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An impressive CV and an important addition to the board, which certainly needs strengthening as the business grows. Hopefully, this appointment will be followed by others of equal relevance and calibre.

A particularly interesting and important point, in my view, is Volker's comment in the final paragraph, where he describes the business as "scalable". He will clearly bring a sharp and incisive perspective to the board.

FS

Based on the latest IDL and assuming the Frontier Legacy project goes ahead with a 50/50 split between VFBs and ZBBs, that would imply around 260 MWh of VFB deployments.

For a bit of context, Invinity's year-end trading update on 2 January 2026 stated that its total installed base - including systems deployed, contracted for delivery, or awarded - stood at "more than 190 MWh".

So, if Legacy goes ahead, we are talking about a contract equal to the Company's current installed base. Clearly, it's not what many of us had been hoping for, but neither would I describe it as a failure.

I do share the disappointment expressed by many on this board, but there is a long way to go, and perspective is important.

FS

From the web - re K'omani:

K'omani Energies is an Amsterdam-based clean energy investment and infrastructure company dedicated to accelerating Africa's energy transition. The company operates the Komani Energy Fund, raising and allocating private and institutional capital toward sustainable energy. They are developing a massive $10+ billion project in Lagos, featuring 2GW of renewable power (solar and wind) and 5GW of advanced Energy Storage Systems (ESS).

FS

I asked ChatGPT about Field Energy and it said:

"Positive: The company has successfully taken multiple battery projects from development through construction into operation within about four years of founding.

Scale: Its delivered portfolio remains relatively modest—around 110MW/180MWh operational—compared with major UK infrastructure developers that operate gigawatts of assets.

Technology risk: Most delivered projects have been conventional rather than the much larger and longer-duration technologies proposed under Ofgem's LDES scheme. The five LDES projects awarded "minded-to" status would represent a significant step-up in size and complexity.

Execution model: Field generally develops projects and uses experienced EPC contractors and equipment suppliers (for example, Clarke Energy, Trina Storage and Envision Energy) for construction and technology delivery.

So, while Field has demonstrated that it can deliver and operate grid-scale battery assets, its operating history is still relatively short and the proposed long-duration storage portfolio represents a substantial increase in scale beyond what it has delivered to date."

FS

I was in tech for 30 years - these events happen. IMO Invinity has taken a step sideways after several steps forward, which is disappointing, but personally I am still hopeful for the future, all still to play for.

FS

IMO the AGM update suggests that Synthomer’s transformation strategy is beginning to gain real traction. Key metrics, including revenue and EBITDA, are moving in the right direction, supported by improving market momentum. While geopolitical disruption has provided some short-term support, the strengthening balance sheet and continued portfolio simplification leave the group in a much stronger position than in recent times, even if the outlook remains uncertain.

Having been invested here for several years, I find these developments very encouraging - so far, so good.

FS

Hi risingboats: My understanding is that Form’s iron-air system targets very long-duration, multi-day storage and is still early at scale. Our vanadium flow technology is already proven and bankable for 4–18+ hour grid flexibility, with strong modularity, safety, and a more established commercial deployment path today. The technologies are therefore largely complementary, addressing different layers of grid need rather than directly competing.

FS

A key advantage often cited for vanadium flow batteries is that power (MW) and storage capacity (MWh) are decoupled. In theory, you can increase duration by adding more electrolyte and tank capacity without adding more stack power.

However, when I read about Endurium, I only see references to standardised modules and strings, not additional tanks.

So, is Endurium only expanded by adding more modules/strings, or can customers add storage capacity independently through larger/additional electrolyte tanks? If not, does that reduce one of the traditional advantages of flow batteries over lithium-ion?

FS

Another step on the long road - Synthomer keeps trimming the edges and moving further away from the heavy, cyclical bits and leaning into the more focused, higher-value core. It’s the kind of steady reshaping that matters and hopefully pays dividends over time, if you will forgive the pun.

FS

For any local community an important aspect of a neighbourhood battery site is noise:

"Massive batteries, water-based chemistry, minimal fire risk and today’s big revelation; quiet! An equivalent Lithium BESS would be roaring with air conditioning in the 30 C heat. Apparently, noise levels below a threshold was part of the planning requirement and only VFBs meets this!"

https://www.linkedin.com/posts/kathryn-toghill-b23a7657_ifbf-bess-activity-7473399325834842112-KHNy

FS

In the UK of course.

FS

Atri Energy Transition, an India-based clean energy investor, will invest more than £300 million in large-scale battery storage and advanced manufacturing. The investment is expected to create more than 100 jobs. The Press Association reported that these energy investments form the largest part of the package announced at the G7 summit.

Atri Energy is also a significant (11%) current investor in Invinity Energy. I can find no further details of this investment or any indication that this investment is connected with Invinity.

FS

The combination of Cap and Floor and Ontario’s LT2 - both results due this month - could be very big indeed. Share price weakness incomprehensible on any knowledgeable view IMO.

FS

Very interesting analysis. Much appreciated, Sailplane.

FS

MWh? MW surely

FS

Next-Generation Flow Batteries for a Net-Zero Future - Queen Mary University of London - School of Engineering and Materials Science :

"We have a fully funded 4-year PhD studentship opportunity in our group at Queen Mary University London working on Advancing Redox-Targeting Flow Batteries with Solid Boosters for Breakthrough Energy Density, sponsored by The Faraday Institution, QMUL and Invinity Energy Systems -a global leader in vanadium flow battery technology."

FS

PMC2022 / Doyezee ... I think you are both right. Over the recent years I have looked (glumly) at historical daily volumes in a few hundred thousand - but ChatGPT tells me the average volume over the last 10 trading days is 6 million (although that was heavily influenced by one 20 million day). IMO it is more trades like the UT I mentioned yesterday that we need to see (not a startling insight I know).

FS

And the 2.7m UT at the end may point to greater institutional interest, I suggest.

FS

BBN - You mention 2030 - Is Hagshaw not in Window 2 - or have I misunderstood ?

FS

BigBIteNow, I broadly agree. The scale of any Cap and Floor award is the key variable because, if meaningful, it changes the conversation from survival to scaling. The context of future funding against a multi-GWh pipeline is very different to where the Company has been viewed historically. And in my view expansion will also likely prove less balance sheet intensive than investors currently assume, as management have indicated and existing circumstances confirm.

For now, I’m keeping an open mind, as the shape of any funding will likely depend on contract scale, revenue timing and how clearly management can evidence a credible path to profitability. But if Invinity does build several GWh of visible backlog, I agree the market is unlikely to value the business the way it does today. In that scenario, additional capital for expansion would likely come alongside a much stronger outlook and share price.

Lastly, while I would like an EOS style valuation - I'm not so sure about their substance.

FS