Last checked at 27 Mar 2023 07:00
The information contained within this Announcement is deemed by Invinity Energy Systems plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
27 March 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
1.5 MWh Sale to Hungarian Resale Partner
First sale under Hungarian reseller agreement
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to announce a 1.5 MWh sale to STS Group ("STS"), for use in a solar plus storage project near the municipality of Öskü, central Hungary.
Further to the Company's 10 March 2023 announcement of the reseller agreement with Ideona Group ("Ideona") and STS, this project, supported with EU funding, will see seven VS3 flow batteries coupled alongside a 2 MWp solar array that will provide power for up to 6 hours. Invinity's battery will increase the use of renewable energy and provide grid-balancing services for the local grid by storing and dispatching excess solar generation.
Ideona will own and operate the entire project and STS will fully install and integrate the battery. The project was created as part of a government tender issued by the National Research, Development, and Innovation Office in Hungary.
Delivery of the Invinity batteries is expected to commence in H2 2023. The contract was included as part of the Company's Base category in its most recently disclosed commercial pipeline.
Matt Harper, Chief Commercial Officer at Invinity said:
"This achievement reflects the effectiveness of Invinity's strategy of engaging with strong regional partners to build global demand for our products and emphasises the commercial momentum we expect will be the hallmark of Invinity's business through the first half of 2023. We look forward to deepening our relationship with STS and Ideona and further establishing Invinity as the leading provider of safe, durable long duration storage in the growing Hungarian market."
Enquiries:
Invinity Energy Systems plc | +44 (0)20 4551 0361 |
Jonathan Marren, Chief Development Officer and Interim CFO Joe Worthington, Director of Communications | |
Canaccord Genuity (Nominated Adviser and Joint Broker) | +44 (0)20 7523 8000 |
Henry Fitzgerald-O'Connor / Harry Pardoe / Gordon Hamilton | |
VSA Capital (Financial Adviser and Joint Broker) | +44 (0)20 3005 5000 |
Andrew Monk / Simon Barton | |
EAS Advisors LLC (US Corporate Advisor) | +1 (646) 495 2225 |
Matthew Bonner / Chris Chesworth | |
Notes to Editors
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) manufactures vanadium flow batteries for large-scale, high-throughput energy storage requirements of business, industry and electrical networks.
Invinity's factory-built flow batteries run continually with no degradation for over 25 years, making them suitable for the most demanding applications in renewable energy production. 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 65 MWh of systems already deployed or contracted for delivery across over 70 sites in 15 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and Australia. Invinity Energy Systems plc is listed in the UK on AIM and AQSE and trades in the USA on OTCQX.
To find out more, visit invinity.com or call Investor Relations on +44 (0)204 551 0361.