TIDMIES
RNS Number : 4413N
Invinity Energy Systems PLC
25 September 2023
The information contained within this Announcement is deemed by
Invinity Energy Systems plc to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
25 September 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
U.S. DOE Funding for 84 MWh of Invinity VFBs
Mistral product selected for six Department of Energy-funded
projects across the U.S.
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX:
IESVF), a leading global manufacturer of utility-grade energy
storage , is delighted to announce that the United States
Department of Energy ("DOE") plans to fund projects that will use
84 MWh of Invinity's next-generation product, code-named "Mistral,"
in six sites across the U.S.
The formal DOE award contracting and final negotiation process
for all six projects is expected to conclude before the end of
2023. Once contracting is completed, the development phase will
commence with delivery of the batteries by Invinity expected in
2025.
Five of the six sites will be developed by a consortium led by
the National Renewables Cooperative Organisation ("NRCO") and
supported by Invinity and Pacific Northwest National Laboratory
("PNNL"). Funding expected from the DOE, to be made under the
Office of Clean Energy Demonstrations ("OCED") LDES Demonstrations
Program, will be used alongside matching funds committed by NCRO
consortium partners to purchase, install and operate 72 MWh of
Invinity vanadium flow batteries ("VFBs") for use by five utility
cooperatives across the U.S. Midwest and Southeast.
Invinity and its NRCO consortium partners expect these projects
to improve energy independence in the rural communities they serve
and, more broadly, demonstrate the benefits of longer duration
energy storage technologies such as Invinity's VFBs. Each of the
five projects will be operated by individual electric cooperative
utilities and feature a 14.4 MWh Invinity VFB comprising a single
Mistral array that will balance intermittent wind and solar
generation and improve grid resilience.
Around 800 U.S. cooperative utilities provide power to 42
million Americans. This proposed award marks significant further
progress for the Company in this market, having previously
announced in June 2023 a 2.1 MWh VS3 sale to U.S. electric
cooperative OPALCO in San Juan County, Washington, reinforcing the
importance of this customer segment for the Company in the U.S.
The sixth site, also associated with the Pacific Northwest
National Laboratory, is expected to see Invinity's VFBs installed
at PNNL supported by funds from OCED under its Lab Call programme.
PNNL, with a long history of advancing the state of the art in
emerging energy technologies, has been selected by OCED to purchase
and demonstrate a 12 MWh installation of Mistral over a 10-year
period. PNNL has conducted extensive research into flow batteries
in general and vanadium-based flow battery electrolytes in
particular. Through this programme, PNNL will seek to explore the
boundaries of the services and capabilities that long duration
energy storage can deliver to the grid operators, energy consumers
and microgrid operators across the U.S.
These 84 MWh of projects mark important progress for Invinity in
building a robust order book for its next-generation product,
expected to formally launch in 2024. This news follows on from
Invinity's recent announcement of the Company's first commercial
order for its Mistral product from Taiwanese strategic partner
Everdura on 14 September 2023 by way of an amendment to a previous
VS3 order.
While final contracts remain subject to negotiation, Invinity
expects to sell its Mistral systems for these projects at a price
point this is approximately one third more competitive than recent
VS3 sales, and deliver them at a positive gross margin in support
of the Company's industrial strategy. These opportunities were
included as part of the Qualified category in Invinity's commercial
pipeline as disclosed at the announcement of the Company's 2022
Financial Results and Current Trading on 28 June 2023, and will
move to the Advanced category of that pipeline as of 22 September
2023.
In the 22 September 2023 DOE press release regarding
Long-Duration Energy Storage , Jennifer M. Granholm, U.S. Secretary
of Energy, said:
"As we build our clean energy future, reliable energy storage
systems will play a key role in protecting communities by providing
dependable sources of electricity when and where it's needed most,
particularly in the aftermath of extreme weather events or natural
disasters. Thanks to President Biden's Investing in America agenda,
DOE is supporting game-changing energy storage projects across the
nation-laying the foundation for the innovative solutions we need
to ensure stronger, more resilient communities."
Michael Keyser, Chief Executive Officer of NRCO said:
"Long-duration energy storage is necessary for the clean energy
transition and we are excited to partner with DOE to demonstrate
the capabilities of VFBs in rural communities. Electric
cooperatives are innovators, and the five sites our members have
selected will help demonstrate to other utilities the many
beneficial uses for long-duration energy storage."
Matt Harper, Chief Commercial Officer at Invinity said:
"The U.S. Department of Energy helps shape how the world
generates, distributes and consumes electric power. Invinity is
thrilled that the DOE has chosen projects based on our Mistral flow
battery to help demonstrate the role long-duration storage will
have in the future net-zero grid. PNNL's dedication to developing
and NRCO's focus on deploying clean energy solutions makes them
ideal partners for us in these projects. What Invinity and PNNL
discover in the Lab Call program will enhance the ability of our
batteries to deliver the flexibility, robustness and safety that
NRCO's member cooperatives and the communities they serve demand
and that the future grid will require."
Stay up to date with news from Invinity. Join the distribution
list for the Company's monthly investor newsletter here .
Enquiries :
Invinity Energy Systems plc +44 (0)20 4551 0361
Jonathan Marren, CFO and Chief Development Officer
Joe Worthington, Director of Communications
Canaccord Genuity (Nominated Adviser and Joint Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O'Connor / Harry Pardoe / Gordon
Hamilton
VSA Capital (Financial Adviser and Joint Broker) +44 (0)20 3005 5000
Andrew Monk / Andrew Raca
Tavistock (Financial PR Advisor) +44 (0)20 7920 3150
Simon Hudson / Charles Baister 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 over 70 MWh of systems already deployed or
contracted for delivery across over 79 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 , 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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