(Alliance News) - Vanadium flow battery manufacturer Invinity Energy Systems PLC on Tuesday said it signed a contract to deliver an eight mega-watt hour VFB system for a South Australian utility-scale solar-plus-storage project due to be built.
Shares in Invinity Energy were up 24% at 208.00 pence in London in afternoon trading.
The fully-funded project will be developed and operated by Yadlamalka Energy Pty Ltd and is expected to be delivered during the second half of 2021.
The Invinity system will comprise 41 Invinity VS3 flow batteries and will generate anticipated revenue of approximately GBP6.7 million for the company, which relates to the Invinity batteries, ancillary components and associated services. The overall project cost is projected to be approximately AUD20 million, or GBP11.0 million.
Chief Executive Larry Zulch said: "This project, Invinity's largest to date, is the fourth significant deal to close in three weeks. It is clear that momentum is building for the adoption of Invinity's technology as shown by projects with multiple credible partners and our growing sales pipeline. We are now consistently seeing vanadium flow batteries recognised as a robust, reliable and proven way of making renewable energy truly dispatchable at grid scale."
By Zoe Wickens; zoewickens@alliancenews.com
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Invinity Energy (IES)