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Pin to quick picksInvinity Energy Share News (IES)

Share Price Information for Invinity Energy (IES)

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Share Price: 133.00
Bid: 131.00
Ask: 135.00
Change: -0.50 (-0.37%)
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Open: 133.50
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Invinity Energy Inks Deal To Deliver Uninterrupted Power To US Site

Thu, 19th Nov 2020 17:44

(Alliance News) - Manufacturer of vanadium flow batteries Invinity Energy Systems PLC on Thursday said it has entered into a contract with GRID Alternatives to deliver a 0.5 Megawatt Hour vanadium flow battery to a site in California.

The project is located at a fire station in the Soboba Native American reservation in Southern California and will use an Invinity VS3 VFB system with solar generation to ensure uninterrupted power to the site.

The 0.5 megawatt-hours system will comprise two Invinity VS3 flow batteries and is expected to contribute revenue of approximately GBP480,000 to Invinity. The project is expected to be delivered in the second half of 2021.

Invinity also has entered into an agreement to deliver two VS3 VFB battery modules, with a total capacity of 72 kilowatt-hours, to Ameresco, which is one of the largest independent energy services providers in the US and UK. The battery modules will be deployed by Ameresco as part of an investigation in to how flow battery technology could support microgrids in defence applications. The project received funding from the US Department of Defense.

Chief Executive Larry Zulch said: "These deals have importance that belies their size, so we're pleased to talk about them. Combining the support of the California Energy Commission for non-lithium, 10-hour storage with GRID Alternatives' vision of providing stable renewable energy for the Soboba tribe creates a showcase project for how storage makes solar energy dispatchable, increasing its value today and into the future. Supporting Ameresco's investigation into the use of VFBs is the first step toward the potential wider deployment by one of the most significant users of energy in the world, the US DOD."

Shares in Invinity were up 8% at 141.50 pence in London at Thursday's close.

By Zoe Wickens; zoewickens@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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