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8 Nov 2021 07:00
This announcement contains inside information
8 November 2021
Invinity Energy Systems plc
("Invinity" or the "Company")
Operational Update
Invinity Energy Systems plc (AIM:IES), leading global manufacturer of utility-grade energy storage, is pleased to provide an update on the latest status of the Company's Q4 activities.
Since publishing its Interim Results on 28 September 2021 and despite the continuing global supply-chain challenges, Invinity has shipped more than 4.2 MWh of batteries (over 20 VS3 units) to customer sites.
The current status of product delivery to and commissioning of a number of key projects is detailed below:
Energy Superhub Oxford (ESO)
- Cluster 1 on site, energised and currently in trial operation ahead of final commissioning
- Cluster 2 on site and being installed ahead of energising in the coming weeks
- Cluster 3 scheduled to arrive on site this week, completing physical delivery of Invinity's product to ESO
- Full system anticipated to be energised by end of year, with customer handover expected to occur in early 2022
Scottish Water
- System on site. Installation processes currently underway prior to batteries being energised later this year
Other UK and USA projects
- Three additional announced projects in the UK and USA: EMEC, Webcor and Soboba, remain on track for their scheduled deliveries before the end of 2021, though any further supply chain challenges could delay one or more of those deliveries, deferring revenue recognition from 2021 to 2022
Yadlamalka Energy
- Further to the announcement on 28 September, the Company is pleased to report that the project developer has made progress, taking appropriate steps for the project to resume as originally planned in H1 2022.
Further to the above update on product delivery status, the Company's Joint Development and Commercialization Agreement with Gamesa Electric that was announced on 11 May 2021 related to the development of a grid-scale flow battery product continues to progress towards programme deliverables.
Supply chain issues and inflationary pressures are still being felt across many industries in the transitional energy supply chain and Invinity is not immune to these effects. This is likely to continue into 2022 and although it is impossible to forecast accurately, Invinity's management believes that this is a temporary issue and will not have a significant impact on Invinity's long-term position as a major player in the energy storage sector. Invinity's sales pipeline remains very strong with management anticipating that proof of product delivery will help accelerate the close of deals currently in negotiation.
Invinity is also pleased to have recently launched a new corporate website at https://invinity.com.
Larry Zulch, Chief Executive Officer at Invinity said:
"The imperative for utility-grade energy storage has never been clearer, as demonstrated by recent incidents of UK grid instability and initiatives out of COP26. Invinity, despite supply chain disruptions and COVID-induced delays, has achieved a milestone of tremendous importance; we are now shipping our products into the field almost on a weekly basis. This positions us very well to secure significant new contract wins from our very healthy pipeline."
Enquiries:
Invinity Energy Systems plc | +44 (0)204 551 0361 |
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 |
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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 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 10 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
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