10 MWh California Sale Contract Executed

RNS Number : 6896D

Invinity Energy Systems PLC

21 October 2022

 

21 October 2022

Invinity Energy Systems plc

("Invinity" or the "Company")

10 MWh Sale to California Solar + Storage Project Confirmed

Invinity's largest North American sale with Tribal Partner Indian Energy accelerates Company's U.S. growth

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage , is pleased to announce the sales contract for a 10 MWh Invinity VS3 flow battery system for use in a large-scale solar microgrid project in Southern California has now been executed with Maada'oozh LLC, a wholly owned subsidiary of Indian Energy LLC. This follows Invinity's 13 October 2022 announcement that the project had been granted funding from the California Energy Commission. This builds on Invinity's ongoing work with Indian Energy which includes the 0.5 MWh project at a US Marine Corps base in Southern California announced 17 May 2021.

The project will see 44 Invinity VS3 batteries with a combined capacity of 10 MWh installed at the Viejas Resort & Casino near San Diego, California as part of a large-scale solar microgrid project. A deposit for the project is now due and Invinity plans to commence manufacturing upon receipt. The Company expects first product shipments to site to occur within H1 2023.

Key milestones in U.S. expansion strategy

This sale, Invinity's largest to date, is the Company's third recent battery project in California and represents further conversion of Invinity's near term sales pipeline in key regions such as the U.S. - a market Invinity has targeted for expansion throughout 2022 and beyond.

Indian Energy is a 100% Native American-owned and -operated project developer and systems integrator. The company specializes in developing large-scale advanced energy resiliency solutions for the Department of Defense, Community energy groups and Tribal utility authorities across the U.S. Indian Energy has 4 GW of renewable generation and 6 GWh of energy storage currently under development. Maada'oozh, which means 'to share' in the native language of the Annishinaabe Nation, was established to assist technology providers with logistics, integration and localization as California ramps up its demand for these solutions and technologies.

Allen G Cadreau, Founder and Chief Executive Officer at Indian Energy said:

"Indian Energy was founded on the vision that indigenous peoples worldwide should have the means, the knowledge, and the right to achieve energy sovereignty. This project is a critical step towards that vision, delivering a system of systems that will see the Viejas Band use cutting-edge storage technologies to harvest the sun's energy and power their tribal-owned enterprises.

We look forward to working with the Invinity team not only to expand our work together on microgrids in Southern California, but to showcase how the combination of indigenous ownership, engineered energy systems and appropriate regulatory support is the fastest path to a sustainable energy future. We are impressed by their professional team and have appreciated their simple, open, and honest business approach to their long duration energy storage technology."

Larry Zulch, Chief Executive Officer at Invinity said:

" From our earliest commercial installations Invinity has seen the potential for our vanadium flow batteries in California, so it is fitting that our largest project to date be installed in support of the State's clean energy and long-duration storage objectives. Our success depends on great partners, and the Indian Energy team have exactly the vision and capabilities that will see us accelerate toward California's ambitious goals. The project at Viejas Resort and Casino is further proof that Invinity's safe, durable batteries are the right fit for communities committed to independently delivering their own reliable, low-cost power and the right answer for applications across the electric grid as the world treads the path to net zero."

Enquiries :

Invinity Energy Systems plc	[phone]
Jonathan Marren, Chief Development Officer and Interim CFO Joe Worthington, Director of Communications
Canaccord Genuity (Nominated Adviser and Joint Broker)	[phone]
Henry Fitzgerald-O'Connor / Gordon Hamilton
VSA Capital (Financial Adviser and Joint Broker)	[phone]
Andrew Monk / Simon Barton
EAS Advisors LLC (US Corporate Advisor)	[phone]
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 [phone].

 

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