Invinity Energy Systems PLC Follow-on UK Order & New EU Commercial Partnership
March 10 2023 - 2:00AM
RNS Non-Regulatory
TIDMIES
Invinity Energy Systems PLC
10 March 2023
10 March 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
Follow-on UK Order & New EU Commercial Partnership
Dawsongroup relationship strengthened with follow-on order; new
commercial partnership in Hungarian market.
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX:
IESVF) a leading global manufacturer of utility-grade energy
storage , is pleased to announce a further sale in the UK to
Dawsongroup plc and entry into a new European market through the
initiation of a multi-party commercial partnership with Ideona
Group and STS Group in Hungary.
Follow-on order with Dawsongroup plc
Further to Invinity's 16 January 2023 announcement of a
partnership with Dawsongroup plc to develop a UK battery rental
offering that included an initial VS3 unit sale, the Company is
pleased to announce it has received an additional order from
Dawsongroup for another 0.22 MWh VS3 battery.
Invinity is working closely with Dawsongroup Power Solutions, a
newly formed business unit within Dawsongroup plc, to jointly
develop and market a full package battery plus renewables solution
that is designed to be available on a capex-free basis to UK
commercial customers.
Commercial Partnership in Hungary
Invinity has entered into a multi-party commercial partnership
with leading Hungarian renewable energy project developer, STS
Group ("STS") and their strategic partner, Ideona Group ("Ideona")
a Hungarian asset management company. Under the agreement, Invinity
has appointed Ideona and STS as the Company's partners in Hungary
with a mandate to deploy Invinity batteries as part of future solar
plus storage and grid infrastructure support projects.
Invinity's new Hungarian partners have already identified over
50 MWh of potential projects for Invinity batteries, the majority
of which have reached a sufficient stage of qualification to have
been included in the Company's most recently published
pipeline.
Hungary was among the first countries globally to turn its 2050
emissions target into a legal commitment. The country is targeting
a 90% clean energy mix by 2030 which includes an increase in
renewable generation and battery storage.
Matt Harper, Chief Commercial Officer at Invinity said:
"I'm very pleased to report these positive developments for
Invinity in new and existing markets. Our new partnership with
Ideona and STS will help to establish Invinity as a leading
provider of safe, durable longer-duration storage in Hungary. Our
second sale to Dawsongroup further deepens our relationship with
one of the UK's foremost asset rental businesses and builds upon
the tremendous demand we see for Invinity's flow batteries to serve
the UK commercial and industrial sector."
Enquiries :
Invinity Energy Systems plc +44 (0)20 4551 0361
Jonathan Marren, Chief Development Officer and Interim
CFO
Joe Worthington, Director of Communications
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 65 MWh of systems already deployed or
contracted for delivery across over 70 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 in the UK on AIM and AQSE and
trades in the USA on OTCQX.
To find out more, visit invinity.com or call Investor Relations
on +44 (0)204 551 0361.
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