Invinity Energy Sys - Trading and Commercial Update

Invinity Energy Systems

05/05/2026 07:00

RNS Number : 9430C

Invinity Energy Systems PLC

05 May 2026

 

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").

 

 

5 May 2026

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

Trading and Commercial Update

 

Invinity Energy Systems plc (AIM: IES), a leading global manufacturer of utility-grade energy storage, provides the following update on current trading and commercial progress in the year to date, including material progress achieved on the Company's product cost reduction programme.

 

Endurium Cost Reduction Programme

The Company's key focus remains on further reducing the cost of its Endurium product in the near term so as to expand its addressable commercial market. This builds on the very strong progress achieved in this area during 2025 during which the Endurium units shipped were at a materially lower product cost than the previous generation product, the VS3.

 

At the beginning of this year, the Company launched an enhanced programme to accelerate its product cost reduction plans and now has over 50 individual workstreams in progress to achieve this end, a number of which are already complete with immediate impact on Endurium units currently being manufactured for delivery later this year.

 

This initiative includes engineering enhancements developed to increase battery capacity within the existing product footprint as well as improvements in technical specifications, reducing the number and complexity of components, implementation of lower-cost production techniques, and further supply chain, quality control and manufacturing efficiencies.

 

The majority of this programme is expected to be delivered by late 2026, targeting a minimum 66% reduction in product cost per kWh compared to the VS3. This cost reduction is now forecast to be achieved within 2 years, which is 18 months ahead of management's pre-programme expectations.

 

Operational and Technical Excellence

Operational and technical excellence is another key focus of the business and an important strength of Invinity's which is critical in unlocking future commercial success. The Company continues to receive highly positive feedback from customers, evidenced by both public and private testimonials as well as the consistent achievement of high technical scores during competitive tendering processes.

 

In the year to date, the Company has manufactured or delivered over 40 MWh of products to project sites and is pleased to note that more than 8.7 GWh of energy has now been discharged by Invinity VFBs in service to customers, underlining a strong and growing track record of field-performance for Invinity technology.

 

The Invinity Copwood VFB Energy Hub, a 20.7 MWh project at a site in East Sussex, is expected to be fully delivered later this week and once commissioned will be the largest vanadium flow battery project in Europe. The Company expects the battery to connect to the UK grid and begin generating revenue in H2 2026, subject to final confirmation from the local Distribution Network Operator, and looks forward to hosting interested shareholders at an event at the site in due course.

 

The Company continues to progress numerous initiatives to scale up Invinity's global manufacturing capacity, including the establishment of a U.S. manufacturing facility later this year which will complement Invinity's existing customer service facility in Vista, California.

 

Commercial Pipeline

As a result of the work done to reduce product cost and improve operational and technical performance as set out above, the Company's wider commercial pipeline continues to grow and now contains a number of highly significant commercial, industrial and datacentre opportunities across Europe, North America and Asia.

 

The pipeline also includes a portfolio of large-scale projects currently being assessed as part of the UK's LDES Cap and Floor scheme, initial decisions on which are expected to be announced by Ofgem in the near term. Additionally, the Company is actively supporting bids proposing Endurium batteries for a number of large-scale LDES tenders across the world including but not limited to opportunities in Canada and India.

 

In January 2026, the Company announced that it was awaiting final notice to proceed ("NTP") on orders for two solar-plus-storage projects in Hungary which Invinity was informed by Ideona Group (one of Invinity's commercial partners in Hungary), would be forthcoming during H1 2026. Whilst these sales contracts still remain in place, the Company has now been made aware that due to issues entirely unrelated to Invinity, NTP for these projects is unlikely to be received and accordingly, management no longer expects these projects to contribute to 2026 revenue. In recognition of the fact that the project delay was not attributable to Invinity, Ideona has reaffirmed its strong intent to continue to work to deploy Invinity's Endurium batteries and accordingly has signed an amendment to the contract such that the batteries in that contract can be deployed instead to an alternate site under development. Together, Ideona and Invinity remain enthusiastic about the prospects for deploying the Company's products together, and for the opportunity to expand Ideona's existing Invinity VFB fleet to a growing number of project opportunities in Hungary using both these existing sales contracts and additional orders.

 

At the same time, Invinity is continuing to work to close deals in its pipeline for delivery in 2026 and beyond. For deals likely to deliver in the nearer term, where commercial terms or documents have already been materially agreed between parties, Invinity monitors and assists (where possible) with the project owners' activities (for example securing grid connections, off-take arrangements and financing arrangements) to conclude the overall project as swiftly as possible. As such, assessing when such activities, which are the responsibility of the project owner and not within Invinity's control will complete and the project able to proceed remains challenging.

 

The above can be illustrated by the projects relating to the funding awards from the U.S. DOE which were first announced in 2023 with contracting expected to complete by the end of that year and delivery to occur in 2025. In the event, the first project supported by this funding, the 12 MWh PNNL project announced by the Company in December 2025, is now expected to be delivered in 2026. However, the Company notes positive progress in this area and is pleased to confirm that it was recently notified that a further 3 projects had finally concluded the DOE award contracting process and therefore can now commence final contract negotiations with the client for project delivery expected to begin in 2027.

 

Looking at the projects in the pipeline for potential 2026 delivery, whilst Invinity's experience is that such projects do ultimately typically reach close, the risk that this does not occur within a sufficient time to deliver and recognise revenue for such projects in 2026 increases as time passes. Accordingly, the table below summarises the commercial revenue outlook for 2026-2028 based on the current pipeline:

 

Commercial Revenue & Project Grant Income
2026
£m
2027
£m
2028
£m
Backlog
8
-
-
Near-term contracts
6
27
9
Development pipeline (risk weighted)
-
22
225
Total
14
49
234

 

Where:

·    Backlog 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"). 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. Figures presented are the sum of risk-weighted potential revenues from individual contracts, taking into account uncertainty of conversion in the relevant time period and is not an exhaustive list of all the leads with potential customers. Revenue is expected to be recognised in the relevant year, however commercial and development risks remain.

 

2025 Annual Report and Financial Statements

The Company confirms that the audit process for the year ending 30 December 2025 is well advanced and the Company remains on track to release its 2025 Annual Report and Financial Statements before 30 June 2026 in line with expectations.

 

Jonathan Marren, Chief Executive Officer at Invinity said:

 

"As we move through 2026, Invinity is continuing to achieve critical milestones in our path to becoming the global leader in providing safe, durable long-duration energy storage solutions. Our Endurium cost-reduction programme is delivering transformational results, strengthening our competitiveness and expanding the commercial markets we can address.

 

At the same time, we are focused on converting a growing pipeline into significant contract wins over the next six months, building the scale and momentum needed to support our long-term growth ambitions.

 

We believe this combination of continued cost reduction alongside disciplined commercial execution positions us for substantial revenue growth. We look forward to near-term decisions under the UK LDES Cap and Floor scheme and other opportunities that can accelerate adoption of long-duration storage at scale."

 

Stay up to date with news from Invinity. Join the distribution list for the Company's monthly investor newsletter here.

 

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) is a world-leading manufacturer of vanadium flow batteries for energy storage. Built in our factories in the UK and Canada, the Company's proven, commercialised, longer duration energy storage technology has been deployed at scale and dispatched gigawatt-hours of electricity for customers across the world.

 

Invinity's safe, scalable and durable Endurium VFBs are a trusted and safer alternative to lithium-ion batteries. Engineered for heavy-duty, high throughput applications, they don't wear out, cannot catch fire and are designed to be operated for 30 years or more. Our products address the challenges of our global energy system, unlocking the power of renewable generation by delivering energy storage without limits.

 

To find out more, visit invinity.com, sign up to our monthly Investor Newsletter here or contact Investor Relations on via +44 (0)20 4551 0361 or ir@invinity.com.

 

 

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