Last checked at 1 Dec 2022 11:14
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").
1 December 2022
Invinity Energy Systems plc
("Invinity" or the "Company")
15 MWh Taiwan Sale Secured with 255 MWh Follow-on Order Potential
Invinity receives largest single order to date and signs further East Asia partnership
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to announce it has today signed a reseller agreement with Everdura Technology Company ("Everdura"), an industrial technology company based in Taiwan.
Within the framework of the agreement, Everdura has signed an initial purchase order totalling 15 MWh of vanadium flow batteries from Invinity (the "Initial Order"). Additionally, the agreement includes the ability for Everdura to purchase a further 255 MWh of Invinity products for the purpose of fulfilling follow-on orders over the next three years. In their role as a reseller for the Company, Everdura will promote Invinity's products to key customer segments throughout Taiwan and Southeast Asia including commercial and industrial energy users, grid operators, independent power producers and transport infrastructure providers.
This is the second Taiwanese deal Invinity have signed in recent weeks, having announced a 2.2 MWh sale to Bei Ying, a Taiwanese industrial equipment wholesaler, on 21 November 2022. This latest deal represents Invinity's largest order received to date and further demonstrates the effectiveness of Invinity's commercial strategy of selling through trusted third partners outside of the Company's core markets.
A deposit for the Initial Order is due shortly. First battery deliveries are expected to commence in late 2023 with the majority of revenue associated with the project expected to be recognised during 2024.
Everdura Technology Co., Ltd. was established in July 2022 as a joint venture between Everbrite Technology Co., Ltd. and Pronergy Technology Co., Ltd. The Taiwan-based company was created to focus on construction, system integration and technology distribution within the fields of energy, smart buildings and public EV charging infrastructure.
Darren Yen, Chairman at Everdura said:
"We are delighted to formalize Everdura's partnership with Invinity, a leader in the field of Vanadium Flow Battery manufacturing. Long duration energy storage has a key role to play in decarbonising Taiwan's energy future and through close cooperation, we look forward to furthering the deployment of Invinity's technology in the years to come."
Matt Harper, Chief Commercial Officer at Invinity said:
"Invinity is very pleased to formalize our partnership with Everdura. The Company's leading position in utility-grade long-duration storage, combined with Everdura's regional expertise, are a potent combination. With renewable generation delivering an ever-larger portion of Taiwan's energy needs, Invinity and Everdura together are ideally positioned to provide energy storage to deliver renewable power on demand, speeding Taiwan's path to net zero. This largest order to date reaffirms Invinity's strategy of engaging strong regional partners to build global demand for our products and indicates promising continued commercial momentum for VFBs in general."
Enquiries:
Invinity Energy Systems plc | +44 (0)204 551 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 / 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 33 MWh of systems deployed to date across more than 50 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 on the AIM Market of the London Stock Exchange and on the Aquis Stock Exchange (AQSE). The Company trades in the USA on OTCQX Best Market under the symbol "IESVF".
To find out more, visit invinity.com or call Investor Relations on +44 (0)204 551 0361.