US Sales Update

RNS Number : 8007F

Invinity Energy Systems PLC

19 November 2020

 

This announcement contains inside information

19 November 2020

Invinity Energy Systems plc

("Invinity" or the "Company" or the "Group")

First CEC Deal Closed, Ameresco Opportunity

Invinity VS3 to provide emergency services with clean, renewable power through grid outages

Invinity Energy Systems plc (AIM:IES), manufacturer of vanadium flow batteries (VFBs) for the large-scale energy storage requirements of businesses, industry and electricity networks, is pleased to announce that it has entered into a contract with GRID Alternatives to deliver a 0.5 MWh VFB to a site in California.

The project, located at a fire station within the Soboba Native American reservation in Southern California, will use an Invinity VS3 vanadium flow battery system, coupled with solar generation, to ensure the availability of uninterrupted power to the site. In designing and developing this project, GRID Alternatives aims to use renewable energy to support emergency services and the local community during blackouts caused by the impact of wildfires in the state.

The 0.5 MWh system will comprise two Invinity VS3 flow batteries and is expected to contribute revenue of approximately £480,000 to the Group, relating to the Invinity battery system itself, ancillary components and associated services. The project is expected to be delivered in the second half of 2021.

This project is one of four that Invinity announced on 7^th October 2020 which have been awarded funding from the California Energy Commission. This project is the first of those four to have concluded final contracts between Invinity and its partners.

In addition to the update above, the Company is pleased to announce it has also entered into an agreement to deliver two VS3 VFB battery modules, with a total capacity of 72 kWh, to Ameresco, one of the largest independent energy services providers in North America and the United Kingdom. These Invinity battery modules will be deployed by Ameresco as part of a multi-stage investigation of how flow battery technology could support microgrids in defense applications. The project has received funding from the U.S. Department of Defense ("DOD") with the goal of informing how VFB technology could support DOD energy security objectives by testing the performance of the technology across a variety of microgrid and grid-tied scenarios.

"We are seeing growing interest from our Federal Government customers in how new energy storage technologies could complement lithium-ion batteries to support their mission objectives," said Nicole Bulgarino, EVP and General Manager of Federal Solutions at Ameresco. "I commend our Ameresco team involved in this important research and our project partners who have helped make it possible. These findings and the future work to follow allow us to better understand the technology and provide the best long term solutions to our customers, while advancing the state of the art of energy storage technology within industry."  

Larry Zulch, Chief Executive Officer at Invinity said:

"These deals have importance that belies their size, so we're pleased to talk about them. Combining the support of the California Energy Commission for non-lithium, 10-hour storage with GRID Alternatives' vision of providing stable renewable energy for the Soboba tribe creates a showcase project for how storage makes solar energy dispatchable, increasing its value today and into the future. And supporting Ameresco's investigation into the use of VFBs is the first step toward the potential wider deployment by one of the most significant users of energy in the world, the U.S. DOD. We feel fortunate to be working with first-class partners in both of these projects."

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 / Angelos Vlatakis
VSA Capital (Financial Adviser and Joint Broker) Andrew Monk / Andrew Raca	[phone]
Hudson Sandler (Financial PR) Nick Lyon / Nick Moore	[phone]

Notes to Editors

Invinity Energy Systems plc (AIM:IES) manufactures vanadium flow batteries for the large-scale energy storage requirements of businesses, industry and electricity networks.

Developed specifically for high-utilisation applications, Invinity's highly scalable, factory-built flow battery products make low-carbon renewable generation reliable and can run continually with no degradation, charging and discharging for over 25 years. 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 10MWh 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].

 

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