Invinity Energy Share Chat (IES)

From Canaccord

We already know they are in talks re. £500m + contracts - Hi where do we know this?

Same wording in the RNS this morning:

"I am delighted that Volker is joining the Invinity board at a key inflection point for the Company and I am confident that his guidance will bring innumerable benefits as we execute on the global energy storage opportunity ahead of us."

We already know they are in talks re. £500m + contracts. There must be talks with K’omani Energies B.V given K'omani has just been at Flexbase. This could lead to substantial orders from Nigeria and Africa.

I think the Cap & Floor dip will be shortlived as the company turns these discussions into orders.

Good post BBN. If we’re looking at Cryptic Clues or joining the dots, I’ve also tuned in to this particular opening line in the response email to me from Joe Worthington at IES:

‘I agree with your assessment that it feels very much like we are at an inflection point towards the "very bright future" you refer to.’

Joe states he agrees that it FEELS VERY MUCH LIKE WE’RE AT AN INFLECTION POINT towards the “VERY BRIGHT FUTURE” I refer to!!!!!

I’m smelling some big news coming!!!!! Just my opinion and spider senses but more than a hunch!!!!!

GLA

Reply to my email from Joe Worthington @ IES:

Hi Richard,

Thanks for the note. I agree with your assessment that it feels very much like we are at an inflection point towards the "very bright future" you refer to.

You're correct about the consultation period following the initial minded to decisions - we're working to support our project partners as they engage in the process. As we said in the RNS on Friday, we believe our solutions align extremely strongly with the aim of the scheme and the UK's Industrial Strategy in general - I think you summarise this well as "back British". Fundamentally, our batteries enable low-cost solar and wind to get onto the grid which in turn lowers bills for consumers while reducing reliance on imported fuel types like natural gas - this ultimately delivers better energy security (or "sovereignty" if you want to frame it that way). Of course, this argument doesn't just apply to the UK, and you've pointed out our recent successes in Europe and the US in your email.

All the best!

Joe

Just looking at the results again I see that the VFB projects had an assumed round trip efficiency of 69% while the VFB/Zinc projects had an assumed round trip efficiency of 62%. Assuming the VFB/Zinc projects were to be equally split, this implies a round trip efficiency for Eos Zinc batteries of only 55%. This is much lower than the up to 90% efficiency that Eos advertises on its website.

Eos batteries are known to have had issues with low RTE compared to Eos's claims - see the fuzzy panda research here: https://fuzzypandaresearch.com/eos-energy-eose-deadly-gas-doe-loan-default/

It therefore seems possible that the reported poor performance of operational Eos Energy batteries may have caused Ofgem to revise down their assumed RTE to only 55%, negatively impacting the Frontier bids. If this is the case, it is unfortunate for Invinity. I wonder if any other aspects of the poor historical performance of Eos batteries impacted the Frontier bids.

I imagine Frontier will be fighting the RTE point because Eos claims to have solved its RTE issues with the rollout of its DawnOS software platform that supposedly optimizes the performance of the batteries.

Longspur #IES note out.

Stand out points from them.

"While Ofgem has specifically referenced the benefits of vanadium flow batteries in supporting the selected project, for this exercise the key wider and social impacts including local sourcing were capped at 8%, less ambitious than industrial strategy via the typical local content support seen in the EU or US. Window 2 will be announced next year when the scheme may be better aligned with the government’s industrial strategy and clean job targets."

Further insight into why Frontier Power believes it can successfully challenge the current decision list.

"Ofgem has changed values submitted for projects using engineering advice based on currently operational projects. This is potentially prejudicial to Stream 2 technologies, which are developing rapidly. Frontier Power is challenging decisions where this has occurred. The developer has stated that it is confident that this will lead to further projects being included in the final awards."

That sounds to me like early Endurium production costs were applied when up to 66% further savings had already been achieved. No wonder the pure VRFB-related projects scored so badly.

Morning all.

Broker notes thoughts and quotes from my end.

Some very interesting points in the #IES Cananccord broker note released today.

On what they call the Cap and Floor "Evaluation oddities."

"Three things jump out in the minded-to evaluation:

The cap on round-trip efficiency for VFBs at 69%, far below Invinity Endurium efficiency."

(Invinity states on its website that Endurium can deliver upto 80%).

"The 25-year lifetime for Li-ion facilities and constant capacity, which combined are highly implausible, in our view, and the supplementary market return framework."

"These are Invinity's clients' battles to fight, but we suspect the final determination may significantly differ from this initial minded-to."

This is the really interesting part, given what Frontier Power has already said about challenging the initial assessment and being confident that more of their projects will be included.

What's also interesting is how tender participants don't see this initial list as being immovable. The market clearly and understandably does.

Despite the disappointment, "Frontier Legacy, the one project including Invinity VFBs making the first cut, would result in an order around 8x bigger than any previous Invinity order."

"Invinity currently has orders, plus its expected FlexBase work, which underpins more than 80% of our forecast revenue out to the end of 2028; this excludes the 260 MWh Frontier Legacy project we expect to be in the cap-and-floor. We continue to see Invinity getting more competitive in tenders as it drives down upfront capex and increases its installed base; we are making no changes to numbers with this note."

"UK grid-connected is just one utility-scale battery market for Invinity. Even in the UK there are large, live commercial & industrial prospects, and elsewhere there is more. As Invinity highlighted on Friday, long-duration storage is a large, fast-growing market globally, in which the UK is a small element, and where Invinity is competitive in multiple ways, with customers with widely varying requirements. We continue to see multiple large-scale prospects."

Their TP is currently at 50p.

https://x.com/BigBiteNow/status/2071485193207083395?s=20

If the technology performs as expected, Gamesa Electric can package:

Proteus PCS-E inverter

hybrid plant controls

engineering

commissioning

Invinity Endurium battery

as one complete solution.

The strategic angle

As an investor, I think there are three reasons this partnership stands out:

Long development history. Endurium wasn't an off-the-shelf product. It was developed through years of joint R&D between Invinity and Gamesa Electric, suggesting a deeper relationship than a typical supplier agreement.

Access to a global sales channel. ABB operates in more than 100 countries. Even if Invinity remains the battery manufacturer, being part of an ABB-integrated offering could expose it to a much larger customer base than it could reach on its own.

Independent technical validation. The performance data comes from Gamesa Electric's own testing, not just Invinity's marketing. For prospective customers, third-party validation often carries more weight.

What I'd watch next

The next major milestone isn't another pilot—it's the first commercial multi-megawatt sale where Gamesa Electric/ABB specifies Endurium in a customer project.

If ABB begins announcing renewable plants that include Endurium as its preferred long-duration storage technology, that would be a meaningful signal that the relationship is moving from R&D into commercial deployment. That transition could be much more significant for Invinity's future revenue than the 1.2 MWh V-iOn installation itself. - end

I am very positive about this joint venture - it is and has taken a while, but I think IES are very close to securing a first commercial deal or many I hope! This joint venture opens up some huge opportunities, especially for a mix of Hybrid battery storage!

STS - Hungary was at the event as well!

At the recent Inter-solar event ( last week in Munich)

I am very interested in where Gamesa / ABB status, so I asked Ai about Invinity Energy Systems presence at the event (IES didn't have their own booth at the event) as I know Gamesa / ABB attended featuring their Proteus PCS-(EV-iOn project)

Ai

The V-iOn Project is arguably the most strategically important validation project for Invinity to date. It's much more than a demonstration battery—it is intended to prove that Invinity's Endurium platform can become a standard component in utility-scale renewable plants.

What is V-iOn?

The V-iOn Project is a Spanish government-backed R&D and demonstration programme based at La Plana, near Zaragoza, Spain. The site has been operating as a hybrid renewable test facility since 2015 and combines:

850 kW of wind generation

245 kW of solar PV

battery storage

diesel generation for comparison and resilience

The aim is to demonstrate how different technologies can work together to provide reliable renewable electricity.

Who is involved?

The consortium includes:

Gamesa Electric (project leader)

Invinity Energy Systems (battery supplier)

Siemens Gamesa

Tekniker

Ikerlan

Public University of Navarra

Gamesa Electric is responsible for integrating and validating the storage system at the hybrid plant.

Where does ABB come in?

This is where the story becomes particularly interesting.

Gamesa Electric was acquired by ABB in 2025 and now operates within ABB's Electrification business.

That means Invinity is effectively working through an ABB-owned business rather than simply with an independent inverter company.

While ABB has not announced a corporate partnership with Invinity, its subsidiary is now publicly demonstrating Invinity's batteries as part of an integrated renewable power solution.

That gives Invinity exposure to one of the world's largest suppliers of electrical infrastructure.

Why Endurium?

Gamesa Electric selected Invinity's new Endurium battery rather than the older VS3 product.

The installation consists of:

300 kW power

1.2 MWh energy

connected through the Proteus PCS-E inverter

The objective is to validate the battery under real operating conditions rather than laboratory tests.

Results so far

According to the recently published case study, the battery has already demonstrated:

100% availability

continuous cycling for weeks

charging directly from wind and solar

no rest periods required

no measurable degradation during testing

successful operation in high ambient temperatures without external HVAC cooling

These are precisely the characteristics utilities want from long-duration storage.

Why this matters commercially

This project is effectively a reference installation.

When Gamesa Electric (and therefore ABB) bids for hybrid renewable plants, it can now say:

"We've already built and validated this configuration."

That is much stronger than selling PowerPoint slides.

part 2 to follow..

Anyone else notice this big trade from Friday reported around midday today:

29-Jun-26 12:09:57 29.171 17,141 Sell* 5,000 O

26-Jun-26 15:47:35 29.66 2,250,000 Unknown* 667.35k O

29-Jun-26 11:59:46 29.60 50,000 Buy* 14.80k

Some lumpy trades going through at the moment too so just supports that there’s a something brewing!!!

Putting my logical hat on, I would say that ATRI has committed to an equity investment in Invinity that supports manufacturing expansion, and to justify it, they are financing a large-scale battery project(s) in the UK.

This is my theory only.

I also note that there have been at least 9x £25k buys today. For me, that's not PI money.

Shane McBee post on LinkedIn for the India Storage Week 2026 taking place next month. Peter Strassheim, Invinity regional director, will be speaking.

https://www.linkedin.com/feed/update/urn:li:share:7475136840786907138/

Note the comment from Invinity.

"We're looking forward to the conference and connecting with Indian businesses, utilities, and power producers to advance the deployment of proven and performing vanadium flow batteries in the country. Please reach out if you'll be attending and would like to connect with us and our partner, ATRI Energy Transition, at the event."

"Our partner ATRI Energy Transition."

Makes one question: Is it logical that ATRI could be investing that £300m into any other UK battery provider or projects that don't involve Invinity, especially when they have no other investment in an established battery manufacturer? Taking that one step further, if the Invinity share of the project win in the Cap and Floor was c. £75m, then at £300m, the funds are highly likely for another project(s). So the question is, when does this all begin to be talked about?

Lots of positives for Frontier perhaps plus if you really want to test VRB surely you need a VRB only project.

I think they just have to run board appointments by the National Wealth Fund.

An impressive CV and an important addition to the board, which certainly needs strengthening as the business grows. Hopefully, this appointment will be followed by others of equal relevance and calibre.

A particularly interesting and important point, in my view, is Volker's comment in the final paragraph, where he describes the business as "scalable". He will clearly bring a sharp and incisive perspective to the board.

FS

Anyone fill me in as to why they would highlight this:

“His appointment has also been endorsed by the National Wealth Fund, pursuant to the Relationship Agreement entered into with the Company in May 2024.”

Feels like some kind of heads up..

“Volker is actively involved in the world of academia and policy advisory, currently serving as President of the Board of the British Institute of Energy Economics, a membership organisation focusing on research insight and policy advisory. ”

Well played.

I have to admit, MGMT here certainly seem to be well strategised, makes a nice change from 99% on the investments you can be in.

Appointment of Non-Executive Director

Volker Beckers CBE joins Board of Directors

Invinity Energy Systems plc (AIM: IES), a global leader in vanadium flow battery technology, is pleased to announce the appointment of Volker Beckers CBE as a Non-Executive Director with immediate effect.

Volker is an international leader within the energy industry with a distinguished career spanning over 30 years which includes a decade as Group CFO and then CEO of fully integrated energy company, RWE Npower plc (now RWE). During his tenure, the company undertook a significant transition from coal-based generation to gas and renewable energy sources while remaining one of the UK's largest power generators. Additionally, he has held numerous board chair positions including at Cornwall Insight, a leading UK energy consultancy, as well as at leading digital energy and flexibility focussed businesses Piclo and Reactive Technologies. Volker also held the role of Chair of the Audit & Risk Committee the UK Government's Nuclear Decommissioning Authority. He currently serves as Chair of several other clean and digital energy businesses in both the private and public sector.

Volker is actively involved in the world of academia and policy advisory, currently serving as President of the Board of the British Institute of Energy Economics, a membership organisation focusing on research insight and policy advisory. He has also held guest lecturer and adviser positions with various universities including King's College and Imperial College London. He is a Fellow of the Energy Institute (FEI) and in 2024, was awarded a CBE for his services to the energy / nuclear sector.

Volker joins the Board of Invinity following a rigorous selection and onboarding process led by the Nomination Committee. His appointment has also been endorsed by the National Wealth Fund, pursuant to the Relationship Agreement entered into with the Company in May 2024.

Neil O'Brien, Non-Executive Chair at Invinity said:

"Volker's significant expertise in energy and business will be invaluable to Invinity as the Company continues to progress and expand commercially, operationally and internationally. I am delighted that Volker is joining the Invinity board at a key inflection point for the Company and I am confident that his guidance will bring innumerable benefits as we execute on the global energy storage opportunity ahead of us."

Volker Beckers said:

"Throughout my career in the energy sector, I have seen first-hand the importance reliable, scalable energy storage solutions have in enabling a resilient and low-carbon system. Invinity's technology addresses that need directly, and I am excited to support the company as it moves into its next phase of commercial expansion."

I've been looking at the data and the winners of LDES Window 1 were defined by duration. While lithium-ion dominated the 16-18 hour bracket, this is arguably a missed opportunity for flow technologies. The Frontier/other VFB projects, which sat at the 8-hour minimum, were forced to compete with the high RTE of lithium-ion on a level playing field where their primary advantage, low-cost energy scaling, wasn't utilised.

If the VFB portfolio had targeted the 16-18 hour range, the economic decoupling of power and energy inherent in flow batteries likely would have resulted in a more competitive Capex-per-MWh profile than the Field batteries. This would have translated into a stronger Financial Assessment score and a higher Security of Supply ranking, potentially placing the Frontier projects at the top of the economic baseline.

Also, it looks like to me that the RTE of Eos batteries looks low. If the pure VFB batteries were marked at 69%, and frontier's ones (50/50 with Eos), were 62, that must mean that Eos on their own are in the mid 50's.

Think this list shows that ofgem are focusing largely on price. And that in the middle of nowhere lithium is still a, or even the, viable option. But not everywhere is in the middle of nowhere and they'll be plenty of occasions in future for vanadium wins. Even so Frontier etc will know exactly why they chose invinity and its up to them to make their case with ofgem. Ie areas such as degradation where it was thought vrb were clear winners. All of a sudden lithium lasts 25 years?

It has been said here that Field is using batteries made in China. Surely ofgem will know if that's the case? But can't see confirmation. If so maybe a letter to the Times, guardian telegraph etc. Stating the future of uk energy security reliant on Chinese batteries would make an interesting story..

I agree fairlysolvent, it is a positive at the end of the day!

When you look at the share price before Friday, I don’t think there was anything priced in for a medium or large win anyway, but IES came away with a win, yes not as big as most predicted or wanted but still a win.

This is why I think once the traders have sold out for what they thought could’ve been a quick profit win, and the market has time to review the details of this win, I think the share price will be over 40p very soon.

It’s not a the best outcome / result, but its certainly not a disaster either, plus there are many more updates to come - I am predicting a few new US contracts then the new US factory partnership soon after…

I am also hopeful we will have an update from ABB / (was Siemens Gamesa) and Everdura in Taiwan as well!

Based on the latest IDL and assuming the Frontier Legacy project goes ahead with a 50/50 split between VFBs and ZBBs, that would imply around 260 MWh of VFB deployments.

For a bit of context, Invinity's year-end trading update on 2 January 2026 stated that its total installed base - including systems deployed, contracted for delivery, or awarded - stood at "more than 190 MWh".

So, if Legacy goes ahead, we are talking about a contract equal to the Company's current installed base. Clearly, it's not what many of us had been hoping for, but neither would I describe it as a failure.

I do share the disappointment expressed by many on this board, but there is a long way to go, and perspective is important.

FS

I agree with you and thought this when i furst started researching, aquire the patents and further market reach.

Buyout via Cash and Shares wouldn't be all that bad a thing grsshaw...

I know some don’t and won’t agree, but I do forecast there maybe a partnership / merger / buy out between EOSE and IES in the short term. EOSE being the driver of course!

On paper it makes sense - why compete when you can group together and offer 2 / more product options across both companies contacts / prospects. A combined business offering a product portfolio that can be the right fit for the right (none Lithium) customer / contract specification’s.

Understand EOSE are billions and IES are millions, but clearly IES have recently caused EOSE and few headaches!

Is this something Cerberus would put up with when they have a decent amount invested and a lot to potentially lose!

Also, I am guessing here, that Frontier UK probably tried to do a deal with IES for the US market, but IES already had plans and partners in place or nearly in place!

The monies involved here and MC’s are making IES look like a minnow (£170M)in comparison, but they are winning some decent (world best) contracts in many counties and making loud noises / disruption in the new extended sector. Assuming to EOSE and Cerberus IES are like a wasp at a picnic and causing plenty of hassle and disruption.

In the UK, both companies are clearly disappointed with the Ofgem announcement when working with the same partner, but they are both sharing, at least , one deal and probably fighting for more in Window 1, working in partnership of sorts..plus they have window 2 to work on!

This is not something I would like to see TBH, but it sort of makes sense from a business, sales, costs, production capacity, market share and margin / profit POV!

When listening to IES presentations Mr Marren usually comments re EOSE and that he hopes they do well as he see’s this as working as a pack /sector against Lithium. I’ve never understood this, and having dealt with US companies most of my working, they don’t operate like this, completely the opposite in fact! IES has taken a few decent contracts from EOSE, and that gotta hurt!

Let’s see what happens, but I have a feeling that it would need to happen near term, if it has any chance!

It’s not like the UK are looking after and focusing on UK business / production - Made in Great Britain like they claim they are…they would probably sell out for a quick £ profit and class that as a success!

Then again, I had a feeling that IES would have secured a bit more with C & F than they did, so probably wrong again!!

Cancel that question... it isn't... shouldn't have been so lazy. Field Energy LTD is Virmati Energy Ltd

Doyezee - Is this the same feild energy on companies house ? (Appointed an 18 year old director in 2019 lol)

https://find-and-update.company-information.service.gov.uk/company/08315910/filing-history

It’s yet another example in a line of many of this countries week, useless, pathetic, corrupt, clueless, wasteful, incompetent ‘public servants’ failures.

This country is on its knees with regards to frustrations and failures of successive governments to do the right thing for this country’s people, heritage and opportunity.

Anyone who votes for a mainstream political party has no one to blame but themselves. This political self serving hierarchy, ‘the club’ and biased political system needs to be shown the door once and for all and that only comes with a complete change of mindset, capability, accountability and genuine moral principals.

Excellent letter PMC2022 and I applaud your time, effort and detail in its construction but hold next to no hope that it will make little difference to what Ofgem do or to the consideration they’ll give to it!

There initial ‘minded to’ decision absolutely wreaks of ‘sweeteners’ from the VC backed Field Energy.

Just have to hope IES themselves can get under the hood of why Ofgem appear to have made nothing more than a token gesture to VRFB’s and in particular, IES’s solution.

GLA

They clearly don’t care one bit about local content. We’ve seen that time and time again from successive governments refusing to give local content any advantage while other governments back their own industries. I had really hoped this mindset was changing given the noises the current government has been making, but seems this hope was naive.

I did a bit of research on Field Energy earlier this year as part of my review of Cap and Floor. As far as I could see they have previously used Envision Group for the battery supply which is a Chinese company.

I do wonder what their sales pitch was in relation to local content or are we witnessing a scheme that doesn’t care for such things?

I also find myself questioning what the true purpose was for this cap and floor program. Did these lithium-ion projects really need a floor to achieve FID or were they simply using it to jump the grid connection queue? If so then Ofgems financial assessment is flawed because it favours projects that demonstrate that they would lean on this floor the least. If so then what was the point of running the scheme in the first place?

Thanks for that grsshaw. Not quite as positive as I hoped but still a few routes for it to proceed at some point. So I still think Hagshaw is one to follow. A lot of work has gone into it to date so it’s got to have a good chance of going ahead in some form or other.

Here you go GBCol…

Assuming the Hagshaw LDES project is not included in Ofgem's final Cap & Floor awards (it was not included in the current "minded-to" list), it doesn't necessarily mean the project is dead—but it does materially change its prospects.

For the site itself, there are a few possible outcomes:

It could continue as a merchant project.

The developers could still build the battery without Cap & Floor support, relying on wholesale arbitrage, ancillary services and Capacity Market revenues. However, for a very large, long-duration vanadium flow battery such as Hagshaw, this is much harder to finance because lenders and equity investors generally prefer the revenue certainty that the Cap & Floor regime provides.

It could be redesigned or downsized.

The developer may choose to alter the project's size, duration or technology mix to improve the economics without regulated support.

It could be resubmitted in a future application window.

This is probably the most realistic route if the project remains technically strong. Ofgem has already indicated that further LDES application windows are expected after Window 1, subject to consultation and future decisions.

Planning consent and grid rights may still retain value.

Even without an award, any planning work, environmental studies and grid connection progress are not necessarily wasted. Those assets can be valuable if the project is revived later or sold.

What does this mean for Invinity (IES)?

For Invinity, missing Hagshaw would clearly be disappointing because Hagshaw had been viewed as one of the flagship UK projects expected to use its vanadium flow battery technology.

However, the outcome is not as negative as it might first appear because:

Invinity has announced that the Frontier Legacy project, which was included in Ofgem's minded-to portfolio, is expected to use approximately half vanadium flow batteries and half zinc-halide batteries. Invinity described this as an important validation of its technology and will now work with Frontier Power towards financial close.

Ofgem's consultation is still open, with final awards due in Autumn 2026, so the current list is not yet legally final. While changes are typically limited, there is precedent in other Cap & Floor schemes for projects to move between the provisional and final lists.

So, if Hagshaw ultimately misses out, I'd expect:

the project to pause while the developers reassess financing,

a good chance of it being prepared for a future LDES window rather than abandoned outright,

and Invinity to focus near-term on converting the Frontier Legacy opportunity into a firm commercial order while pursuing other UK and international projects.

What I wonder about is Hagshaw. It didn’t make the cut (only 55th on the list) but as I understand it, planning permission was achieved, although can’t find confirmation on that and it’s highly certain to go ahead and would be using Invinity. Rather than start from scratch would one of the users of AI be able to tag this question on to their chats for some insight (if not I’ll start my own chat). Not being lazy, just think it might be easier if someone has an AI chat already going. TIA.

Having had time to think about yesterdays announcement, I am now in the mind set that being awarded at least one deal was very positive for IES, image if they came away with nothing.

I am a little confused on Lithium being selected for longer duration than VFB and I’m not sure how the costs are worked out re assets lifetime / degradation / replacement etc.. but I still think there maybe a chance to increase in window 1 following this feedback window. However, they are now working on the next window 2, so here we go again..

If IES was only focused on UK grid sector, I would be very disappointed (but I wouldn’t have invested in IES if this was the case)

Now with new sectors (other than just grid) and opportunities available plus IES reach into the global market, there are plenty of opportunities to focus on. Disappointed, yes, end of the world, no. Part of the challenges of building a business in a new world sector!

Certainly following the last trading quarter, IES profile has risen exponentially with both investors, traders & media articles.

Plus the battery storage sector / concept has also improved massively! Hopefully, momentum keeps going and they continue with news flow during Q3/Q4,

Yes, it’s a competitive sector, but my money is on the fact that IES has the right tech / solution and is proven in a relatively brand new market! I get the feeling that IES batteries are now seen in the new world battery tech solution where lithium are classed as the current incumbent option. A few challenges yes, but I do feel IES have some USP when taking on Lithium and on some projects it’s clearly positive.

I am hopeful for a few new updates next week so we can move on while the UK Cap & Floor consultation continues..

Below is my letter submitted today. I would encourage others do to the same -

Response to “Window 1: Minded to decisions – Long Duration Electricity Storage”

I write in response to Ofgem’s consultation on its minded to decisions for Window 1 of the Long Duration Electricity Storage (“LDES”) cap and floor regime.

My comments focus on the case for including in Window 1 or, failing that, explicitly prioritising in future windows, a flagship, pure Vanadium Flow battery project using UK manufactured technology.

I have structured this response around Ofgem’s consultation questions.

Question 1 – Do you agree with the minded to decisions set out in this consultation?

I broadly support Ofgem’s structured, multi criteria approach and agree that the proposed portfolio is likely to deliver significant system benefits.

However, I consider that the minded to decisions materially under represent Vanadium Flow technology in a way that is now materially misaligned with:

• emerging international evidence on bankability and scale; and

• the UK’s Industrial Strategy and the Government’s stated objective of scaling up homegrown, clean British energy.

It is welcome that Ofgem has recognised technology diversity by proposing to include the Frontier Legacy project (VFB/Zn, 65 MW) and has explicitly noted that the inclusion of Vanadium Flow / VFB Zn technology was a key strategic factor in that minded to decision. Frontier Legacy is, however, relatively small and is a hybrid, not a pure Vanadium Flow project.

While Ofgem was completing its assessment, three significant developments have further strengthened the case for at least one flagship, system scale, pure Vanadium Flow project manufactured in Scotland.

Flexbase – the world’s largest Vanadium Flow battery, to be Made in Britain

In June 2026, it was publicly reported that Swiss developer Flexbase has completed excavation for what will be the world’s most powerful underground Vanadium Flow battery: a 1.2 GW / 2.1 GWh installation at Laufenburg on the Swiss–German border.

The Flexbase Technology Center, with the Vanadium battery and a sovereign AI data center, carries an estimated total project cost of between £1 billion and £5 billion.

The facility will use Vanadium Flow battery technology manufactured in Scotland, which were assessed to be the best in the world in a competitive tender process. It will connect to the European high voltage grid around 2029 and sit at the heart of Europe’s transmission network, adjacent to the “Star of Laufenburg” substation and a 500 MW AI data centre.

At 2.1 GWh, this will be by far the largest Vanadium Flow battery on earth. The fact that it uses UK manufactured Vanadium Flow technology demonstrates that European system operators and investors now regard this technology, under the Made in Britain trademark, as bankable at genuine LDES and grid relevant scale.

UK focused investment into Vanadium Flow LDES and manufacturing as announced at the G7 Summit

On 16 June 2026, at the G7 Summit, the Prime Minister’s Office announced that Atri Energy Transition, an India based clean energy investor, will invest more than £300 million in the UK “to develop large scale battery storage and advanced manufacturing”, creating over 100 high skilled jobs and directly supporting the UK’s clean energy future.

This sits alongside a £1 billion commitment from InfraVia into a UK pipeline of battery storage and flexible energy projects, and is presented by Government as part of a strategy to secure growth, energy security and lower bills via private investment.

As a strategic investor in Vanadium Flow batteries manufactured in the UK, it is understood that Atri’s investment is specifically earmarked for projects using Vanadium Flow technology.

Taken together with the Swiss Flexbase project, this means that British manufactured Vanadium Flow batteries now sit at the centre of:

• the world’s largest Vanadium Flow battery project; and

• a headline UK inward investment package showcased at the G7.

In this context, the absence of a single, large, pure Vanadium Flow flagship project in the Initial Window 1 portfolio risks disconnecting the LDES cap and floor regime from both the UK’s international investment narrative and its modern Industrial Strategy.

His Majesty’s Speech on 13 May 2026 - Home grown clean energy and the UK’s Energy Independence objective

The wider constitutional and policy context has also moved decisively in favour of “homegrown” clean energy. In His Majesty’s Speech on 13 May 2026, His Majesty stated that:

“My Ministers believe that energy independence must be a long-term goal of national security and that the nation’s energy security requires long-term investment and reform… Increased production of clean British energy will help to ensure that enemies of the United Kingdom cannot attack the economic security of the British people. My Ministers will therefore introduce an Energy Independence Bill to scale-up homegrown renewable energy and protect living standards for the long-term.”

In my view, the minded to Window 1 portfolio does not yet fully reflect this “homegrown energy” objective in relation to storage technologies.

In particular:

• The lithium ion battery projects selected in Window 1, while potentially valuable from a system operation standpoint, are overwhelmingly based on imported chemistries, components and manufacturing capacity. They do not materially advance the Government’s ambition to scale up British made clean energy technologies or reduce strategic dependence on overseas battery supply chains.

• By contrast, Vanadium Flow batteries manufactured in Scotland represent precisely the type of home grown, long duration clean energy asset that the Energy Independence Bill (once it has been published) and the modern Industrial Strategy seek to foster.

• British production of Vanadium Flow batteries and electrolyte would:

o Anchor high value manufacturing and engineering jobs in the UK (Invinity Energy Systems have publicly stated that they could create up to 1,000 durable jobs);

o creates a domestically controlled, recyclable strategic material loop (vanadium electrolyte can be reused and redeployed rather than discarded); and

o reduces exposure to imported, single use chemistries and concentrated offshore supply chains (mostly in China).

The Flexbase and Atri developments underscore that international investors and system operators already regard British manufactured Vanadium Flow batteries as bankable at very large scale. Failing to secure at least one flagship, Vanadium Flow project under the LDES regime risks leaving the UK as the manufacturing base for projects overseas, while GB consumers do not benefit directly from domestic deployment of the same technology.

Against this policy backdrop, a Window 1 portfolio that contains no large, pure Vanadium Flow flagship project under the trademark of Made in Britain, but does contain multiple imported lithium ion projects, risks an unintended misalignment with Parliament’s and his Majesties clearly stated Energy Independence objective.

A modest adjustment to include a single, substantial Vanadium Flow flagship would:

• directly support the Government’s commitment to “scale up homegrown renewable energy”

• ensure that at least part of the LDES portfolio is anchored in British designed and British manufactured LDES technology; and

• provide a strong domestic reference project that can be leveraged to grow exports of British made Vanadium Flow systems into the rapidly expanding global LDES market.

In short, whereas the lithium ion projects in the Window 1 portfolio largely import their strategic value into Britain, a flagship Vanadium Flow project based on UK technology would create that strategic value here, aligning the LDES cap and floor regime with both the proposed Energy Independence Bill and the UK’s modern Industrial Strategy.

Implications for Window 1 decisions

These developments mean that the UK now has a clear opportunity to couple a domestic Vanadium Flow manufacturing base with a domestic, grid scale deployment of the same technology.

Against that backdrop, the current Window 1 portfolio contains only one relatively small VFB/Zn project (Frontier Legacy, with a 65 MW VFB element) and no pure Vanadium Flow project at system scale.

I therefore invite Ofgem to:

• Re examine the minded to portfolio with a view to including a single, large, pure Vanadium Flow battery flagship project using UK manufactured technology (for example, Hagshaw, 500 MW / 8 h) alongside Frontier Legacy; or, if this is not practicable within Window 1,

• Explicitly state in its Final Awards that a flagship Vanadium Flow battery project will be prioritised in the next LDES application window, in light of the Flexbase and Atri developments and the clear Industrial Strategy and Energy Independence rationale.

Such a Vanadium Flow flagship would provide the UK with a domestic demonstration at meaningful scale that is at least directionally comparable to the Swiss Flexbase project, rather than relying solely on a single small hybrid project as its only Vanadium Flow reference.

Question 2 – Do you agree with our minded to capacity decision for Window 1?

I agree that setting minded to awards at 7,645 MW, at the upper end of NESO’s advised range, is a reasonable response to capacity needs and attrition risk.

However, there is a strong case for a small, bounded portfolio adjustment to ensure that the UK secures at least one flagship Vanadium Flow battery project in Window 1:

• Either by modestly increasing total capacity (for example by 500 MW) to accommodate a single flagship Vanadium Flow battery project, accepting a limited and clearly justified step above the 7.7 GW indicative upper bound; or

• By substituting one marginal lithium ion project of similar duration and more limited strategic value with a flagship Made in Britain Vanadium Flow battery project, thereby remaining within the advised 7.7 GW range.

Given the scale of Switzerland’s 1.2 GW Flexbase project, and the magnitude of the Atri inward investment into British Vanadium Flow deployment and manufacturing, a single 500 MW flagship Vanadium Flow project in the UK would represent a proportionate, well bounded adjustment that preserves consumer protection while securing significant strategic benefits.

From the web - re K'omani:

K'omani Energies is an Amsterdam-based clean energy investment and infrastructure company dedicated to accelerating Africa's energy transition. The company operates the Komani Energy Fund, raising and allocating private and institutional capital toward sustainable energy. They are developing a massive $10+ billion project in Lagos, featuring 2GW of renewable power (solar and wind) and 5GW of advanced Energy Storage Systems (ESS).

FS

The Flexbase partnership will hopefully open up many more future opportunities - K’omani are focus on African based in Netherlands - the post doesn’t mention Invinity directly (maybe intentional) , but could this be a future partnership with IES to cover certain Africa counties? Focusing on 5 GWh

www.komanienergies.com

K'omani Energies Visits FlexBase Group Technology Centre, Switzerland to Advance Strategic ESS Collaboration

As part of K’omani Energies B.V.‘s ongoing commitment to delivering world-class utility-scale energy storage infrastructure across Africa, the Company’s Founder and President , O. Paul ANDREW Andrew, recently visited the FlexBase Group Technology Centre (TCL) in Laufenburg, Switzerland.

During the visit, Mr. Andrew held high-level strategic discussions with the FlexBase executive and technical teams regarding potential collaboration on the development and deployment of advanced Energy Storage Systems (ESS) across Africa, with particular focus on large-scale grid resilience, renewable energy integration and AI-enabled energy infrastructure.

Speaking following the visit, Mr. Andrew stated:

“I was deeply impressed by the ongoing work at the FlexBase Redox Flow Battery Energy Storage System (BESS) Technology Centre in Laufenburg, Switzerland. This project stands out as one of the most ambitious Redox Flow energy storage developments currently under construction in Switzerland and indeed across Europe.”

He added:

“FlexBase’s vision demonstrates how advanced long-duration energy storage can become a cornerstone of future power systems. Their integration of utility-scale energy storage with digital infrastructure provides valuable insights for Africa’s energy transition and complements K’omani Energies’ ambition to develop resilient, bankable and scalable clean-energy infrastructure across the continent.”

The FlexBase development represents one of Europe’s most significant integrated energy infrastructure initiatives, targeting:

- Up to 2GW of long-duration energy storage capacity supporting the European electricity grid.

- Approximately 430MW of AI and high-performance computing data centre infrastructure integrated within its Technology Centre.

- Advanced Redox Flow Battery technology designed to enhance grid flexibility, renewable energy integration and long-duration storage capability.

For K’omani Energies, the visit forms part of a broader programme of international technology benchmarking and strategic partnerships aimed at supporting the Company’s proposed deployment of utility-scale Battery Energy Storage Systems, renewable power generation and AI-enabled digital infrastructure throughout Nigeria and other African markets.

K’omani Energies is currently advancing plans for large-scale Energy Storage Systems, renewable generation and smart grid infrastructure designed to improve energy reliability, accelerate industrialisation, support AI and data-centre growth, and strengthen Africa

Https://apple.news/AzVw_3G_WSle4EOz54Mzx5Q

Invinity mentioned in this article. Contains a link to the summary report of Ofgem’s ‘minded to’ decisions

Added the 2 update links from IES and Frontier!

See below - i think it’s a good observation TBH!!

Thanks for sharing these. Having read the RNS alongside Frontier Power's announcement, I actually think the market may be underappreciating a couple of important details.

1. This is stronger than "Invinity got one project"

The standout line for me is that Ofgem explicitly said the inclusion of Invinity's vanadium flow battery technology was a key factor in its minded-to decision. That's a very unusual endorsement from a regulator. It's not simply that a project using Invinity happened to win—it's that the technology itself helped justify the award.

That is a significant third-party validation when Invinity is competing against lithium-ion, compressed air and other LDES technologies.

2. The size is meaning ful

The Frontier Legacy project is 520 MWh, with the RNS stating it is expected to be split approximately equally between Invinity's vanadium flow batteries and zinc-halide batteries. That implies around 260 MWh of Invinity deployment if the current design is maintained.

That's a commercial-scale deployment rather than another pilot.

3. Frontier's announcement is arguably the bigger story

What caught my eye was Frontier saying that:

one project has received a minded-to award;

several other Frontier vanadium flow/zinc projects ranked highly in the assessment;

they remain committed to progressing their broader UK LDES pipeline.

That suggests today's outcome may not be the end of the story. If projects drop out before final awards, or if there are future allocation windows, Frontier already has a portfolio of developed projects.

4. Why did the shares fall?

The market seems to have focused on the fact that only one Invinity-linked project made the initial minded-to list, whereas earlier there had been nine projects specifying Invinity technology.

But I think that's a fairly simplistic interpretation.

Before today, there was a genuine risk that no vanadium flow battery projects would make the first cap-and-floor allocation. Instead:

VFBs were selected.

Ofgem specifically praised the technology.

A commercial-scale project is moving towards financial close.

The UK's flagship LDES support mechanism now includes Invinity technology.

That's a much better strategic outcome than "zero projects."

What I'd be watch inf

For me, the next catalysts are:

Final cap-and-floor award after consultation.

Financial close for Frontier Legacy.

A supply agreement between Frontier and Invinity that puts a value on the battery order.

Any indication that the other Frontier VFB projects progress into later rounds.

If those happen, today's announcement starts to look like the first domino rather than the whole story.

Overall, I'd score today's news around 8/10 for Invinity. It doesn't remove execution risk—financial close is still required—but it materially reduces the technology adoption risk, which has arguably been the biggest uncertainty

It's possibly location related - most of the 16+ hour projects are in N Scotland where the problems with wind curtailment are. If Li-ion cells are cheaper than vanadium electrolyte (haven't checked the exact numbers lately) then the difference would become more glaring at 16h, so maybe that's why the VFB/Zinc was awarded an 8h project. Just my speculation though.

Could somebody help me understand why on the Ofgem LDES “minded-to” decisions table, the Frontier Duration is only 8 compared to the other systems. I thought one of the advantages of VFB was a long duration?

I had missed this earlier, which clearly shows Ofgem mindful of the strategic benefit of developing vanadium flow batteries.

Frontier Legacy Frontier Legacy ranked 17th in the Economic Assessment, with a score of 69.32. However, the project did not meet the Financial Assessment threshold. In the Strategic Assessment the project was below the Scenario Analysis threshold with a score of -149, and received an Amber deliverability rating. Notwithstanding these factors, our minded-to decision is to include the project in the proposed portfolio for cap and floor support. We have

considered its performance across the assessment criteria in the round and note that its economic performance is not materially out of line with other projects we are minded-to support. We have also taken into account the strategic benefit of increasing technology diversity, in particular by including the

highest-ranking project utilising Vanadium Flow technology.

So IES will definitely get a contract out of this project, as they've basically cherry picked the highest ranking IES project and included it in the IDL.

I would imagine it is still all to play for imo and it wouldn’t surprise any of us here if contracts were given out to those benter than a bulls backside to the benefits of those connected. If there’s tax money or government funds to be had you can guarantee fat cats will try and get their grubby hands on it.

Have a great weekend - pretty decent close, back up and back in profit.

Perhaps Ofgem need to speak to Flexbase and Pacific Steel to understand why they chose Invinity’s VRFB solution to Lithium-ion!!!!!! I’m sure management at those two companies will have a far greater understanding of the market than anyone at Ofgem does!!!!

Grid-scale lithium-ion batteries typically last 10 to 15 years. In terms of usage, they are usually rated for 3,000 to 8,000 charge-discharge cycles or a specific throughput of delivered megawatt-hours before their capacity degrades to 70–80% of its original state

Grid-scale Vanadium Redox Flow Batteries (VRFBs) typically last over 20 years and can handle 10,000 to 20,000+ charge/discharge cycles with almost no capacity degradation. Unlike lithium-ion, their liquid electrolytes do not degrade over time, giving them a virtually unlimited calendar life

Looks like it’s the blind leading the blind at Ofgem to me but that’s no surprise is it!!!! What government body, regulator or watchdog in this country has a bloody clue what they’re doing!!!!!!!

I wonder whether there is any way of reaching out to the "consumer representatives" to put forward our concern towards Lithium being used....

Https://consult.ofgem.gov.uk/energy-generation/ldes-window-1-minded-to-decision/

Feedback closing date: 7th Aug

Overview

We are consulting on our minded-to decisions on the first application window of the long duration electricity storage (LDES) cap and floor scheme.

We welcome views on our minded-to decisions and the reasoning set out, including:

the proposed portfolio of projects we are minded-to support

our assessment approach, including capacity limits and regime requests

future LDES application windows

Who should respond

We would like views from anyone with an interest in long duration electricity storage in Great Britain (England, Scotland and Wales).

This includes:

project developers and investors

electricity system and network operators

energy suppliers and generators

industry experts, analysts and consultants

consumer representatives and other interested parties...

I am busy working today so haven't had much time to digest the news, but I plan to review over the weekend the Ofgem decision to try and understand why lithium BESS was favoured. My initial read is that most of the BESS projects that won were around 16 hours duration while Invinity's projects and most of the unsuccessful lithium project were generally 8 hour duration projects. These winning BESS projects were mainly from developer Field - this developer seems to have understood better than other developers what Ofgem was looking for.

It is interesting that Frontier Power seems determined to fight for more of its projects to be included in the scheme. Presumably they do not agree with some aspect of Ofgem's assessment methodology. I haven't had time to review in detail but I do wonder about the validity of the 25 year asset life assumption for lithium BESS - my understanding was that these systems have to be replaced after 10 years.

In any case, while the cap and floor awards decision isn't the bonanza some of us (including me) were hoping for, a 260MWh win for Invinity is still excellent news, and I am still convinced there will be many more successful project wins for Invinity over the rest of this year and beyond. Good luck all.

Read Michael Shank's comment in the article I have shared below from the Guardian. This is just the start of the journey. The news cones on the same day as a big tech sell off. Investors are worried about whether data centres need for energy will be the undoing of AI. Our energy minister is making a very big bullish statement about the solution- which includes 'state of the art battery storage'. That is IES.

Https://www.theguardian.com/business/live/2026/jun/26/uk-food-drink-exports-fall-us-tariffs-brexit-trade-friction-stock-market-ftse-pound-oil-latest-news-updates?CMP=share_btn_url&page=with%3Ablock-6a3e20298f08578af02426a3#block-6a3e20298f08578af02426a3

IES SP is now up just 35% approximately since it announced the Flexbase win and of course Pacific Steel followed soon after. That increase in no way reflects the magnitude and significance of those 2 project wins, let alone anything else going on with C&F and behind the scenes.

Fortune favours the brave and those brave enough to invest significantly in IES will be well rewarded IMHO.

Not financial advice of course and make sure you DYOR.

GLA

The whole market is in the doldrums and tech is still selling off. This will bounce back within days over 30p I guess. And move upwards more confidently once the market starts to see the demand for vanadium batteries to support and power the tech revolution that's very much happening. As usual hardly anyone takes an interest in hardly anything until they do.

Just a few positive notes below from Frontier UK update - it appears there's still more to watch out for. I know Frontier UK also has EOSE in partnership, but still feels like this potential still holds some chance of adding to this UK opportunity!

EOSE - appears to have held up okay in US. Is it time for the buyers to move in now! 🤔

Ofgem's provisional assessment indicates that at least one Frontier Power UK LDES project is expected to receive a minded-to award under the Cap and Floor framework. The assessment also ranks several other Vanadium Flow/Zinc Frontier projects highly among candidate projects.

Frontier is confident this engagement will lead to further projects being included in the final Window 1 awards.

Frontier Power UK will continue to develop projects submitted into the Cap and Floor process, alongside additional opportunities across its broader UK portfolio, to help meet the country's growing need for flexible, resilient and secure power infrastructure.

I am not overly concerned, Camkite. I have been involved with Invinity at various times since the ReDt and Avalon merger, which was actually inspired by the Bushveld Minerals leadership team. But my involvement with the tech goes back to c. 2015. Back then, the promise was that VRFBs would be competing at scale by c. 2021. The reality is that it has come c. 5 years later. But I do feel strongly that it has now arrived, be it that we are still in the early stages of market realisation.

Flexbase was the first key insight. Cap and Floor has slightly undermined what is a fragile understanding and belief. But Flexbase was not a one-off and today's RNS indicates that very strongly.

Like many other holders, I wanted them to land the big one with Cap and Floor, but what's most important is that their contracted backlog is beginning to build, driven by ever-growing project sizes. I expect more projects to come through before YE, and it won't take much to drive that market realisation and appreciation to the next level.

They will need finance at some point, and I am sure that is playing on some investors' minds, but I don't see it as a big deal vs what it will unlock. Last September's strategic investment demonstrated what is possible there.

Big bite

It has a £160m mcap & payments / revenue / profit is a way down the road... market has been hyped up (rightly so) but has reacted as a sell off for mutliple reasons (time to complete, uncertainties, slightly less than was expected & how much of it was already priced in) ... unless you were here for a quick trade i don't think there is any concern in SP and I have no doubt in 2 / 4 weeks we will see the arse end of 40p ... AIMO.

I like i'm sure everyone else wish i had sold at 38p on Monday and bought back in today but there was no way i was going to risk being out for any number of possibilities that could land at any given moment.

I was in tech for 30 years - these events happen. IMO Invinity has taken a step sideways after several steps forward, which is disappointing, but personally I am still hopeful for the future, all still to play for.

FS

With the confirmation that Invinity just took a large step to securing 260MWh of work, this is a rather bizarre situation now, market pricing-wise.

Exactly Doyzee. Cheaper and more efficient once they scale up. This will be an absolute prerequisite for data centres. This is the direction of travel for industry's energy storage. It's a relatively simple and safe option once they scale up this proven technology. AI can't really operate efficiently without capacity for it's own energy storage. The consultation will come to this conclusion and the near term inflexion point will be another grant from GBE. They know they have to be prepared and to prove the climate change deniers and the doom merchants about our economic potential very wrong.

The market is reacting to short term distress signals from tech companies and doubting the potential of AI because of Apple crying about chip prices. Bounce back is on the cards for next week and a big recovery after that.

Generation Costs (LCOE): The cost to produce a megawatt-hour (MWh) of electricity from utility-scale solar and onshore wind is frequently half—and sometimes up to 70% cheaper—than the fossil-fuel alternatives. In fact, the International Energy Agency highlights that onshore wind and solar PV are the most affordable sources of new electricity generation globally.

Electricity Generation Costs (LCOE)The standard metric used to compare energy costs is the Levelised Cost of Energy (LCOE), which measures the lifetime cost of building and operating a power plant per megawatt-hour (MWh). According to global financial benchmarks from Lazard's LCOE+ reports and the International Renewable Energy Agency (IRENA):Utility-Scale Solar PV: ≈ $23 to $38 per MWh.Onshore Wind: ≈ $31 to $50 per MWh.Oil-Fired Power Plants: ≈ $150 to $250+ per MWh (highly dependent on volatile crude oil prices).Because petroleum is a premium, energy-dense liquid, it is economically inefficient to burn it for grid electricity. As a result, oil accounts for less than 1% of power generation on modern electricity grids, which rely on cheaper natural gas, solar, and wind

https://www.lazard.com/research-insights/levelized-cost-of-energyplus-lcoeplus/

https://www.reuters.com/business/energy/around-90-renewables-cheaper-than-fossil-fuels-worldwide-irena-says-2025-07-22/

Just for you ilovesushi…..

Generation Costs (LCOE): The cost to produce a megawatt-hour (MWh) of electricity from utility-scale solar and onshore wind is frequently half—and sometimes up to 70% cheaper—than the fossil-fuel alternatives. In fact, the International Energy Agency highlights that onshore wind and solar PV are the most affordable sources of new electricity generation globally.

Electricity Generation Costs (LCOE)The standard metric used to compare energy costs is the Levelised Cost of Energy (LCOE), which measures the lifetime cost of building and operating a power plant per megawatt-hour (MWh). According to global financial benchmarks from Lazard's LCOE+ reports and the International Renewable Energy Agency (IRENA):Utility-Scale Solar PV: ≈ $23 to $38 per MWh.Onshore Wind: ≈ $31 to $50 per MWh.Oil-Fired Power Plants: ≈ $150 to $250+ per MWh (highly dependent on volatile crude oil prices).Because petroleum is a premium, energy-dense liquid, it is economically inefficient to burn it for grid electricity. As a result, oil accounts for less than 1% of power generation on modern electricity grids, which rely on cheaper natural gas, solar, and wind

https://www.lazard.com/research-insights/levelized-cost-of-energyplus-lcoeplus/

https://www.reuters.com/business/energy/around-90-renewables-cheaper-than-fossil-fuels-worldwide-irena-says-2025-07-22/

Https://apple.news/AUihV310dTFCCrSoG1oNXIg

And what do Ofgem do?!!!!!!!!!!!!! Sit on their hands and ponder instead of being bold, positive and ambitious.

Fossil fuels massively contributing to global warming, energy failure, economic inefficiency and along with conflict causing a problem to to the world’s ’energy supply’, there could not be a clearer message to get on with the renewable transition.

Grow some balls and do the right thing for once in your useless lives Ofgem!!!!!!

Contrary to what you think the RNS fully confirms that Invinity’s VRFB technology has transitioned into a selected UK LDES initiative in round 1 of Ofgem's C&F scheme. In my view this is a major regulatory and commercial validation for IES and enables the company to book revenue once the financial aspects have been sorted out over the next few months.

More importantly, the fact VRFBs are now embedded in an internationally recognised UK LDES policy, the Endurium battery can now be promoted for future project wins globally. IMHO VRFBs will become a crucial part of LDES for RE producers globally, because VRFBs are so efficient at grid stabilisation over the 8-12 hour window. Moreover, only VRFBs offer: 1. long lifespans with minimal degradation (i.e. decades with very little capacity loss compared to lithium-ion, which means more maintenance and insurance costs over time). 2. Independent scaling of energy and power — energy can be stored in modular tanks, so duration can be increased (no need to redesigning the full system). 3. Non-flammable chemistry means safer operation and less insurance costs (especially in heatwaves when lithium-ion can be highly prone to fires). 4. VRFBs can be repeatedly fully discharged without the same wear-and-tear issues for lithium-ion systems. 5. 30+ years of use means far better long-term economics for LDES than lithium-ion.

In short, VRFBs are a crucial element in the sustainability and resilience of the RE market/electricity grid (especially solar and wind) globally. IES is on a great pathway.

DYOR, GLA LTH

Ilovesushi has decided to pipe up again!!! Where were you on the rise all the way to 40p???????

Ignore this clown, he thinks the world will end tomorrow!!!! Proper Debbie Downer!!!

This possibly used to be the case. It isn't now, thanks to Endurium developments, their relentless cost cutting and efficiencies of scale.

Indeed. Just like every product business which pretty much ever existed looking (and needing) to scale.

I have a branded product business which requires multiple packaging & design elements which was loss making (for years) until it started to scale.. Impossible to make a profit until it scales due to the cost of production, infrastructure and run costs et al... I would have thought this was obvious but perhaps not to everyone.

The key is scalability, costs are lowered by using bigger energy storage TANKs

Where'd you get that insightful observation from braincell one or two ?

Drop in SP is way way overdone. Typical market overreaction caused by a lot of overexpectant traders.

Should gradually recover as focus falls back onto data centre prospects which look extremely attractive.

"Over the past year, we have taken meaningful steps to remove the barriers to scale - significantly reducing product costs, increasing unit shipments and growing sales while expanding our reach through strategic partnerships into some of the world's fastest growing energy storage markets. These efforts are now translating into tangible commercial momentum, with a growing pipeline of opportunities across multiple geographies and customer segments."

There's so much going on here and the speed at which every western country needs to adopt this technology cannot be ignored. Both the data centre and the US manufacturing facility contracts just show how big this market is... 2 projects out of potentially hundreds / thousands of possibilities.

Once more, none of those were expected and bigger projects could easily land any day. Just a bit of patience is all that's required.

Today's set back provides a great entry point for investors who see IES with its safer SCALABLE battery technology as the best answer to short and medium term energy storage from renewables in the GW range. Hydrogen for the large long term SCALEs in the TW range, stored in depleted oil and gas reservoirs or purpose built salt caverns.

Today’s update is still very positive for IES and the overall sector, yes it would’ve been much better if IES secured more projects, but I do wonder what happens now to the other projects not selected today! 🤔

After this initial reaction this morning, I feel IES share price will bounce back once this has been reviewed in greater detail. They are still winning projects in UK, Europe and US, it’s not bad news today, just a little disappointed on what may have been possible!

US factory announcement next!