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(Alliance News) - Invinity Energy Systems PLC on Thursday said that it has received the first customer order for its next-generation vanadium flow battery.
The customer is the London-based utility-grade energy storage manufacturer's strategic partner, Everdura Technology Company.
According to Invinity, Everdura has changed its initial order for a 15 megawatt-hour battery to a 14.4 megawatt-hour vanadium flow battery, comprising a single Mistral array. It will be used at a site in central Taiwan to balance the island's electric grid through the provision of enhanced dynamic regulation services.
Under the terms of the agreement, Invinity is now due a further payment which will be used to purchase long-lead-time components and allow the manufacturing phase to commence.
The company's current revenue backlog remains materially unchanged by the variation of this order. However, as the order will now be fulfilled by Invinity's Mistral product, it expects a greater gross margin from the sale than previously anticipated.
Further, the companies have signed a non-binding memorandum of understanding, which proposes Everdura and Invinity enter into a strategic manufacturing partnership for Invinity products in Taiwan.
"Mistral represents the future of grid-connected energy storage with market-leading scalability and economics. Getting a first order for a new generation of product is always an important milestone, and having it come from Everdura, our trusted partner in Taiwan, is a demonstration of our deep relationship," said Chief Executive Officer Larry Zulch.
"Our long-standing connection is further supported by announcing our intention to enter into a strategic manufacturing relationship with Everdura to address the large and growing energy storage demand in Taiwan and greater Asia."
Invinity Energy shares were up 2.5% at 41.00 pence each in London on Thursday.
By Holly Beveridge, Alliance News reporter
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