TIDMIES
RNS Number : 2539L
Invinity Energy Systems PLC
30 December 2022
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").
30 December 2022
Invinity Energy Systems plc
("Invinity" or the "Company")
Project Delivery Update
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX:
IESVF), a leading global manufacturer of utility-grade energy
storage , provides the following update on contracted projects
currently being delivered.
8.4 MWh Solar + Storage Project, Alberta, Canada
Invinity has manufactured and shipped a total of 19 VS3
batteries from its manufacturing facility in Vancouver, Canada, as
planned, to a holding facility awaiting delivery to site. The
remaining 19 VS3 batteries are either already in transit or
awaiting pickup from Invinity's Vancouver factory early in the new
year.
At the request of the customer, Invinity has now signed a
variation to the sales contract, agreeing to allow the customer to
delay delivery of all the VS3 batteries to site until no later than
31 March 2023 in order to allow further construction work to be
completed. The customer has agreed to accelerate milestone payments
to address their request for a delay in delivery.
This variation also allows Invinity and the customer time to
assess the impact of Canada's recently announced clean technology
Investment Tax Credit ("ITC"). Both parties anticipate the ITC will
significantly strengthen the business case for energy storage in
Alberta in particular and Canada more broadly, potentially leading
to the expansion of existing projects and accelerating the sales
cycle for future follow-on projects.
8 MWh Solar + Storage Project, South Australia, Australia
Invinity has manufactured and shipped 14 VS3 batteries from its
manufacturing facility in China to Australia. This shipment is
currently awaiting customs clearance before delivery to site, now
expected in January 2023. The remaining 27 VS3 batteries are due to
be shipped from Invinity's manufacturing facility in China and
delivered to site within Q1 2023, in line with customer-defined
timescales for commissioning.
2.2 MWh Delivery to Resale Partner, Taiwan
Further to Invinity's announcement on 21 November 2022, the
Company is pleased to note that in line with its operating plans,
the first battery has now shipped to Bei Ying in Taiwan. As
previously disclosed, the remaining 9 batteries will be shipped
during 2023.
Revenue Guidance
The Company has completed deliveries of more than 4.3 MWh of
products to customer sites across Europe, North America and Asia in
2022.
In accordance with Invinity's revenue recognition policy,
revenue from the Canadian and Australian projects will most likely
be recognised in early 2023.
The 30 MWh of new business announced during Q4 2022, plus the
deferred revenue relating to the above projects, combined with a
significant number of further sales opportunities advancing
positively towards close, has led the Company to now anticipate
revenues in 2023 significantly ahead of its previous
expectations.
Larry Zulch, Chief Executive Officer at Invinity said:
"I'm pleased Invinity was able to meet production goals for
important projects in Canada and Australia. External factors now
mean that we will not recognise revenue on these projects for a
short time, unfortunately crossing a year's end. Still, we have
continued to enjoy positive relationships with our customers and
greatly appreciate their support, both in respect of current
project delivery and in identifying future opportunities to work
together.
"The prospects for our battery systems have never been more
positive, buoyed by external developments including multiple global
energy crises, challenges with lithium-ion battery performance and
supply, government support for energy storage, and internal
achievements such as our expanded manufacturing capability and the
excellent performance of our delivered systems, particularly our
projects in the UK which continue to unlock renewable energy
on-demand and provide vital support to the UK electricity network
during unseasonably cold weather.
"We are now able to project a very exciting 2023 with revenue
greater than originally expected and announcements pertaining to
the on-going development of our next-generation system with a
strong and supportive partner."
Enquiries :
Invinity Energy Systems plc +44 (0)204 551 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 / Gordon Hamilton
VSA Capital (Financial Adviser and Joint Broker) +44 (0)20 3005 5000
Andrew Monk / Simon Barton
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 33 MWh of systems deployed to date across
more than 50 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 on
the AIM Market of the London Stock Exchange and on the Aquis Stock
Exchange (AQSE). The Company trades in the USA on OTCQX Best Market
under the symbol "IESVF".
To find out more, visit invinity.com or call Investor Relations
on +44 (0)204 551 0361.
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