Last checked at 21 Nov 2022 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").
21 November 2022
Invinity Energy Systems plc
("Invinity" or the "Company")
2.2 MWh Sale to Taiwanese Resale Partner
Invinity enters Taiwan through resale agreement with local partner
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to announce a 2.2 MWh sale to Bei Ying International Corporation ("Bei Ying"), a Taiwanese industrial equipment wholesaler.
Bei Ying has made an initial purchase of 10 Invinity VS3 batteries with a total capacity of 2.2 MWh. Acting in its capacity as a local, in-country reseller for Invinity, these batteries will be resold by Bei Ying to end-users within Taiwan. The first battery will be delivered to an industrial technology research institute with the remainder expected to be sold to commercial and industrial electricity users in conjunction with renewable energy and electric vehicle charging equipment.
This commercial milestone represents entry into the Taiwanese market for Invinity and an additional commercial partnership in East Asia through which the Company expects to generate significant new sales. A deposit is now due, with the first battery planned for delivery next month, December 2022. Delivery of the remaining nine batteries is expected to occur throughout 2023.
Taiwan has become an attractive market for energy storage manufacturers in recent times as a result of ambitious zero-emissions targets. These targets include a goal of generating more than 20% of the island's power from renewables by 2026. Battery storage is expected to play an important role in Taiwan's road map to hit net-zero by 2050 with Government and state-owned companies planning to spend approximately USD 32 billion on renewables, grid infrastructure and energy storage projects between 2022 and 2030.
Established in 2005 in Taipei, Bei Ying International Corporation is pursuing the rapidly growing energy storage market in Taiwan. Bei Ying's business targets also include products and services related to renewable energy generation, EV charging infrastructure, and e-mobility.
Matt Harper, Chief Commercial Officer at Invinity said:
"Our entry into Taiwan is an exciting commercial milestone for Invinity. The island is ideally positioned to take advantage of renewable power, made dispatchable by energy storage solutions, in pursuit of ambitious climate targets.
We are continuing to execute on our strategy of expanding into new markets alongside trusted local partners and in this respect, we are very pleased to be working with Bei Ying to access new global sales opportunities. We look forward to demonstrating the competitive advantages of our products in Taiwan and expanding our presence across East Asia."
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.