10 October 2024
Invinity Energy Systems
plc
("Invinity" or the "Company")
UK Government Confirms LDES
Cap & Floor Scheme
Long Duration Energy Storage
investment support scheme will boost investor confidence and could
unlock billions in funding for UK LDES projects
Invinity Energy Systems plc (AIM:
IES) (AQSE: IES) (OTCQX: IESVF), a leading
global manufacturer of utility-grade energy
storage, warmly welcomes the UK
Government's confirmation of a cap and floor regime as the
investment framework for new large-scale, long-duration electricity
storage projects which was announced this morning. The UK
Government press release can be
read here and the outcome of the
consultation
here.
The Long Duration Electricity
Storage investment support scheme will see a "cap and floor"
mechanism guaranteeing a minimum income for investors deploying
large scale, long duration energy storage ("LDES") technologies,
including vanadium flow batteries, onto the UK grid. The move aims
to boost investor confidence and could unlock billions in funding
for projects using vanadium flow batteries and other types of
LDES.
The Company views today's
announcement very positively, especially the Government's assertion
that this news should be seen as a "green light" for the next
generation of LDES projects in the UK, with flow batteries
specifically mentioned as a qualifying technology. Under current
proposals, the scheme envisages a minimum project size of 300 MWh
which represents support for a material increase in opportunity
size for the Company in the UK market. The Company also notes the
Government's objective to support GB businesses, like Invinity,
through the scheme and unlock investment in green jobs and
opportunities as a result.
This announcement sees the
Government appointing Ofgem as the scheme's regulator and delivery
body. A technical decision document addressing any outstanding
questions and outlining the final detailed structure of the scheme
will be published "this winter" with the first round of the scheme
expected to be open to applications next year.
Jonathan Marren, Chief Executive
Officer at Invinity said:
"We are delighted to see the
announcement this morning from DESNZ. This is a very important step
forward in paving the way for LDES technologies to make a large and
meaningful impact on our national grid and confirms the Company's
optimistic view on future policy support for Invinity's products in
the UK market.
We
look forward to continuing our regular engagement with DESNZ as
well as Ofgem and other key stakeholders as the scheme moves
through the remaining steps of the process. The support for LDES
embodied in this scheme is most welcome and we look forward to our
products playing an even greater role in supporting energy
security, faster decarbonisation and lower costs for consumers in
the UK."
Stay up to date with news from
Invinity. Join the distribution list for the Company's monthly
investor newsletter here.
Enquiries:
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Invinity Energy Systems plc
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+44 (0)20 4551 0361
|
|
Jonathan Marren, Chief Executive
Officer
Joe Worthington, Director of
Communications and Investor Relations
|
|
|
|
|
|
Tavistock (Financial PR Advisor)
|
+44 (0)20 7920 3150
|
|
Simon Hudson / Saskia Sizen / Adam
Baynes
|
invinity@tavistock.co.uk
|
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 75 MWh of systems already deployed or contracted for
delivery across 82 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 quoted in the UK on AIM and AQSE and
trades in the USA on OTCQX.
To find out more, visit
invinity.com,
sign up to our monthly
Investor Newsletter here or
contact Investor Relations on via +44 (0)20 4551 0361 or
ir@invinity.com.
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