8.4 MWh Sale to Canadian Solar + Storage Project

RNS Number : 5857A

Invinity Energy Systems PLC

03 February 2022

 

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").

3 February 2022

Invinity Energy Systems plc

("Invinity" or the "Company")

8.4 MWh Sale to Canadian Solar + Storage Project

Invinity announces its largest North American energy storage sale to date

Invinity Energy Systems plc (AIM:IES), leading global manufacturer of utility-grade energy storage , is pleased to announce the sale of a 8.4 MWh Invinity VS3 flow battery to Elemental Energy Inc ("Elemental Energy") for a utility-scale energy project in Alberta, Canada. This is the Company's largest sale in the North American market to date.

The Chappice Lake Solar-Storage project, which is at an advanced stage of development, will couple 8.4 MWh of Invinity VS3 vanadium flow batteries ("VFBs") with 21 MWp of solar generation to generate enough low-carbon electricity to serve the daily needs of more than 7,000 Albertans.

The project, which has received funding support from Emissions Reduction Alberta, will demonstrate how energy storage allows greater use of renewable energy generation in Alberta's electric grid. Delivering solar-generated energy when it is most valuable is an ideal use for Invinity's VFBs, emphasising the Invinity VS3's ability to deliver long-duration, high-cycle energy storage without capacity degradation. The project, near the city of Medicine Hat, is expected to directly deliver emissions reductions of almost 20,000 tCO₂e/year, the equivalent of taking 4,300 passenger vehicles off the road.

Construction on the project site is expected to commence in H1 2022. The Invinity system will comprise 38 Invinity VS3 flow batteries plus ancillary components. The project is expected to be commissioned in late 2022. 

The Chappice Lake project will be owned and operated by Elemental Energy, a Vancouver-based private renewable energy development company with over 100 MW of wind, solar and hydro projects in construction or operation and over 700 MW of further projects under development. Elemental Energy has partnered with the Cold Lake First Nation who hold an equity interest in the Chappice Lake project.

Existing project deliveries

Further to the Operational Update issued on 17 December 2021, Invinity confirms that the shipping and final commissioning of previously announced projects in the UK, USA, Australia and Asia continues to progress in line with previous guidance. Accordingly, the majority of the revenue associated with these projects, totalling 17.6 MWh or 80 VS3 batteries, is expected to be recognised in 2022, with circa £3m being already accounted for in 2021.

Larry Zulch, Chief Executive Officer at Invinity said:

"We are pleased to be starting 2022 announcing our largest North American sale to date, reflecting Invinity's transition to a new business phase now that we are delivering standardized energy storage products into commercially-viable projects. Working with the team at Elemental sets a high bar for future commercial relationships. We are grateful for the support of Emissions Reduction Alberta and for the Cold Lake First Nation's participation in demonstrating how delivering power on demand from an abundant solar resource can expand Alberta's legacy of leadership in energy."

Enquiries :

Invinity Energy Systems plc	[phone]
Peter Dixon-Clarke, Chief Financial Officer Joe Worthington, Director of Communications
Canaccord Genuity (Nominated Adviser and Joint Broker)	[phone]
Henry Fitzgerald-O'Connor / James Asensio
VSA Capital (Financial Adviser and Joint Broker) Andrew Monk / Simon Barton	[phone]

Notes to Editors

Invinity Energy Systems plc (AIM:IES) provides large-scale utility-grade energy storage for high-throughput requirements of business, industry and electrical networks.

Invinity's factory-built vanadium 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, ranging in size from less than 250 kilowatt-hours to tens of megawatt-hours.

Invinity was created in April 2020 through the merger of two vanadium flow battery industry leaders: redT energy plc and Avalon Battery Corporation. With over 25 MWh of systems delivered, contracted or operational across 40 sites in 14 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 listed on the London Stock Exchange.

To find out more, visit  invinity.com  or call Investor Relations on [phone]

 

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