(Alliance News) - Invinity Energy Systems PLC on Wednesday said it plans to raise GBP50 million through a strategic investment and placing.
The London-based utility-grade energy storage manufacturer said it plans to raise GBP28 million through a subscription of shares and a minimum of GBP22 million through a placing.
The shares will both be issued at 23 pence each.
Shares in Invinity were down 5.3% to 26.75p each in London on Wednesday.
Invinity also announced an open offer to raise up to GBP6.6 million, through the issue of 28.7 million shares.
Invinity said the funds "will unlock a transformational next stage in Invinity's business", this will be achieved by ensuring it is fully funded, has a strengthened balance sheet, and can further develop its licence and royalty model outside its core markets.
Chief Executive Officer Larry Zulch said: "We believe that long duration energy storage has an essential role to play in the global transition to a sustainable electricity system. This investment provides Invinity with the opportunity to scale up to help meet the significant global demand for batteries with the characteristics that make our vanadium flow battery unique: high performance, long asset life, compelling total ownership economics, and no propensity to catch fire."
By Sophie Rose, Alliance News senior reporter
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Invinity Energy (IES)