Last checked at 24 Nov 2020 07:00
This announcement contains inside information
24 November 2020
Invinity Energy Systems plc
("Invinity" or the "Company" or the "Group")
8 MWh Sale to Australian Solar + Storage Project
South Australian solar + storage project marks Invinity's largest sale to date
Invinity Energy Systems (AIM:IES), manufacturer of vanadium flow batteries (VFBs) for the large-scale energy storage requirements of businesses, industry and electricity networks, has signed a contract to deliver an 8 MWh Vanadium Flow Battery ("VFB") system for a utility-scale solar-plus-storage project to be built in South Australia.
By combining the VFB system with a 6 MWp solar PV array, the project will deliver low- emission, dispatchable solar power to South Australia's electricity network, ensuring the grid receives solar-generated electricity on demand.
The fully-funded project will be developed and operated by Yadlamalka Energy Pty Ltd. and is expected to be delivered during H2 2021, subject to planning permission. The Invinity system will comprise 41 Invinity VS3 flow batteries and has an anticipated revenue contribution of approximately £6.7m to the Group, which relates to the Invinity batteries, ancillary components and associated services. The overall project cost is projected at approximately $20m AUD.
The Group is now due a deposit, following receipt of which Invinity will commence manufacturing in H1 2021.
Further updates and details on the project will be provided in due course.
Larry Zulch, Chief Executive Officer at Invinity said:
"This project, Invinity's largest to date, is the fourth significant deal to close in three weeks. It is clear that momentum is building for the adoption of Invinity's technology as shown by projects with multiple credible partners and our growing sales pipeline. We are now consistently seeing vanadium flow batteries recognised as a robust, reliable and proven way of making renewable energy truly dispatchable at grid scale."
"We're engaging with a great deal of activity in the UK, North America and now Australia. Time and again, Australia has shown leadership in the adoption of game-changing energy technologies, and Yadlamalka Energy's vision for this project is right in line with that impressive history."
Enquiries:
Invinity Energy Systems plc | +44 (0)20 7121 6111 |
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) 207 121 6111.