Member Info for economist2023

I concur. The market still hasn’t grasped the size of the opportunity IMO!

Just want to add two points:

1. Evidence of manufacturing scale-up and potential projects in India. Sai Bioenergy (linked to Atri) posted on LinkedIn two days ago the following job ad:

"𝐉𝐨𝐢𝐧 𝐒𝐚𝐢 𝐁𝐢𝐨𝐞𝐧𝐞𝐫𝐠𝐲’𝐬 𝐆𝐫𝐨𝐰𝐭𝐡 𝐉𝐨𝐮𝐫𝐧𝐞𝐲 – 𝐇𝐢𝐫𝐢𝐧𝐠 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬 (𝐁𝐄𝐒𝐒) 𝐢𝐧 𝐇𝐲𝐝𝐞𝐫𝐚𝐛𝐚𝐝

Sai Bioenergy is accelerating its clean energy and advanced energy infrastructure initiatives, and we are looking to strengthen our procurement team in Hyderabad.

We are currently hiring for:

𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 – 𝐁𝐄𝐒𝐒 (𝐌𝐚𝐧𝐚𝐠𝐞𝐫)

We are seeking experienced professionals with expertise in:

• BESS and engineering procurement

• Vendor sourcing and supply chain coordination

• Commercial negotiations and procurement strategy

• Electrical/energy sector procurement processes

• Managing procurement for fast-paced infrastructure projects

This is an opportunity to contribute to projects shaping the future of India’s energy transition and storage ecosystem."

The job ad includes a clear image of Invinity Endurium battery systems (see here https://www.linkedin.com/company/sai-bioenergy-private-limited/posts/?feedView=all).

2. S. Kishore, who owns Atri, has stated that he believes Invinity can achieve lowest cost manufacturing in India (i.e., even lower than China). This has great implications for Invinity's cost reduction program - manufacturing scale up in India will not only allow India to service the Indian domestic market, but will also enable Invinity to sell Endurium systems worldwide at the most competitive prices available globally.

While we await further transformative news in the very short term (Ofgem cap and floor Initial Decision List), here is an update on the opportunity in India, another of Invinity's core markets.

Last week, Gujarat Industries Power Company Limited (GIPCL) issued a tender spec for a 120 MWh VRFB (see here: https://energetica-india.net/news/gipcl-plans-20-mw120-mwh-vanadium-flow-battery-project-at-vadodara-gas-plant).

GIPCL is a medium sized utility company in Gujarat. The issuing of this tender appears to be part of a trend towards VRFB adoption in India. Last February, NTPC, the largest energy company in India, issued a tender spec for a 100MWh VRFB (https://www.saurenergy.com/solar-energy-news/ntpc-rel-issues-167-mw100-mwh-vanadium-redox-flow-bess-tender-at-khavda-11132274). In its earnings call from last week, NTPC mentioned specifically that it is "focusing on expanding storage capacities through BESS pump storage projects, long-duration energy storage technologies like CO2 battery, and vanadium redox flow batteries to support grid stability and renewable integration" - see here: https://m.investing.com/news/transcripts/earnings-call-transcript-ntpcs-q4-fy-2026-sees-profit-surge-despite-revenue-dip-93CH-4708040?ampMode=1.

For new investors: Indian strategic shareholders own over 15% of Invinity. Atri Energy Transition own around 11% of the company and are working with the company to establish manufacturing in India (see https://invinity.com/wp-content/uploads/2026/01/Invinity-in-India-2026.pdf). While little information on Atri is publicly available, it is linked through its ownership to Indian companies including VS Lignite and Sai Bioenergy (the latter advertises Invinity batteries on its website https://saibioenergy.com/). I have no doubt that Invinity will be bidding for these Indian VRFB tenders, supported by the Atri team, with the aim to capture significant market share.

The scale of the opportunity for VRFBs in India is massive. The LDES council last month published a report in which it estimates that India needs to install 170- 260 GW of LDES capacity to meet net zero commitments (see here: https://ldescouncil.com/wp-content/uploads/2026/04/LDES-India-Policy-Paper_April-10-final.pdf). The opportunity here is less immediate than in more mature markets (UK, Europe, US, Canada), but in the long term, the India opportunity may be the greatest of them all.

Can’t quite believe what I’m reading but it appears Invinity is the strategic partner for Flexbase.

https://flexbase.ch/en/newsroom/media-releases/invinity-energy-systems-has-emerged-as-the-strategic-partner-for-the-worlds-largest-flow-battery-storage-facility-in-laufenburg-switzerland

As pointed out by GLR on x, look on page 269-270 at who is on the board and who the senior advisors are. High profile US national security figures…

I don't think there's much new info in there, but here is a nice passage I found:

"CPTK management believes the Company’s vertically integrated mine-to-oxide business model, which may be effectively extended to a mine-to-magnet model when considering HyproMag, is similar to that of MP Materials. In addition, CPTK management believes the Company’s vertical integration of the Proposed Pulawy Separation Plant with Songwe Hill is similar to the business conducted by Lynas given its capability to both mine and separate rare earth oxides. CPTK believes the favorable analyst ratings and share price performance of both MP Materials and Lynas would be indicative of a similar reaction from investors once the Company demonstrates its production capabilities at Songwe Hill and the Proposed Pulawy Separation Plant. Furthermore, once the Company achieves scale in its operations, CPTK believes investors would view the Company as a public market comparable to both MP Materials and Lynas. In the near term, since the Company is still in the process of developing Songwe Hill and the Proposed Pulawy Separation Plant, CPTK identified USA Rare Earth, Inc. (“USAR”), Arafura Rare Earths Limited (“ARAFF”), and Critical Metals Corp. (“CRML”) as the publicly traded companies that CPTK management believed are the most comparable to the Company based on their respective stages of development"

Its here: https://www.sec.gov/ix?doc=/Archives/edgar/data/0002052373/000121390026059667/ea0271516-05.htm

!

Very compelling (and relevant to Avacta) comments from the CEO of Scancell today before the parliament science and technology committee - watch from 12:24 here: https://parliamentlive.tv/event/index/bedc34d8-d481-46c3-89c3-5ccd4ff8189c

He argues that Scancell (another Biotech on AIM) struggles to raise capital because it relies only on UK retail investors. He asks that that UK legislates to allow the British Business Bank to invest in AIM companies and also to encourage UK pension funds to invest in UK companies. Says also that AIM regulations need to be updated because US investors won't invest in AIM. And he also comments that, as Scancell approaches phase 3, he is now having to consider listing on Nasdaq in order to raise sufficient capital (and comments that other UK biotechs are having to think the same way).

As an aside, take a look at Scancell's share price since they announced FDA Fast Track Designation a couple of weeks ago on the basis of beating the PFS benchmark. Hopefully a similar experience for Avacta investors soon...

Rider, I am speculating that Hypromag is an applicant but it hasn’t been confirmed.

Https://www.miningmagazine.com/europe/news-analysis/4531484/crma-round-selection-autumn

I can’t read the full article as it’s behind the paywall but it seems the CRMA strategic project round 2 decisions have been delayed to Autumn due to the “complex” process. Sounds like a typical European Commission delay (my understanding was that decisions were due in April). Hopefully Hypromag will get the designation eventually.

Https://invinity.com/invinity-wins-2026-excellence-in-export-scottish-engineering-award/

Always nice to win an award. Good to see the following line in the article "the award noted the Company’s key activity in China in September 2025 ". I am optimistically taking this as tacit confirmation that the partnership with Xiamen C&D Corporation Limited to establish manufacturing in Xiamen is alive and well.

On the contrary, Invinity’s headcount is growing, including its sales team, with two recent hires in the US poached from Eos Energy.

Regarding financing, Andrew Monk of VSA Capital, Invinity’s broker, is on record as stating that should Invinity win Cap and Floor projects the manufacturing scale up will be financed via debt from major banks, rather than equity. He stated this on the VSA Capital podcast sometime last year.

Sounds like we should get an update on Copwood next week. Below from the head of HR on LinkedIn.

“Phew, we have now successfully completed hiring for our UK 🇬🇧/ European 🇪🇺 Spring projects and have aimed to respond to all candidates with feedback or email communication where appropriate.

Canada 🍁 carries on hiring for a bit longer ..

Thank you to everyone involved .

We will be opening new roles shortly, but for now it is back to looking at strategy and project delivery, but with plenty fun to look forward to this week at AllEnergy in Glasgow, the Scottish Engineering Awards, and the conclusion of the Copwood installation the largest flow battery in Europe with capacity of 20.7 MWh, designed for long duration energy storage (LDES)”

BBN, yes I agree with your analysis. As a cross check, see the socio-economic impact report which you can download here: https://3renergy.co.uk/downloads/

On page 16 the total cost of the development is estimate at £1.359 billion at 2024 prices. Table 5-1 indicates that 92% of this cost is on the batteries, which implies £1.25 billlion to Invinity. Using 2024 average exchange rates, this is $1.6 billion in USD.

Regarding timings, just want to note that Mkango will be required to attach a Technical Report Summary (TRS), mandated under S-K 1300, when they make the form F-4 public. My assumption is that Mkango is now working on preparing the TRS based on the NI 43-101 technical report (Canadian equivalent) that was only finalised last Friday. Once this is ready, and SEC gives the green light (which may well have already happened), Mkango will make the F4 public.

Nice article about Hypromag Germany here: https://bnn.de/pforzheim/wie-eine-erfindung-aus-pforzheim-die-abhaengigkeit-von-china-reduzieren-soll

It includes the following interesting pieces of information:

- “Nevertheless, the team around the professor has big plans. In the short term, the number of employees is expected to increase to 20. At the end of 2027, when 750 tons are to be reworked annually, those responsible already plan to work with 90 employees.”

- “Shortly after the official inauguration, things really start in the second quarter. According to the statements of the 60-year-old, there is enough material for the Pforzheim plant for the entire first year. ”

On a separate but related note, this article came out today which outlines the increasing demand for LDES in Europe: https://www.powermag.com/europe-embraces-energy-storage-to-enhance-power-flexibility/

Seems Invinity has a project in Austria - https://www.linkedin.com/posts/invinity-energy-systems_we-welcomed-wildburger-power-storage-to-activity-7455689911401091073-uzM7?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAzhrf0B9dsAiDy1Rqtez-z7KjWlS-Dd8nY

This appears to relate to a partnership with Wildburger Power and Storage - see https://wildburger-powerstorage.eu/. At the bottom of the webpage it says (translated from German "Wildburger Power & Storage, as general contractor, with the support of Wildburger Elektrotechnik and partner companies, builds and manages energy systems from Invinity").

Wildburger is led by Dr. Josef Wildburger who interestingly was a founder of the company that ultimately became Invinity (through M&A), although it isn't clear whether he has a significant shareholding anymore.

Would be nice if Invinity would provide an update to us but seems they are determined to wait until the cap and floor IDL before sharing any news with shareholders.

Invinity has poached another hire from Eos Energy - this time the Director of Sales https://www.linkedin.com/in/gerald-donovan/

Surely news due soon.

Are you sure you have not mixed up GW and GWh in these calculations? By my calculations, Vanadium flow and Vanadium Flow / Zinc projects account for 12% of projects that made it through to this stage in terms of MW.