(Alliance News) - Invinity Energy Systems PLC shares surged on Monday after it said the US Department of Energy will fund six of its projects, alongside significantly increased revenue but a widened half-year loss.
Invinity Energy shares were up 16% at 51.00 pence in London on Monday morning.
Invinity, a London-based utility-grade energy storage manufacturer, said its pretax loss for the first half of 2023 was GBP13.3 million, compared with GBP11.6 million the year before.
Revenue however increased more than tenfold to GBP14.8 million from GBP1.4 million, and Invinity delivered a "record" 26.5 megawatt hours of vanadium flow batteries, up from 3.4 MWh. However cost of sales also surged to GBP18.1 million from GBP3.7 million. Administrative expenses meanwhile increased 4.5% to GBP9.3 million.
Going forward, Invinity said it "expects to make material progress" through the rest of the year and beyond on delivering order backlogs, closing new deals and progressing existing commercial interest. It also hopes to progress development of its Mistral product towards expected commercial release in mid-2024.
Also on Monday, Invinity, which produces batteries for the large-scale requirements of business networks, said the US Department of Energy plans to fund projects using 84 MWh worth of Mistral across six US sites.
Five sites will be developed by a consortium led by the National Renewables Cooperative Organisation, and Invinity said they are expected to "improve energy independence in rural communities," alongside demonstrating the benefits of Invinity's batteries.
"These 84 MWh of projects mark important progress for Invinity in building a robust order book for its next-generation product," the company commented.
Invinity expects the formal contracting and negotiation process to complete by the end of this year, and for the Mistral batteries to be delivered in 2025.
By Emma Curzon, Alliance News reporter
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Invinity Energy (IES)