20 MWh New EU Sales and Year End Trading Update

Invinity Energy Systems PLC

02 January 2026

 

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").

2 January 2026

Invinity Energy Systems plc

("Invinity" or the "Company")

20 MWh New EU Sales and Year End Trading Update

Invinity batteries selected for Hungary; Trading to Year End 2025

Invinity Energy Systems plc (AIM: IES), a leading global manufacturer of utility-grade long duration energy storage, is pleased to announce two new sales and to provide an update on its current trading to the end of 2025.

2025 Trading and Future Prospects

2025 began with Invinity having just launched its Endurium product and shipped its first 1.2 MWh demonstration system from its manufacturing facility in Vancouver and the Company was actively working on a key strategic goal of reducing Endurium product costs in order to open up as broad a market opportunity as possible whilst supporting improved product margins.

With 2025 now complete, Invinity is pleased to report substantial progress across all key areas of the business including Commercial, Operations, Product Range and Product Cost.

Commercially, as well as the recently announced sales in late December to Pacific Northwest National Labs ("PNNL") (12 MWh Endurium) and the first Endurium Enterprise sale to Charles Murgat (3.5 MWh), the Company also announced sales during the year with STS Group ("STS") (10.8 MWh Endurium), Ideona Group ("Ideona") (2 contracts totalling 4 MWh for VS3) and confirmed the Invinity Copwood VFB Energy Hub (formerly the LoDES project) would proceed (20.7 MWh VS3). Invinity is also announcing today its biggest combined sales agreements to date for 2 Endurium systems totalling 20 MWh to Ideona, further details of which are set out below.

The Company has a substantial pipeline of opportunities which it is progressing and has growing confidence that this pipeline will ultimately be converted into material sales orders in due course, particularly given the momentum shown recently from the 4 agreements announced over the last 7 business days. In addition, the Company continues to work with its potential customers on the 16.7 GWh of bids submitted under the UK Long Duration Energy Storage ("LDES") Cap & Floor Scheme, further details of which are given below.

The above commercial progress has been made possible by the product cost reduction activities that have, and continue to be, engaged in and are progressing ahead of targets. This, together with the expansion of the product range announced in September 2025 with the launch of Endurium Enterprise primarily aimed at the Commercial & Industrial 'behind-the-meter' market, is enabling Invinity to provide a competitive product offering to its customers and which, the Board believe, will enable Invinity to expand its market share and cement its position as one of the leading global manufacturers of utility-grade long duration energy storage.

Operationally, Invinity is pleased to announce that deliveries to major projects expected for completion within 2025 have been successfully concluded. This includes deliveries to HITT, STS and the 2 VS3 sales to Ideona as well as the Invinity Copwood VFB Energy Hub, which is progressing very well and expected to be fully operational within H1 2026. The Company is very pleased to have engaged with partner Enel X to manage dispatch and revenue optimisation from the Invinity Copwood VFB Energy Hub, which once operational will generate recurring revenue for the Company.

A feature of Invinity's operational capabilities is the flexibility of its manufacturing approach. Stack manufacturing capacity was significantly increased through the implementation of a semi-automated stack line in Scotland, which can be readily replicated in other jurisdictions for relatively low capital expenditure, and during the year the transfer has been completed of Endurium initial balance of system manufacturing to its partner in China, Baojia. Invinity is now able to ship Endurium direct from the UK, Canada and China and is primed to scale up such capacity across those locations as well as the U.S. and in India supported by its recently announced partnership with Atri.

The Company is pleased to confirm that it has recently concluded the commissioning of its 10 MWh project with partner Indian Energy at the Viejas Resort and Casino in Southern California, as well as its 4 MWh project with EDF Renewables North America subsidiary PowerFlex on the tribal lands of the Rincon Band of Luiseño Indians, also in Southern California. At the Rincon project all the Invinity vanadium flow batteries ("VFBs") have now been installed, with commissioning expected in January 2026.

In terms of performance for 2025, on 9 September the Company confirmed, inter alia, that it had approximately £15m of signed committed or booked revenue and grant income where Invinity had a high confidence, albeit with risks remaining relating to supply chain execution impacting delivery by year-end. It also stated that it had approximately £5m signed uncommitted with projects where the key risks include delay to customer Notice to Proceed ("NTP") and approximately £6m near-term contracts. The amount of such revenue to be recognised would depend on concluding certain near-term commercial opportunities and the successful shipment of those together with the completion of shipment of existing signed orders.

The Company can confirm today that it anticipates recording revenue and project grant income for 2025 of approximately £17m following the shipment of products to STS, Ideona and HITT as well as claiming the majority of the grant funding available for the Invinity Copwood VFB Energy Hub. This does not include any licence fee income from the agreement with UESNT which had not yet been concluded by, despite negotiations running up to, the year-end; however, Invinity will work with UESNT to progress their project into 2026.

At today's date, the Company has a 2026 order book of £17m signed contracts/sales agreements comprising the following:

·    Approximately £8m signed committed.

·    Approximately £9m signed uncommitted. These are projects where the key risks include delay to customer NTP, typically impacted by construction permits, site readiness and the timing of financial close. This number does not include any licence fee which would be payable by UESNT if their project progresses.

This order book, which matches the same revenue and project grant income expected to be recorded for all of 2025, represents a meaningful portion of anticipated 2026 revenues which, together with the substantial pipeline of potential order for 2026 and beyond, gives significant confidence in the future prospects for the Company.

Follow-On Sales to Hungarian Partner

As indicated above, the Company has signed two new agreements to supply 20 MWh of vanadium flow battery systems to Central European Vanadium Storage Kft, a subsidiary of diversified energy project, property and capital management firm Ideona, one of Invinity's commercial partners in Hungary, for use in two solar-plus-storage projects in Hungary.

These deals would represent Invinity's fourth and fifth sales into the Hungarian market, and are repeat orders from Ideona, which previously purchased a 4 MWh VS3 battery system in September 2025 and were part of a consortium which purchased a 1.5 MWh VS3 in 2023.

Of the 20 MWh, an 8 MWh Endurium VFB will be located in Veszkény, western Hungary, while a 12 MWh Endurium VFB will be located in Dunaföldvár, central Hungary. Both projects will be co-located with existing solar photovoltaic arrays and will use Invinity's batteries to provide energy shifting and regulation services to their local grids. These projects are to be supported in part by funding from the Hungarian government.

As with previous sales with Ideona, both agreements are conditional on NTP being received by Invinity, which the Company has been advised to expect in H1 2026 once Ideona and their funding partners have reached financial close on each project. Assuming the NTPs are received in line with this schedule, deliveries of Endurium batteries for both projects are expected to commence in H1 2026.

Cap and Floor Programme Continues to Progress

Finally, Invinity has continued to work with its partners within the UK LDES Cap and Floor programme to advance those applications for delivery to 21 projects across the UK, which together could see the deployment of up to 16.7 GWh of Invinity's VFBs. Efforts by Invinity and its partners within Q4 2025 have included finalising submissions to programme administrator Ofgem detailing the cost-benefit analysis of these projects, confirming how these projects will benefit not just the operation of the UK grid but also the costs passed on to electricity consumers.

The Company cautions that due to the competitive nature of the Ofgem process, there is no guarantee any, and highly unlikely that all, of these project bids will ultimately be successful. However, Invinity's management team continue to believe that the Company is well positioned to secure a level of orders which could be highly material to Invinity's future trading.

The Company expects to provide an update once further announcements on the scheme are made by Ofgem, for which Ofgem has guided towards a final determination in summer 2026.

Jonathan Marren, Chief Executive Officer at Invinity said:

"2025 has been a year of meaningful progress for Invinity. We entered the year having just launched Endurium and with a clear focus on reducing product costs while expanding our addressable market, and I am pleased with the substantial advances we have made commercially, operationally and in product competitiveness. The momentum demonstrated by multiple sales announced in recent weeks, repeat orders from established partners such as Ideona, and the build-up of a £17m 2026 order book gives the Board growing confidence in the Company's outlook. With a scalable manufacturing footprint, an expanded product range and a strong pipeline across utility-scale and behind-the-meter markets, we believe Invinity is well positioned to drive further growth and strengthen its position as a global leader in long-duration energy storage.

"These follow-on agreements with Ideona are a strong endorsement of both our technology and our execution. Signing repeat agreements which will represent our largest combined sales to date with a trusted European partner reflects the growing role that long-duration energy storage is playing in solar-plus-storage projects across Central Europe. We look forward to supporting Ideona as these projects progress to financial close and into delivery during 2026, and to further expanding our partnership as the market for grid-scale long duration energy storage continues to develop."

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Enquiries:

Invinity Energy Systems plc	[phone]
Jonathan Marren, Chief Executive Officer Joe Worthington, Senior Director, Corporate Affairs
Canaccord Genuity (Nominated Adviser and Joint Broker)	[phone]
Henry Fitzgerald-O'Connor / Harry Pardoe / Charlie Hammond
VSA Capital (Joint Broker)	[phone]
Andrew Monk / Andrew Raca

Notes to Editors

Invinity Energy Systems plc (AIM: IES) 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 30 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 1 to hundreds 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 more than 190 MWh of systems deployed, contracted for delivery or awarded for projects across more than 90 sites in 17 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA and China. Invinity Energy Systems plc is quoted in the UK on AIM.

To find out more, visit invinity.com, sign up to our monthly Investor Newsletter here or contact Investor Relations on via [phone] or [e-mail].

 

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