Invinity inks battery sale with PowerFlex in California
Invinity Energy Systems
19.43p
13:50 26/06/24
Invinity Energy Systems announced a significant sale of 4 MWh to PowerFlex, part of EDF Renewables North America, on Monday.
FTSE AIM All-Share
765.30
14:10 26/06/24
Support Services
11,257.27
14:05 26/06/24
The AIM-traded firm said the vanadium flow batteries would be deployed in a solar microgrid project funded by the California Energy Commission, to be installed by the Rincon Band of Luiseño Indians.
It said the project entailed the installation of 18 Invinity VS3 vanadium flow batteries, offering a combined capacity of 4 MWh.
The batteries would complement a new 1 MWp expansion of the existing photovoltaic (PV) solar array at the Rincon Band's Harrah's Resort Southern California, located on the Rincon Reservation near Valley Center, California.
It said the batteries would store excess solar energy generated during the day, which could then be discharged on demand to provide economic, low-carbon power to the resort at any time, enhancing the site's energy resilience and sustainability.
The company described the California Energy Commission as a major supporter of non-lithium-ion long-duration energy storage (LDES) projects, having allocated $140m in funding to various projects during 2022-2023 and planning an additional $190m in the 2023-2024 State Budget.
It said the state was aiming to achieve 52 GW of battery storage capacity by 2045.
The delivery of the Invinity batteries was scheduled before the end of 2024.
Invinity said the contract was part of its ‘Base’ category in its latest disclosed commercial pipeline.
“California continues to lead the world in deploying longer-duration energy storage, essential to broader adoption of renewable energy,” said chief commercial officer Matt Harper.
“We greatly appreciate the policy and financial support of the California Energy Commission and the vision it shares with Powerflex of a future electric grid that combines reliability, low cost, and environmental stewardship.
“We are inspired by how the Rincon Band has embraced that vision and are proud to be working alongside them to make it a reality.”
At 1344 BST, shares in Invinity Energy Systems were up 4.26% at 19.6p.
Reporting by Josh White for Sharecast.com.