Invinity makes new UK sale, enters Hungary partnership

Utility-grade energy storage technology developer Invinity Energy Systems announced a new sale in the UK and a commercial partnership in Hungary on Friday.

The AIM-traded firm said the UK sale was a further order from Dawsongroup, following an initial VS3 unit sale announced on 16 January.

It said the new order was for another 0.22 MWh VS3 battery, with Invinity working with Dawsongroup Power Solutions to develop a full-package battery-plus-renewables solution for UK commercial customers.

In Hungary, meanwhile, Invinity said it had entered into a multi-party commercial partnership with STS Group and Ideona Group to deploy Invinity batteries as part of future solar-plus-storage and grid infrastructure support projects.

The new partners had already identified more than 50 MWh of potential projects for Invinity batteries.

Invinity noted that Hungary's commitment to a 90% clean energy mix by 2030, including an increase in renewable generation and battery storage, made it an “attractive” market for the company.

“I'm very pleased to report these positive developments for Invinity in new and existing markets,” said chief commercial officer Matt Harper.

“Our new partnership with Ideona and STS will help to establish Invinity as a leading provider of safe, durable longer-duration storage in Hungary.

“Our second sale to Dawsongroup further deepens our relationship with one of the UK's foremost asset rental businesses and builds upon the tremendous demand we see for Invinity's flow batteries to serve the UK commercial and industrial sector.”

At 1227 GMT, shares in Invinity Energy Systems were down 1.66% at 31.47p.

Reporting by Josh White for Sharecast.com.