MoU with Dawsongroup for UK Battery Rentals

RNS Number : 7512M

Invinity Energy Systems PLC

16 January 2023

 

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").

16 January 2023

Invinity Energy Systems plc

("Invinity" or the "Company")

MoU with Dawsongroup plc to develop UK battery rental offering  

Partnership anticipates Invinity batteries being rented to Dawsongroup customers in UK

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage , is pleased to announce that it has signed a non-binding Memorandum of Understanding ("MoU") with Dawsongroup Power Solutions Limited, part of Dawsongroup plc, a leading commercial asset rental business operating across the UK and EU, with the intention of appointing Dawsongroup as Invinity's exclusive partner for the UK equipment rental market. 

Dawsongroup has also purchased a 0.22 MWh Invinity VS3 battery which will be installed at the company's headquarters in Milton Keynes, UK later this year. The system will be used as a showcase project, providing Dawsongroup's corporate customers the opportunity to view Invinity's vanadium flow battery technology in operation.

Dawsongroup is one of Europe's leading asset rental, leasing and contract hire businesses and is the UK's largest in this sector, owning over 31,000 premium supply chain assets including transport, municipal services and cold storage which are rented to a broad customer base of large, reputable companies. The group is committed to reducing its environmental impact, through fleet electrification and using more renewable energy, that will allow its customers to accelerate their transition to net zero.

With the MoU signed, both parties will now work to conclude a definitive partnership agreement that would see Dawsongroup procure battery storage products exclusively from Invinity and become Invinity's exclusive rental partner in the UK. Both parties see strong potential for a rental market in the UK for vanadium flow batteries and expect to target customer commitments of more than 50 MWh over the next two years.

Lee Vines, Managing Director at Dawsongroup said:

"Dawsongroup Power Solutions' proposed partnership with Invinity is an exciting step towards supplying sustainable solutions for our customers. Invinity's vanadium flow batteries combined with our Smarter Asset Strategy will provide renewable energy that is safe, reliable and economical for the most demanding applications; ideal for the transition to net zero."

Matt Harper, Chief Commercial Officer at Invinity said:

"Flexible equipment ownership is a great way for organizations to increase operational efficiencies. Invinity already has a strong book of business where our vanadium flow batteries are decreasing energy bills and accelerating decarbonisation for commercial and industrial customers by providing on-site, clean power. We're very excited to work with Dawsongroup to deliver those same benefits to customers whose needs include agile worry-free asset ownership, significantly expanding our commercial opportunities."

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
EAS Advisors LLC (US Corporate Advisor)	[phone]
Matthew Bonner / Chris Chesworth

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 33 MWh of systems deployed to date across more than 50 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 on the AIM Market of the London Stock Exchange and on the Aquis Stock Exchange (AQSE). The Company trades in the USA on OTCQX Best Market under the symbol "IESVF".

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

 

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