IES RNS15 Jun 2020 08:09
RNS Number : 8615P
Invinity Energy Systems PLC
15 June 2020
This announcement contains inside information
15 June 2020
Invinity Energy Systems plc
("Invinity" or the "Group")
Trading Update
GBP1.1m of sales closed, manufacturing operations resume and Group integration continues despite impact of pandemic.
Invinity Energy Systems plc (AIM:IES), manufacturer of vanadium flow batteries for the large-scale energy storage requirements of businesses, industry and electricity networks, is pleased to provide an update on the Group's activities following its creation in April 2020 from the merger of Avalon Battery Corporation and redT energy plc.
Positive commercial progress
Despite ongoing economic uncertainty, Invinity is pleased to announce that, since the beginning of 2020, it has received signed order confirmations for a total of 1.7 MWh of its vanadium flow batteries ("VFBs"), comprising 40 VFB modules.
The above orders have been received from a variety of customers located across Europe, Asia and the United States, further validating Invinity's progress in those markets. End-users for these VFBs include:
-- A major US-based municipal utility;
-- A leading Asia-based developer of energy storage projects; and
-- A major global retail chain.
Invinity anticipates working with these customers to further expand their use of VFBs and will announce such developments in due course as appropriate. These orders open new geographies and applications for the Group's products, demonstrating growing market confidence in Invinity's durable, reliable and economical VFB storage solutions for a rapidly changing energy landscape.
The anticipated revenue contribution of these sales of approximately GBP1.1m includes the VFBs themselves, ancillary components and related services to be provided by Invinity. Revenues will be recognised by the Group as these projects are installed and commissioned.
These module sales are in addition to the 5 MWh, 162-module order for Energy Superhub Oxford (ESO), a project previously announced by Invinity and Pivot Power, a subsidiary of EDF Renewables.
In addition to the above, Invinity has delivered 240 kWh of battery modules since the beginning of 2020 to a demonstration project sponsored by a municipal US utility; these modules have been delivered under a programme intended to validate VFBs' potential to improve the future operating performance of the utility within its geographic mandate.