Invinity chosen for 7.8MWh of California projects

RNS Number : 3006B

Invinity Energy Systems PLC

07 October 2020

 

This announcement contains inside information

7 October 2020

Invinity Energy Systems plc

("Invinity" or the "Company")

Invinity selected for 7.8MWh of California energy storage projects

Four projects awarded funds by the California Energy Commission to rely on Invinity batteries

Invinity Energy Systems plc (AIM:IES), manufacturer of vanadium flow batteries ("VFBs") for the large-scale energy storage requirements of businesses, industry and electricity networks, is pleased to announce its participation in four separate energy storage projects funded by the California Energy Commission ("CEC").

In January 2020, the California Energy Commission, California's primary energy policy and planning agency, released a grant funding opportunity to promote "…innovative longer-duration non-lithium ion energy storage…" Invinity collaborated with four partners to submit independent proposals. Of the 23 submissions received by the CEC, eight awards were proposed, including all four Invinity submissions.

The Company is working to conclude final contracts with its project partners towards a 2021 delivery of the combined 7.8 MWh of Invinity's VFBs. Upon the deals reaching contractual close, Invinity will provide an update, including additional details of the projects.

Larry Zulch, Chief Executive Officer at Invinity said:

"The California Energy Commission has taken a leadership role in driving the diversity of energy storage required in the future. We were fortunate to collaborate with some tremendous partners on this opportunity and thrilled to have all four proposals with which we were involved chosen for funding. Our success in this solicitation is an enormous vote of confidence in Invinity's vanadium flow batteries and their ability to help ensure a robust, clean, and inexpensive energy supply in the future."

Enquiries :

Invinity Energy Systems plc	[phone]
Larry Zulch, Chief Executive Officer
Peter Dixon-Clarke, Chief Financial Officer Joe Worthington, Director of External Communications
Investec Bank plc (Nominated Adviser and Joint Broker)	[phone]
Jeremy Ellis / Chris Sim / Will Fenby
VSA Capital (Financial Adviser and Joint Broker) Andrew Monk / Andrew Raca	[phone]
Hudson Sandler (Financial PR) Nick Lyon / Nick Moore	[phone]

Notes to Editors

Invinity Energy Systems plc (AIM:IES) manufactures vanadium flow batteries for the large-scale energy storage requirements of businesses, industry and electricity networks.

Developed specifically for high-utilisation applications, Invinity's highly scalable, factory-built flow battery products make low-carbon renewable generation reliable and can run continually with no degradation, charging and discharging for over 25 years. 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 10MWh 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 [phone].

 

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