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Invinity Energy Systems PLC - London-based utility-grade energy storage manufacturer - Signs a non-binding Memorandum of Understanding with Dawsongroup Power Solutions Ltd, part of Dawsongroup PLC. Dawsongroup is a leading commercial asset rental business operating across the UK and EU. Says the partnership will see Dawsongroup procure battery storage products exclusively from Invinity and "become Invinity's exclusive rental partner in the UK". Says they see a strong potential for a rental market in the UK for vanadium flow batteries. Expects to target customer commitments of more than 50 megawatt hours over the next two years.
Invinity Chief Commercial Officer Matt Harper says: "Flexible equipment ownership is a great way for organizations to increase operational efficiencies. Invinity already has a strong book of business where our vanadium flow batteries are decreasing energy bills and accelerating decarbonisation for commercial and industrial customers by providing on-site, clean power. We're very excited to work with Dawsongroup to deliver those same benefits to customers whose needs include agile worry-free asset ownership, significantly expanding our commercial opportunities."
Current stock price: 41.00 pence each, up 5.1% on Monday afternoon in London
12-month change: down 55%
By Xindi Wei, Alliance News reporter
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