(Alliance News) - Invinity Energy Systems PLC on Monday said it expects revenue for last year in line with market expectations, as a result of a "significant number of contract wins".
Invinity is a London-based utility-grade energy storage manufacturer that produces batteries for the large-scale requirements of business networks.
Looking ahead, the company has a current order book backlog for this year of GBP22.0 million, thanks to remaining revenue due to be recognised from its 8.4 megawatt-hour project in Canada, and 8 megawatt-hour project in South Australia.
Together, the projects underpin the majority of guidance for this year.
Further, Invinity noted an order book backlog for 2024 of GBP7.4 million, which could increase over the year, depending on the results of the LODES competition phase two application.
LODES stands for longer duration energy storage demonstration.
In other news, Invinity on Monday also celebrated the sale of one of its vanadium flow batteries to Absolute Solar and Wind Ltd for installation at the UK's first inland surfing destination.
The company sold a 0.4 megawatt-hour vanadium flow battery to Absolute Solar & Wind, a renewable energy solutions company, for installation as part of an integrated solar panel and electric vehicle project at The Wave in Bristol, England.
The Wave is the UK's first inland surfing destination. The project, delivered by Absolute Solar, will couple two Invinity VS3 batteries to three megawatt-peak of solar panel at the site.
Invinity's batteries will be used to store and discharge clean, renewable solar energy on-demand to help meet site loads and support the integration of electric vehicle-charging infrastructure at the site, which attracts thousands of visitors each year.
Site preparation is currently underway, with the battery portion of the project to be delivered later this year.
"Enthusiasts of outdoor pursuits are some of the most ardent supporters of that net zero path, because they see every day the impact that climate change has on our natural environment. We're thrilled to be working with The Wave to advance that low carbon path; and we are especially happy to be doing so again alongside Absolute Solar and Wind," said Chief Commercial Officer Matt Harper.
Invinity shares were trading 13% higher at 44.00 pence each in London on Monday morning.
By Holly Beveridge; Alliance News reporter
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Invinity Energy (IES)