Last checked at 7 Oct 2022 07:00
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").
7 October 2022
Invinity Energy Systems plc
("Invinity" or the "Company")
1.3 MWh Sale to U.S. Datacenter
Tax credits from Inflation Reduction Act support microgrid system for Arizona datacenter
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to announce the sale of a 1.3 MWh Invinity VS3 flow battery system to Kinetic Solutions LLC ("Kinetic") for use in a microgrid providing 24/7 power to a datacenter in Arizona, USA.
Six Invinity VS3 batteries with a total capacity of 1.3 MWh will be installed alongside 400 kWp of solar PV at a datacenter located in Arizona. Kinetic will use the Invinity battery system to operate the datacenter on renewable power 24 hours a day, 7 days a week and mitigate the effects of power outages, a frequent occurrence in the region. A deposit has been paid and manufacturing of Invinity's batteries will commence shortly. Shipment of the battery solution is scheduled for early 2023.
Kinetic Solutions LLC has been established as a distributed energy solutions provider, specialising in renewable microgrid infrastructure for commercial and industrial sites across the U.S. including datacenters, manufacturing facilities, distribution hubs and EV charging stations.
Invinity's vanadium flow batteries were chosen for the project due to their robustness in high-temperature environments and ability to perform long duration (4 - 24 hour) energy discharge during power outages.
This sale follows a recent report published by the White House Office of Science and Technology Policy (OSTP) calling on U.S. energy regulators to review the impact of data processing plants such as datacenters on national and federal energy networks, both from a resiliency and a carbon footprint perspective.
Invinity's battery is expected to generate Investment Tax Credits (ITCs) for Kinetic as a result of the Inflation Reduction Act, the positive impact of which Invinity noted in an announcement on 9 August 2022.
Matt Harper, Chief Commercial Officer at Invinity said:
"We are thrilled to be working with Kinetic Solutions on this U.S. project that showcases the advantages of vanadium flow batteries and provides a real-world example of Invinity products generating investment tax credits for our U.S. customers. This deal embodies a number of positive developments: the growing awareness of the need to power datacenters with renewable energy, an opportunity to work with Kinetic, an emerging expert in solar microgrids, and the receipt of U.S. government support for energy storage through the Inflation Reduction Act. We look forward to delivering this project and view this application as an excellent area of opportunity for similar U.S. follow-on business in the future."
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 Broker) | +44 (0)20 7523 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.