US VANADIUM & IES Joint Venture6 Jun 2025 17:28
I can’t see or recollect an RNS updating the proposed joint venture below which was 3 years ago. Can anyone shine any light on this/further developments:
16 August 2022
Invinity Energy Systems plc
("Invinity" or the "Company")
U.S. Vanadium and Invinity sign MoU to form U.S. Joint Venture
Plan to manufacture and sell vanadium flow batteries in the United States to meet growing demand announced
Invinity Energy Systems (OTCQX: IESVF; AIM: IES; AQSE: IES), leading global manufacturer of utility-grade energy storage, is pleased to announce it has signed a Memorandum of Understanding ("MoU") with U.S. Vanadium LLC ("USV") which expresses mutual intent to create a U.S.-based joint venture ("JV") focused on building and selling vanadium flow batteries in the United States of America.
The non-binding MoU outlines the principal terms under which the JV, to be owned 50:50 by Invinity and USV, will combine Invinity's flow battery expertise with USV's ability to supply high-quality vanadium electrolyte from high-purity vanadium, both of which USV produces at a facility in Arkansas.
The proposed JV expects to benefit from U.S. national, state, and local incentives to manufacture and sell energy storage products that transform intermittent renewable energy into a reliable, dispatchable and low-carbon pillar of the U.S. and global energy infrastructure.
The combination of the Biden administration's Bipartisan Infrastructure Bill, signed into law on 15 November 2021, and, more recently, the Inflation Reduction Act of 2022 which is expected to be signed into law this week, have created a strongly supportive climate for investment into energy transition infrastructure such as vanadium flow batteries. The legislation places further emphasis on the importance of U.S. manufacturing and domestic content, aligning well with the intended purpose of this new JV.
Under the terms set out in the MoU, USV proposes to contribute up to $500,000 towards the funding of external expenses incurred in the pursuit of applicable U.S. local, state, and federal support in addition to other sources of industrial and commercial support.
This MoU is the latest initiative to be executed as part of Invinity's strategy to expand its commercial and corporate presence in the U.S. and follows the Company's announcement on 8 August 2022 that it had commenced U.S. trading for Invinity shares via OTCQX.
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