Grant of Options

Invinity Energy Systems PLC

30 January 2025

 

30 January 2025

Invinity Energy Systems plc

("Invinity" or the "Company")

Grant of Options

Further to the recent changes in the executive management team, the Board of Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) announces that it has approved the award of performance-linked options over the Company's shares ("Options") to the Executive Directors.

The exercise price of the Options is 23.0p, being equal to the issue price for the Company's last fundraise and will be granted across two tranches, each representing 50% of the total award. The vesting conditions are as follows:

·    Tranche 1 will vest 1/3 per annum over 3 years, conditional on the Company's share price being at or above 16.0p at the time of vesting.

·    Tranche 2 will vest on 30 January 2028, conditional on the Company's share price being at or above 100.0p.

In setting this award of Options, the Board has considered the significant equity fundraising completed by the Company in May 2024 at 23.0p per share. The Board believes it aligns with the interests of shareholders to provide the Executive Directors with the ability to benefit from share price appreciation above that level. Given the prospects for the Company and its sector, the Board has concluded that it is appropriate for the Executive Directors to be rewarded should the share price exceed 100.0p, being significantly above both the share price at the time of this announcement and the recent fundraising.

	Role	Total new Options Granted	Final vesting Date	New Options as % of Issued Share Capital	*Maximum new Shares issued, under cashless exercise of new Options, as a % of Issued Share Capital at:		Total Options Held Following Grant	Total Options as % of Issued Share Capital	*Maximum new Shares issued, under cashless exercise of Total Options, as a % of Issued Share Capital at:
					50.0p	100.0p			50.0p	100.0p
Jonathan Marren	CEO	6,782,609	30 Jan. 2028	1.54%	0.22%	0.63%	8,532,609	1.94%	0.23%	0.73%
Adam Howard	CFO	5,968,696	30 Jan. 2028	1.35%	0.19%	0.55%	5,968,696	1.35%	0.19%	0.55%
Matthew Harper	CCO	5,968,696	30 Jan. 2028	1.35%	0.19%	0.55%	7,854,795	1.78%	0.42%	0.78%

*Presented figures represent the maximum percentage of the Company's current Issued Share Capital that each PDMR would receive, at a share price of 50.0p and 100.0p, were they to elect for a cashless exercise of options, adjusting for option price consideration and expected tax rate. These percentages are presented for illustrative purposes, actual results may vary.

The Options have been issued under the Invinity Energy Systems 2025 Employee Share Option Plan.

PDMR notifications

The notifications at the bottom of this announcement, made in accordance with the requirements of the EU Market Abuse Regulation as it applies in the UK, provide further detail.

Neil O'Brien, Non-Executive Chairman at Invinity said:

"The performance of Invinity's team is critical to the Company's success and this award is intended to more closely align share price performance with executive remuneration. The targets set are ambitious but achievable if Invinity can capture the opportunity ahead and build long term shareholder value.

"The team have an extremely busy year ahead which will see Invinity deploy its newly launched ENDURIUM product into new and existing markets across the world as the Company continues to scale in line with growing global demand for non-lithium forms of long duration energy storage"

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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 (AQSE Corporate Adviser, Financial Adviser and Joint Broker)	[phone]
Andrew Monk / Simon Barton

1	Details of the person discharging managerial responsibilities
a)	Name	Jonathan Marren
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Invinity Energy Systems plc
b)	LEI	213800XX6UAMF51CYM12
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument	Options over ordinary shares of £0.01 each ("Ordinary Shares")
b)	Identification code of the Financial Instrument	GB00BS9F9D74
c)	Nature of the transaction	Award of Options
d)	Price(s) and volume(s)	Exercise Price(s) Volume(s) 23.0 pence 6,782,609
e)	Aggregated information:  volume, Price	N/a
f)	Date of the transaction	30 January 2025
g)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities
a)	Name	Matthew Harper
2	Reason for the notification
a)	Position/status	President & Chief Commercial Officer
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Invinity Energy Systems plc
b)	LEI	213800XX6UAMF51CYM12
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument	Options over ordinary shares of £0.01 each ("Ordinary Shares")
b)	Identification code of the Financial Instrument	GB00BS9F9D74
c)	Nature of the transaction	Award of Options
d)	Price(s) and volume(s)	Exercise Price(s) Volume(s) 23.0 pence 5,968,696
e)	Aggregated information:  volume, Price	N/A
f)	Date of the transaction	30 January 2025
g)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities
a)	Name	Adam Howard
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Invinity Energy Systems plc
b)	LEI	213800XX6UAMF51CYM12
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument	Options over ordinary shares of £0.01 each ("Ordinary Shares")
b)	Identification code of the Financial Instrument	GB00BS9F9D74
c)	Nature of the transaction	Award of Options
d)	Price(s) and volume(s)	Exercise Price(s) Volume(s) 23.0 pence 5,968,696
e)	Aggregated information:  volume, Price	N/A
f)	Date of the transaction	30 January 2025
g)	Place of the transaction	Outside a trading venue

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 75 MWh of systems already deployed or contracted for delivery across 82 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 quoted 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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