RCS - Invinity Energy Sys - Invinity Expands UK Manufacturing

Invinity Energy SystemsAnnouncement

03/06/2024 07:00

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RNS Number : 7453Q  Invinity Energy Systems PLC  03 June 2024

 

3 June 2024

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

Invinity Expands UK Manufacturing

New facility will quadruple Invinity UK manufacturing capability ahead of
launch of next-generation product

 

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading
global manufacturer of utility-grade energy storage, is pleased to announce
that it has leased an additional manufacturing facility in order to meet the
growing demand for long-duration energy storage in the UK.

 

The 26,000 sq. ft (2,415 m(2)) facility located in Motherwell, North
Lanarkshire is c.6 times the size of the Company's existing facility in
Bathgate, West Lothian and is expected to increase the Company's UK assembly
capacity to over 500 MWh per year. The new Motherwell facility will be
primarily focussed on battery assembly, allowing Invinity's existing facility
in Bathgate to focus on the manufacture of the Company's patented cell stack.

 

Invinity expects the Motherwell facility will become operational during Q3
2024 enabling the faster, more efficient delivery of certain projects within
the Company's commercial pipeline in the near term. The Company also plans to
undertake upgrades to its Bathgate facility later this year including the
installation of a semi-automated production line, anticipated to further boost
manufacturing capacity and contribute to a greater reduction in unit
production costs.

 

This development represents important progress for Invinity as the Company
bolsters its delivery capability to match expected future commercial activity.
This manufacturing expansion is in line with Invinity's growth strategy set
out as part of the successful £57m fundraise which completed on 24 May and
included a £25m investment into Invinity by UK Infrastructure Bank.

 

 

Larry Zulch, Chief Executive Officer at Invinity said:

 

"We are seeing the market for Long Duration Energy Storage in the UK expanding
dramatically alongside increasing dependence on renewable energy. As the UK's
leading domestic energy storage manufacturer, we are looking forward to
serving the country's energy storage requirements with batteries made in
Britain. Quadrupling our UK manufacturing footprint is a big step forward in
this direction."

 

Stay up to date with news from Invinity. Join the distribution list for the
Company's monthly investor newsletter here
(https://invinity.com/newsletter/?utm_source=iesrns) .

 

 

Enquiries:

 

 Invinity Energy Systems plc                                             +44 (0)20 4551 0361
 Jonathan Marren, Chief Financial Officer and Chief Development Officer

 Joe Worthington, Director of Communications

 Tavistock (Financial PR Advisor)                                        +44 (0)20 7920 3150
 Simon Hudson / Saskia Sizen / Adam Baynes                               invinity@tavistock.co.uk (mailto: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 (https://invinity.com/?utm_source=rns) ,
sign up to our monthly Investor Newsletter here
(https://invinity.com/newsletter/?utm_source=iesrns) or contact Investor
Relations on via +44 (0)20 4551 0361 or ir@invinity.com
(mailto:ir@invinity.com) .

 

 

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