MSP visit to Invinity manufacturing facility

RNS Number : 8131J

Invinity Energy Systems PLC

26 August 2021

 

26 August 2021

Invinity Energy Systems plc

("Invinity" or the "Company")

MSP visits Invinity's Scottish manufacturing facility

Fiona Hyslop, MSP, commends Invinity as flow batteries play growing role in global energy transition 

Invinity Energy Systems (LSE:IES), a leading global manufacturer of flow batteries, was pleased to welcome Fiona Hyslop, MSP for Linlithgow Constituency and deputy convener of the Net Zero Scottish Parliament Committee who visited the Company's Bathgate manufacturing facility yesterday.

Invinity manufactures utility-grade energy storage systems which utilise patented Vanadium Flow Battery (or "VFB") technology, one of the leading alternatives to lithium-ion battery technology, to accelerate the deployment of renewable energy globally. To date, the Company has over 25 megawatt-hours (MWh) of its batteries installed or under contract for delivery at more than 40 sites worldwide, including pioneering projects in Scotland, England, the USA and Australia which are currently under construction.

In line with growing demand for its products, the Company has more than doubled its global manufacturing capacity since the beginning of the year, utilising growth capital raised in late 2020 to expand its global manufacturing facilities, including its factory in Bathgate, West Lothian.

During the visit, the Company was commended by Ms. Hyslop for its role in enabling the global shift to renewable energy. Invinity's Bathgate site plays a crucial role in assembling the battery systems for export to customers around the world and as part of its expansion, the Company has created more than 25 new green jobs in the West Lothian area, taking advantage of the high-quality pool of labour present in the region. The Company's staff includes many former oil and gas sector workers applying their skills to develop Invinity's clean energy technology, supporting a burgeoning renewable energy economy in Scotland.

Renewable energy, and the energy storage required to deliver it on demand, will be a critical issue for national Governments attending the COP26 climate conference in Glasgow this November. The meeting is just a short distance from Invinity's Bathgate factory, emphasizing how cutting edge policy and manufacturing for the global clean energy transition can be developed together.

Fiona Hyslop, Member of Scottish Parliament (SNP) said: "I was very impressed by my visit to the Invinity Energy facility. The progress of the company over recent years has created local job opportunities and grown new skills in the renewable energy industry which are essential to tackle the climate crisis and support our economic recovery from the pandemic.

"The Scottish Government aims to have 50% of our energy produced from renewable energy sources by 2030 and it is technology like this that will enable us to create a reliable energy system, whilst developing vital skills and jobs to lead the international roll out of clean technology.

"As global leaders attend the COP26 conference in Glasgow, it is exciting to see this facility in my constituency export innovative energy technology to support renewable energy around the world."

Despite having one of the greenest grids in the world, Scotland's energy grid is also one of the most constrained. UK wind power generation exceeded the energy grid's ability to effectively absorb and distribute that power over 75% of days last year, meaning 3.6 terawatt-hours of clean energy (just over 1% of total UK demand) was wasted.

Network constraints are increasingly limiting how much additional renewable capacity can be installed across Scotland; those constraints can be alleviated by deploying utility-grade energy storage assets, meaning Scotland can maintain the current rate of renewable capacity growth in the years to come. The installation of VFBs, such as those manufactured in Scotland by Invinity, can help to manage these constraints, enabling the development of additional renewable energy generation to accelerate Scotland's progress towards Net Zero.

Larry Zulch, CEO, Invinity Energy Systems said: "The past 18 months have been transformational for Invinity as we successfully established our ability to produce the first flow battery shipping globally as a standardized, factory-built product.

"The team at our Bathgate facility has been essential to the progress we've made as a company, a testament to their skills and commitment. Our expanding presence in Bathgate creates new jobs, supports the local economy and helps accelerate the national push towards green energy and green skills.

"Taking low-cost, low-carbon, but fundamentally intermittent energy and making it dispatchable through the use of large-scale, utility-grade energy storage is vital to achieving net-zero by 2050. We're looking forward to continuing to expand our operational footprint in Scotland and internationally as flow batteries increasingly become recognised as a leading solution to meeting aggressive climate targets."

Enquiries :

Invinity Energy Systems plc	[phone]
Larry Zulch, Chief Executive Officer
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]
Hudson Sandler (Financial PR) Nick Lyon / Nick Moore	[phone]

Notes to Editors

Invinity Energy Systems plc (AIM:IES) manufactures 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 10 MWh of systems deployed to date across 40 sites in 14 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and South Africa. Invinity Energy Systems plc is listed on the London Stock Exchange.

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

 

END

 

 

NRASEAFUIEFSESA