Last checked at 23 Feb 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").
23 February 2022
Invinity Energy Systems plc
("Invinity" or the "Company")
Invinity Wins Funding for First Phase of 40 MWh UK Solar + Storage Project
UK Government-backed feasibility study aims to deliver one of UK's largest storage-enabled solar power resources using Invinity flow batteries
Invinity Energy Systems plc (AIM:IES), a leading global manufacturer of utility-grade energy storage, has been awarded £708,371 of funding from the Department for Business, Energy & Industrial Strategy (BEIS) under Phase 1 of the Longer Duration Energy Storage (LODES) Demonstration competition. This award will fund a comprehensive planning and feasibility study on what could become one of the UK's largest co-located solar and energy storage projects. If Phase 1 is deemed successful, the Company then expects the project to progress through financial close and to the construction of a 40 MWh Invinity Vanadium Flow Battery (VFB) funded in part by BEIS via Phase 2 of the LODES programme.
Invinity is leading the project consortium, which includes Pivot Power, part of EDF Renewables, and EDF R&D UK, with the objective of progressing this first-of-a-kind project towards financial close and ultimately delivery. With the aim of generating low-cost, low-carbon, dispatchable energy as part of the UK's journey to Net Zero, the project will serve as a template for other grid-constrained solar generation sites globally.
This competition forms part of the Government's 10-Point Plan, announced in November 2020, in which £100m has been committed to address "Energy Storage and Flexibility Innovation Challenges" and accelerate commercialisation of innovative Long Duration Energy Storage projects that will accelerate the UK's progress towards Net Zero. Invinity's project falls under Stream 1 of the competition which focuses on longer duration energy storage technologies that can deliver a minimum of 4 hours of storage, allowing more renewable generation to be integrated on to the UK network while mitigating the need for expensive connection upgrades.
The funding award covers expenses related to the project feasibility study and includes the purchase of two Invinity VS3 units for testing and validation purposes to support the project's progression to financial close. As planned, this activity is also expected to deliver further cost reductions and performance enhancements to Invinity's VS3 product.
Work on the Phase 1 feasibility study has already commenced and is expected to progress throughout 2022.
The Company will provide further updates in due course, including the publishing of feasibility study findings.
Energy & Climate Change Minister Greg Hands said:
"Driving forward energy storage technologies will be vital in our transition towards cheap, clean and secure renewable energy.
"It will allow us to extract the full benefit from our home-grown renewable energy sources, drive down costs and end our reliance on volatile and expensive fossil fuels. Through this competition we are making sure the country's most innovative scientists and thinkers have our backing to make this ambition a reality."
Larry Zulch, Chief Executive Officer at Invinity said:
"The LODES initiatives are yet another demonstration of the UK's commitment to building a thriving low carbon economy. Invinity greatly appreciates BEIS's vision for that future, especially the vital role that safe, reliable and robust long-duration energy storage has to play on a Net Zero UK electric grid. In realizing that vision we are tremendously pleased to be working again with BEIS, Pivot Power and EDF to plan the deployment of a vanadium flow battery eight times the size of the one currently operating at Energy Superhub Oxford."
Enquiries:
Invinity Energy Systems plc | +44 (0)204 551 0361 |
Peter Dixon-Clarke, Chief Financial Officer Joe Worthington, Director of Communications | |
Canaccord Genuity (Nominated Adviser and Joint Broker) | +44 (0)207 523 8000 |
Henry Fitzgerald-O'Connor / James Asensio | |
VSA Capital (Financial Adviser and Joint Broker) Andrew Monk / Simon Barton | +44 (0)203 005 5000
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Notes to Editors
Invinity Energy Systems plc (AIM:IES) manufactures 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 25 MWh 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)204 551 0361