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18 Jan 2023 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").
18 January 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
Update on Longer Duration Energy Storage Demonstration (LODES) Competition
Phase 1 complete, funding decision for Phase 2 expected soon
Further to its announcement on 23 February 2022, Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to provide an update on its participation in the UK Government's Department for Business, Energy & Industrial Strategy's (BEIS) Longer Duration Energy Storage Demonstration ("LODES") Competition.
Invinity was awarded £708,371 of funding from BEIS under Phase 1 of the LODES competition to carry out a comprehensive planning and feasibility study for a large scale, grid-connected vanadium flow battery project in the UK (the "Project"). Invinity is pleased to announce that it has successfully completed this phase of the competition with assistance from its Phase 1 consortium partners.
The Company has also now submitted the required application and supporting materials to BEIS in respect of Phase 2 of the LODES competition and will look to publish certain findings from the completed feasibility study on its website in due course. If successful in this application, BEIS is expected to make available funds of up to £11m in support of Project development costs, representing a significant proportion of the total1.
Invinity now awaits a final decision from BEIS in respect of the award, after which the Project would move through definitive contracting to the build and commissioning stage (Phase 2) alongside a new Phase 2 development partner, a leading UK-focussed developer of flexible generation and battery storage projects. Invinity currently expects to be notified of BEIS' decision within the next few months.
Jonathan Marren, Chief Development Officer at Invinity said:
"We are very grateful to BEIS for the support we have received to date through our participation in the LODES programme. Technologies such as vanadium flow batteries, engineered and assembled in the UK, are playing an ever-greater role in accelerating progress towards net zero, in no small part thanks to initiatives such as this. With this submission now completed, we believe that Invinity and its partners have made a significant step towards the development and deployment of what could be a highly significant UK energy storage project."
1The Company cautions that due to the competitive nature of this process, there is no guarantee Invinity will ultimately be successful in the award of Phase 2 or the scale of any such award.
Enquiries:
Invinity Energy Systems plc | +44 (0)20 4551 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 / Harry Pardoe / 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.
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