Last checked at 10 Mar 2023 07:00
10 March 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
Follow-on UK Order & New EU Commercial Partnership
Dawsongroup relationship strengthened with follow-on order; new commercial partnership in Hungarian market.
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) a leading global manufacturer of utility-grade energy storage, is pleased to announce a further sale in the UK to Dawsongroup plc and entry into a new European market through the initiation of a multi-party commercial partnership with Ideona Group and STS Group in Hungary.
Follow-on order with Dawsongroup plc
Further to Invinity's 16 January 2023 announcement of a partnership with Dawsongroup plc to develop a UK battery rental offering that included an initial VS3 unit sale, the Company is pleased to announce it has received an additional order from Dawsongroup for another 0.22 MWh VS3 battery.
Invinity is working closely with Dawsongroup Power Solutions, a newly formed business unit within Dawsongroup plc, to jointly develop and market a full package battery plus renewables solution that is designed to be available on a capex-free basis to UK commercial customers.
Commercial Partnership in Hungary
Invinity has entered into a multi-party commercial partnership with leading Hungarian renewable energy project developer, STS Group ("STS") and their strategic partner, Ideona Group ("Ideona") a Hungarian asset management company. Under the agreement, Invinity has appointed Ideona and STS as the Company's partners in Hungary with a mandate to deploy Invinity batteries as part of future solar plus storage and grid infrastructure support projects.
Invinity's new Hungarian partners have already identified over 50 MWh of potential projects for Invinity batteries, the majority of which have reached a sufficient stage of qualification to have been included in the Company's most recently published pipeline.
Hungary was among the first countries globally to turn its 2050 emissions target into a legal commitment. The country is targeting a 90% clean energy mix by 2030 which includes an increase in renewable generation and battery storage.
Matt Harper, Chief Commercial Officer at Invinity said:
"I'm very pleased to report these positive developments for Invinity in new and existing markets. Our new partnership with Ideona and STS will help to establish Invinity as a leading provider of safe, durable longer-duration storage in Hungary. Our second sale to Dawsongroup further deepens our relationship with one of the UK's foremost asset rental businesses and builds upon the tremendous demand we see for Invinity's flow batteries to serve the UK commercial and industrial sector."
Enquiries:
Invinity Energy Systems plc | +44 (0)20 4551 0361 |
Jonathan Marren, Chief Development Officer and Interim CFO Joe Worthington, Director of Communications |
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.
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