1. Invinity plans to raise £56.6 million through a placing and open offer to invest in UK projects, expand manufacturing facilities, and upgrade supply chain.
2. The company aims to take minority ownership stakes in UK LDES projects to accelerate deployment, close the commerciality gap, and maximize long-term value in the energy market.
3. Invinity’s key to profitability lies in scaling up the manufacturing of its VRFB product, Mistral, with a partnership with Everdura to manufacture and distribute the product in the Asia region.
Invinity, a company that manufactures vanadium redox flow batteries for grid-scale and commercial markets, is raising a total of £56.6 million through an accelerated book build and open offer to UK institutional investors. The funds will be used for investing in UK projects, expanding manufacturing facilities, and upgrading the supply chain. Despite the market capitalization being £44.2 million and share price at an all-time low, the company plans to increase its placing size.
The company aims to kickstart the market by investing in UK projects, with a focus on long-duration energy storage technology. They have struggled to commercialize projects due to limited revenue opportunities compared to lithium-ion batteries. The new capital will enable Invinity to take ownership stakes in large-scale UK projects, with a goal of deploying 100MWh of projects.
They plan to reach profitability by scaling up manufacturing of their latest VRFB product, Mistral. Invinity has received government support in the UK and the US for their projects, including a 24-hour duration project. Additionally, they have partnered with Everdura to manufacture and distribute Mistral in Taiwan.
Energy Storage Summit Asia will be hosted by Solar Media in Singapore in July 2024, bringing together key players in the rapidly growing energy storage market to discuss opportunities and challenges in the sector.