Invinity Energy Systems PLC - London-based utility-grade energy storage manufacturer - Announces new strategic manufacturing agreement with Taiwanese partner Everdura Technology Co Ltd. Everdura will undertake domestic manufacturing of Invinity's 'Mistral' vanadium flow battery product for Taiwanese and other markets. Deal supersedes original partnership proposed in September when Everdura placed a 14.4 megawatt hour pre-order for Mistral. Invinity says Everdura will manufacture VFBs to fulfil orders it intends to secure under the companies' existing reseller agreement, which targets over 255 MWh of product sales over three years.
Company also announces successful initial performance testing of its first operating Mistral prototype, verifying "Mistral's fundamental performance targets and operating parameters". Notes too that discussions with other potential partners are at advanced stage and "continue to progress positively". Expects to conclude a deal within around four to six weeks.
Current stock price: 27.80 pence, up 13% on Monday morning
12-month change: down 14%
By Emma Curzon, Alliance News reporter
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Invinity Energy (IES)