Invinity Energy Systems Shares Jump on New US Contract, Soaring Revenue in Fiscal 2023
25 Septembre 2023 - 10:03AM
Dow Jones News
By Christian Moess Laursen
Shares in Invinity Energy Systems climbed 15% after the company
said its revenue saw a ten-fold rise in fiscal 2023 and that it has
secured a large contract from the U.S. government for six
projects.
At 0725 GMT, shares are up 6.50 pence at 50.50 pence.
The vanadium flow battery maker said Monday that the U.S. Energy
Department plans to fund projects that together will use 84
megawatt-hour of its next-generation product Mistral in six
sites.
The formal award and final negotiation are expected to conclude
before year-end, it said.
In the fiscal year ended June 30, the company delivered a record
26.5 MWh of vanadium flow batteries, up from 3.4 MWh in fiscal
2022, it said in a separate statement.
Its revenue rose to 14.8 million ($18.1 million) compared with
GBP1.4 million a year prior due to the delivery of several
large-scale projects on the U.S., Canada and Australia.
However, pretax loss widened to GBP13.3 million from GBP11.6
million as costs of sales rose to GBP18.1 million from GBP3.7
million.
The company's 2023 revenue backlog was GBP24.9 million as at
Sept. 22.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
September 25, 2023 03:48 ET (07:48 GMT)
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