Last checked at 3 Jun 2024 07:00
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 m2) 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."
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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 |
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, 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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