Member Info for Doyezee

KEY DATA

Invinity designs and manufactures stationary, utility-grade energy storage for grid-scale, commercial and industrial (C&I), and microgrid applications based on vanadium flow batter technology. The Company has more than 190 MWh of systems deployed, contracted for delivery or awarded for projects across more than 90 sites in 17 countries. The Invinity VS3 product is a modular, vanadium flow battery (VFB) based on proven technology which has been developed over 20 years and the newer Endurium battery is sized for utility scale deployment. Typically coupled with solar or wind generation or simply directly connected at key transmission points on the electricity network, Invinity’s batteries are considered to be one of the leading alternatives to lithium-ion batteries for stationary energy storage applications and boast a number of advantages in terms of economics, durability and safety. BULL POINTS • Sector leading flow battery • Demand for long-duration, high-throughput batteries set to grow • Company gaining traction BEAR POINTS • Market needs not always understood by client base • Market is still relatively immature and policy uncertain • Competing technologies create noise CATALYSTS • New project traction • Further policy developments VALUATION We have based our valuation on a DCF model as the early stage of most long-duration storage comparators makes a comparative multiples-based valuation difficult. We used a WACC of 11.3% to derive a central case valuation of 58p per share based on a 2030 market share of 2.5%. A lower market share and a requirement to raise new equity to meet this drops this valuation to 30p and represents our low case. A market share of 5% gives a high case valuation of 110p. RISKS The key risks to our valuation are delays to the conversion of pipeline opportunities into sales, policy uncertainty and technology disruption as potential new storage technologies emerge. The first two are both about delays rather than outright failure of the business. We see the diversity of business opportunities as protecting the company from both these risks. Most newer technologies do not compete head-to-head, targeting different niches of the potentially very large storage market.

NEW CHINESE SUPPORT

A new capacity pricing mechanism to support electricity storage in China appears to favour long duration, flexible and reliable deployments such as flow batteries and comes on the back of Invinity’s growing presence in the country. We see the new support at adding to the opportunities created by the relationships Invinity has built in China over the past year. Capacity Pricing Mechanism Favours Long Duration Storage Last month, the Chinese National Energy Administration and the National Development and Reform Commission have issued a “Notice on Improving the Generation-side Capacity Pricing Mechanism”. This introduces a capacity pricing mechanism for energy storage. It is designed to reward the capacity that a generation unit can reliably and stably supply during the system's peak hours throughout the year. Pricing is based on the existing coal power capacity price as a benchmark but adjusted by a conversion ratio equal to the duration of the battery divided by the “annual longest duration of net load peak”. In other words the ratio of duration to the likely longest peak period duration. The ratio is capped at 1.0 and it is unlikely that this would be reached with short duration storage batteries such as lithium ion. As a result, the reward is greater for longer duration storage which is more likely to approach the net load peak duration. Note also the emphasis on reliable supply to support variable peak hours means the system will favour not only long duration but also flexibility and reliability. Support Follows Relationship Building in China This potentially makes this market more attractive for flow batteries which can deliver all these capabilities. These are already reasonably established as a technology in the country. For Invinity this boost is well timed as it follows the signing of a memorandum of understanding with Xiamen C&D Corporation to target the establishment of manufacturing facilities for Invinity flow batteries in Xiamen, China. The MoU has been signed on behalf of a consortium of partners that Invinity is working with include manufacturing partner Baojia New Energy and Guangxi United Energy Storage New Materials Technology Limited ("UESNT"), both of whom are in existing partnerships with Invinity with the latter targeting production of 1.9GWh to 2030. The potential scale of the storage market in China is staggering with the country installing more battery energy storage systems in December 2025 than the US did in the whole of 2025.

In saying that, I also have funds invested under institutional management and I’ve seen them ‘balance’ the portfolio with single trades for just a couple of pounds as it’s all automated!!!! Could be that, could be SP being controlled, who knows but IES in a good position IMO and I remain very positive about its future

For example, a sell trade has just gone through for a minuscule 24 shares at a value of £4.80 at a price of 20p!! If that’s not a sign the SP is being controlled then I don’t know what is!!!!!

There are large buys and unknown trades going through and why on earth would anyone genuinely sell 24 shares at a value of £4.80!!! Won’t even buy you a pint these days!!!!! GLA

Main focus should be on fundamentals, tailwinds, headwinds

As in general with IES, there has been low liquidity for years and I suspect the below may be in play:

Market Makers and Liquidity Provision

Market makers are firms that ensure liquidity by constantly providing buy and sell quotes. If there is a surge of buying, market makers sell from their own inventory to meet that demand, preventing the price from skyrocketing. They often absorb buying pressure and only raise the price slightly, or not at all, to keep the market orderly.

DYOR. GLA

Shares traded today according to the FT - 3.55 million whilst the average is 560k!!!!

Some serious share action today folks!!!!!!! What does it mean?!!!!! GLA

Hey M People, we’re Movin On Up!!!!! 😁

And I concur economist2023. Jonathan sounded very buoyant about China opportunities as well as other major regions around the world in which IES has a presence. He was also very positive about the future of LDES and explained well how only now and looking forward will storage have its day and in particular, IES’s solution. GLA

I listened to the key sections and actually thought Jonathan spoke with real positivity, enthusiasm, clarity, knowledge and came across really well!!!!!

Each to their own!!!!

This has to be one of the very best companies to own. Still trading at such a low PE compared to other miners yet no debt, nearly a billion in the bank and multiple very strong tailwinds to come from the company itself and market conditions that couldn’t be more supportive. This is a huge part of my retirement plan and hopefully will go a significant way to clearing my mortgage in the next 5 years.

Fantastic contributions on this forum by most and I do hope Bamps returns soon. Perhaps he’ll be able to give a better insight and or explanation as to why he believed the production numbers would be down but regardless, he has helped make a lot of people a lot of money with his sharing of information and expertise which I for one am extremely grateful. Timber & Element just to name another few but of course there are more. GLA

Https://www.reuters.com/world/berlin-mayor-warns-infrastructure-after-power-station-attack-2026-01-05/

This looks like a domestic attack but again is just one example of the vulnerabilities of current power infrastructure around the world. Attacks on infrastructure could come from anywhere at anytime (look at Ukraine & Russia attacking each other’s infrastructure) and risks will remain significantly elevated for the foreseeable future.

Remote off-grid back up will become more and more crucial and energy storage will be a huge part of that equation

Shares traded today more than 50% above the daily average. Starting to get a bit more attention!!!!!

Been some great communications recently from the company and plenty of further validation of the teams efforts which I’m more and more impressed with by the day.

Near double the average number of shares traded today and holding a strong rise at the close.

Great start to 2026 but so much more to come. GLA

Great post PMC and yet another example of a strong tailwind for IES.

I quite like it when we have a long period of silence from the company as your post is one example that suggests they’re extremely busy ‘behind closed doors’ pushing IES further forward and show casing they’re capabilities. Possible RNS in the morning and ahead of the weekend will be very welcome!

It is surely just a matter of time until IES takes off. There was another headline article on Bloomberg today about Data Centres in the US drawing power from natural gas turbines, renewables and storage so as to ensure independent power continuity off grid. Data Centres alone are seeing investments of 100’s of billions of dollars and it makes absolute sense for them to create their own independent power supply off grid.

A number of large ‘Unkown’ trades gone through today so games a foot being played behind closed doors me tinks!!!! GLA

Headline news story on Bloomberg this morning states SSE has received £45 million in just 6 months for having to shut down its wind farms due to lack of storage at present. ‘Payouts are rising sharply’!!!!!! This alone is a massive opportunity for IES and there’s been several recent headlines on Bloomberg too regarding India and the need to provide stable and sufficient electricity supply in the country through renewables and storage. So many tailwinds for IES and I’m certain that once sizeable project wins around the world are announced, the SP should absolutely fly.

GLA, have a good weekend.

There’s either a seller back or the MM’s are working hard to fill a big order!!!! GLA

Whilst in this exciting but frustrating period of waiting for ‘take off’, is anyone able to add further detail to the turnover figures quoted by Canacord for 26/27 below ie gross/net profit (if any) and also of the minimum and maximum expected profit margins on any successful bids from the 16.7 Gwh that are eligible for the Cap & Floor scheme?

Https://apple.news/AXyVF-YB0Qa2vA_M-8nCBHw

Wind farm to deliver five times more energy following upgrades