103)
Amounts used in year (460) (631) (1,091)
Movement due to foreign exchange (6) (6) (12)
At 31 December 2024 114 1,894 2,008
Current 85 296 381
Non-current 29 1,598 1,627
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.
18 Trade Receivables
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Total trade receivables 496 1,530 827
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 (2024: £nil) has been
recognised.
19 Cash and Cash Equivalents
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Cash and cash equivalents 5,738 5,243 3,352
Term deposits 13,002 41,000 29,000
Total cash and cash equivalents 18,740 46,243 32,352
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.
20 Trade and Other Payables
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Trade payables 3,498 2,062 2,967
Other payables - 17 58
Accrued liabilities 423 1,462 891
Accrued employee compensation 696 1,389 571
Government remittances payable 130 171 38
Total trade and other payables 4,747 5,101 4,525
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.
21 Derivative Financial Instruments
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Derivative value of warrants issued 203 339 271
Total derivative financial instruments 203 339 271
22 Other Current Liabilities
30 June 2025 30 June 2024 31 December 2024
£000 £000 £000
Deferred Project Grant Income 1,022 - -
Deferred income under Joint Development & Commercialisation Agreement 532 - -
Other current liabilities 13 - -
Total other current liabilities 1,566 - -
23 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.
24 Events Occurring After the Reporting Period
Subsequent to the reporting period, on 1 July 2025, the Group's subsidiary,
Invinity Energy (South Africa) (PTY) Ltd., was formally dissolved in
accordance with the requirements of the Companies Act 61 of 1973. No
adjustments have been made to the financial statements as at 30 June 2025 and
the Group is assessing the potential impact of the dissolution on future
period financial results.
On 11 July 2025, the Company announced it had entered into a licensing and
royalty agreement with UESNT, a manufacturer of vanadium electrolyte and
battery products based in China. Together, they have identified an opportunity
for vanadium flow batteries to provide large-scale, commercially viable energy
storage solutions in China. The Company will support UESNT in establishing
manufacturing capacity, reducing costs, and marketing Endurium in this key
market. Revenue and financial impact from this agreement will be recognised in
future periods.
On 1 August 2025, the Company announced it had received planning approval for
its LoDES project in the South East of England and confirmation of a £10m
grant from DESNZ, the maximum available. Of the total expected grant, £2.78m
has been received on 10 July 2025. The Project Grant Income of £2.78m has
been partially recognised within other items of operating income and expense.
The portion relating to future expenditure has been deferred and recorded
within other current liabilities.
In addition, on 1 August 2025, the Company announced it had received a formal
Notice to Proceed ("NTP") from STS Group in respect of a 10.8 MWh Endurium
battery system in western Hungary, supported by the European Union. Following
NTP, a downpayment is due, allowing manufacturing and order fulfillment to
commence ahead of shipment. There is no financial impact on current reporting
period. However, this event will positively impact revenue and cash flow in
future periods.
On 9 September 2025, the Company announced it had entered into conditional
subscription agreements with two new investors, Atri Energy and Next Gen
(together the "Subscribers"), to raise a total of £25m through the issue of
128,205,128 new Ordinary Shares at a price of 19.5 pence per share. The funds
will be used to enhance global manufacturing, diversify the Company's supply
chain, support product development and cost reduction, and strengthen working
capital for expansion.
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