AGM Statement

Invinity Energy Systems PLC

19 July 2023

 

19 July 2023

Invinity Energy Systems plc

("Invinity" or the "Company")

AGM Statement

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, provides the following update on current trading ahead of its Annual General Meeting, which is being held this morning in London.

H1 2023 Revenue Guidance

The Company has performed strongly in the year to date and continues to trade in line with expectations as set out in its 2022 Full Year Results and Current Trading announcement on 28 June 2023. Driven primarily by the delivery of a number of large-scale projects in the U.S., Canada and Australia (see pictures below), the Company advises that it now expects to recognise total income of no less than £13.0m for the first half of 2023 (HY22: £1.4m), representing a more than 9.3x increase period-on-period and a 3.6x increase when compared to total FY22 income (£3.6m).

The Company will announce its full interim financial statements to 30 June 2023 in September.

Invinity VFBs in transit to the Viejas Microgrid Project in Southern California

Invinity VFBs delivered to the Spencer Energy Project, South Australia (left) and Chappice Lake Solar + Storage Project, Alberta (right)

Sales & Backlog

The Company's pipeline of sales opportunities remains strong and continues to grow. As announced on 28 June, Invinity has more than 40 MWh of deals in final negotiation, with a further c.70 MWh on which Invinity expects to enter into final contracting shortly. Additionally, Invinity's pipeline also includes more than 1 GWh of qualified commercial interest for the Company's next-generation product.

Since the 28 June announcement, Invinity has also closed a 0.4 MWh sale to a customer in Bulgaria, representing entry into a new European market. The project will see two Invinity VS3s collocated with a solar PV array at a site in Sofia. Delivery of the batteries is expected to commence in Q4 2023. The contract was included in the Advanced category of the Company's most recently disclosed pipeline.

Larry Zulch, Chief Executive Officer at Invinity said:

"I'm thrilled with Invinity's progress so far in 2023. Significant period-on-period revenue growth demonstrates very important progress along our pathway to profitability and strengthens Invinity's position as a leader in the non-lithium battery energy storage sector.

"We look forward to generating further value for our shareholders throughout the remainder of the year by continuing to deliver on our backlog, closing new deals, scaling the organisation and progressing our next-generation product."

Stay up to date with news from Invinity. Join the distribution list for the Company's monthly investor newsletter here.

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 / Harry Pardoe / Gordon Hamilton
VSA Capital (Financial Adviser and Joint Broker)	[phone]
Andrew Monk / Simon Barton
Tavistock (Financial PR Advisor)	[phone]
Simon Hudson / Charles Baister	[e-mail]

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 65 MWh of systems already deployed or contracted for delivery across over 70 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 in the UK on AIM and AQSE and trades in the USA on OTCQX.

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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