Invinity Energy Systems PLC - London-based batteries manufacturer - Says it continues to build on record 2020 orders of 18.6 megawatt hours, which comprised "strategically significant" projects. Invinity says its engineering and manufacturing groups have undertaken a rapid scale-up of production capacity to meet demand for its products. The company also notes that, despite Covid-19 supply chain disruptions hurting its production and logistics, the company is making progress towards delivery of its 2021 projects.
"I'm pleased with the progress we're making on critical projects, but conscious that our progress isn't always visible until a milestone is achieved," noted Chief Executive Larry Zulch. "Our timing is good from a macro perspective; our core markets of the UK, the US and Australia are all accelerating broad initiatives that will be good for Invinity. I am more optimistic than ever."
Invinity intends to publish its 2020 results during May.
Current stock price: 147.00 pence, up 7.3% on Tuesday
Year-to-date change: down 36%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Invinity Energy (IES)