Result of Open Offer

RNS Number : 5128V

Invinity Energy Systems PLC

14 December 2021

 

This announcement contains inside information

14 December 2021

Invinity Energy Systems plc

("Invinity" or the "Company")

Result of Open Offer

Invinity Energy Systems plc (AIM:IES), a leading global manufacturer of utility-grade energy storage , is pleased to announce that the Open Offer, as announced on 18 November 2021, has closed.

Valid acceptances have been received from Qualifying Shareholders in respect of 1,829,599 Open Offer Units together with applications for a further 2,100,625 Open Offer Units under the Excess Application Facility.  This represents approximately 98.0 per cent. of the total Open Offer Units available.

Subject to approval by Shareholders of the Resolutions at the General Meeting of Shareholders to take place later today and subject to Second Admission, the Company has conditionally raised total gross proceeds of approximately £3.93 million from the Open Offer, which together with the £25.0 million raised by way of the Placing means the Company will have raised a total of £28.93 million as a result of the Placing and Open Offer.

The Open Offer Units comprise one Ordinary Share and, for every two Open Offer Shares subscribed for, one Short-Term Warrant and one Long-Term Warrant. The Open Offer Shares will rank pari passu with Existing Ordinary Shares.  

Open Offer Shares and Open Offer Warrants in uncertificated form are expected to be credited to Shareholders who hold their Ordinary Shares in CREST accounts on 15 December 2021. Definitive certificates for Open Offer Shares and Open Offer Warrants are expected to be despatched to Shareholders who hold their Ordinary Shares in certificated form by 29 December 2021.

Application has been made to the London Stock Exchange for 3,930,224 Open Offer Shares, together with 16,314,724 Conditional Placing Shares, the issue of which is subject to the approval of Shareholders at the General Meeting, to be admitted to trading on AIM.  It is expected that admission of the Open Offer Shares and the Conditional Placing Shares will become effective and dealings will commence at 8.00 a.m. on 15 December 2021.

Larry Zulch, CEO of Invinity said:

"We are delighted by the level of support received from our new and existing shareholders. With almost £29 million in total raised, Invinity now has the financing and the products required to establish our position as a global leader in utility-grade energy storage"

The terms used but not defined in this Announcement have the meaning given to them in the announcement published by the Company on 18 November 2021, unless otherwise stated.

Enquiries :

Invinity Energy Systems plc	[phone]
Larry Zulch, Chief Executive Officer
Peter Dixon-Clarke, Chief Financial Officer Joe Worthington, Director of Communications Ralph Anderson, Corporate Relations Manager
Canaccord Genuity (Nominated Adviser and Joint Broker)	[phone]
Henry Fitzgerald-O'Connor / James Asensio / Patrick Dolaghan
VSA Capital (Financial Adviser and Joint Broker) Andrew Monk / Simon Barton / James Deathe / Pascal Wiese	[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].

 

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