Last checked at 17 May 2021 07:11
This announcement contains inside information
17 May 2021
Invinity Energy Systems plc
("Invinity" or the "Company")
0.5 MWh sale in California, USA
Invinity Energy Systems plc (AIM:IES), manufacturer of vanadium flow batteries delivering renewable energy on demand, is pleased to announce that it has concluded contracting on another project awarded funds by the California Energy Commission (CEC). This follows the Company's announcement in Q4 2020 that it has been selected for a number of projects funded by the CEC, California's primary energy policy and planning agency.
Invinity has entered into a contract with Webcor, a leading Californian construction firm, to provide a vanadium flow battery (VFB) for a project developed by Indian Energy LLC, a 100% Native American-owned utility-scale and microgrid development and systems integration firm with approximately 4 GW of solar PV and wind and 6 GWh of energy storage projects under development.
The project, located on a US Marine Corps base in Southern California, will couple three of Invinity's VS3 vanadium flow batteries with solar PV to provide resilience and energy security in the case of Public Safety Power Shutoff (PSPS) events, wildfires or other outages. The Invinity system will apply recent technological advancements developed by Invinity's team to extend battery storage duration to up to ten hours with an option to operate in either grid-connected or off-grid modes. This ensures round-the-clock energy resiliency for the site while reducing overall energy costs through demand shaving and Time of Use (TOU) energy shifting.
The 0.5 MWh system is expected to be delivered during Q4 2021 and to contribute revenue of approximately £450,000 to the Company, relating to the Invinity VS3 vanadium flow battery, ancillary components and associated services.
Larry Zulch, Chief Executive Officer at Invinity said:
"This project has an importance to Invinity greater than its size would imply because of those involved with it. We are thrilled to be working with Indian Energy LLC and Webcor, and appreciate the California Energy Commission's support for a distributed, robust electrical network. We anticipate that this project will be successful in opening further opportunities to deliver clean, resilient power to customers in California and beyond."
Enquiries:
Invinity Energy Systems plc | +44 (0)204 551 0361 |
Larry Zulch, Chief Executive Officer |
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Peter Dixon-Clarke, Chief Financial Officer Joe Worthington, Director of Communications |
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Canaccord Genuity (Nominated Adviser and Joint Broker) | +44 (0)20 7523 8000 |
Henry Fitzgerald-O'Connor / James Asensio / Angelos Vlatakis |
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VSA Capital (Financial Adviser and Joint Broker) Andrew Monk / Simon Barton | +44 (0)20 3005 5000
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Hudson Sandler (Financial PR) Nick Lyon / Nick Moore | +44(0) 207 796 4133 |
Notes to Editors
Invinity Energy Systems plc (AIM:IES) manufactures vanadium flow batteries for the large-scale energy storage requirements of businesses, industry and electricity networks.
Developed specifically for high-utilisation applications, Invinity's highly scalable, factory-built flow battery products make low-carbon renewable generation reliable and can run continually with no degradation, charging and discharging for over 25 years. Energy storage systems based on Invinity's batteries are safe, reliable, and economical, and range in size from less than 250 kilowatt-hours to tens of megawatt-hours.
Invinity was created in April 2020 through the merger of two flow battery industry leaders: redT energy plc and Avalon Battery Corporation. With over 10MWh of systems deployed to date across 40 sites in 14 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and South Africa. Invinity Energy Systems plc is listed on the London Stock Exchange.
To find out more, visit invinity.com or call Investor Relations on +44 (0)204 551 0361.