TIDMIES
RNS Number : 1770C
Invinity Energy Systems PLC
09 June 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").
9 June 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
First Mistral Pilot Project
1.2 MWh Mistral prototype to be deployed in British Columbia,
Canada supported by CAD $0.5m award from B.C. Centre for Innovation
& Clean Energy
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX:
IESVF), a leading global manufacturer of utility-grade energy
storage , is pleased to announce that the Company will deploy the
first prototype of its next-generation product at a site in British
Columbia ("B.C."), Canada early next year, funded in part by a CAD
$0.5m award from the B.C. Centre for Innovation & Clean Energy
("CICE").
The award will support the manufacture and deployment of a 1.2
MWh prototype of Invinity's next-generation vanadium flow battery
("VFB"), code-named "Mistral", at a site near Invinity's
engineering and operations centre in Vancouver, British Columbia.
Expected to be operational in H1 2024, this will be the first
Mistral product deployed as a pilot in the field. The prototype
will be tested against a commercial use case with the intention of
demonstrating performance of the newly-developed product as a
customer facing, fully-integrated energy storage system. Further
details of this project are expected to be announced before the end
of this year.
This funding further supports Invinity's Mistral product
development timeline by accelerating testing of the product at
operational scale. This Mistral prototype will also act as an
important reference site for the Company's stakeholders, while
providing referenceable performance data to prospective
customers.
This funding award coincides with the formal opening of the
Company's newly expanded manufacturing facility in Vancouver,
Canada, capable of delivering up to 200 MWh of Invinity's products
annually. The opening event, which took place yesterday and
included addresses by Invinity CEO Larry Zulch, Invinity CCO Matt
Harper and CICE Deputy Executive Director Todd Sayers to the more
than 100 attending press, partners, customers and other
stakeholders.
A full report of the event will be available on Invinity's
website in the coming days and included in the company's monthly
investor newsletter; sign up here .
CICE, the awarding body, has a mission to advance the world
towards a net-zero carbon future. Founded in 2021, the B.C. Centre
for Innovation and Clean Energy provides non-dilutive funding to
B.C.-based companies and entrepreneurs that helps fund the
commercial development and scaling of made-in-B.C. clean energy
solutions from Canada to the world.
Dr. Ged McLean, Executive Director at B.C. Centre for Innovation
and Clean Energy said:
"As the number of intermittent renewable energy sources grow, so
does the need for world-class energy storage technology that can
stabilize utility grids. Invinity Energy Systems has exceptional
global market potential and is quickly becoming a recognized leader
in this field. CICE is thrilled to fund the leading-edge company
and accelerate expansion of its made-in-B.C. design and
manufacturing capabilities, bringing great innovation from our
province to the world."
Larry Zulch, Chief Executive Officer at Invinity said:
"We gratefully acknowledge CICE's support for our progress
toward providing the large-scale, non-lithium energy storage a
net-zero world demands. Mistral will highlight Vancouver, B.C.'s
unmatched capabilities in electrochemistry and Invinity's deep
expertise in VFBs. We're tremendously excited at the progress we're
making toward changing the world of stationary energy storage ,
further accelerated by the award from CICE."
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, Chief Development Officer and
Interim CFO
Joe Worthington, Director of Communications
Canaccord Genuity (Nominated Adviser and Joint +44 (0) 20 7523
Broker) 8000
Henry Fitzgerald-O'Connor / Harry Pardoe / Gordon
Hamilton
VSA Capital (Financial Adviser and Joint Broker) +44 (0)20 3005 5000
Andrew Monk / Simon Barton
Tavistock (Financial PR Advisor) +44 (0)20 7920 3150
Simon Hudson / Charles Baister invinity@tavistock.co.uk
EAS Advisors LLC (US Corporate Advisor) +1 (646) 495 2225
Matthew Bonner / Chris Chesworth
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 , 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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June 09, 2023 02:00 ET (06:00 GMT)
Ord Eur0.5 (AQSE:IES)
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Ord Eur0.5 (AQSE:IES)
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