Vanadium flow storage company Invinity has raised £29 million in a new share offering and said “the timing is right to make Invinity’s utility-grade energy storage available to the global market”.
It said over 25MWh of the company’s Invinity VS3 storage product or its predecessors has been deployed or contracted for customer projects at more than 40 sites in 15 different countries. During 2021, it began delivering projects that would convert to revenue including at the Energy Superhub Oxford, Scottish Water, EMEC and Yadlamalka. It claimed a project pipeline is more than 1,000 Invinity VS3s comprising more than 260MWh.
The company highlighted that in 2021 it began shipping the VS3 as a standardised factory-built product and announced a joint development and commercialisation agreement with Gamesa Electric and Siemens Gamesa Renewable Energy.
Larry Zulch, chief executive of Invinity Energy Systems plc, said, “We are delighted at what this fundraise means for Invinity’s plans to become the leader in true utility-grade energy storage. Now that we have installed the Invinity VS3 at multiple customer sites, we are poised to unlock our pipeline of commercial opportunities. We will continue to progress the joint development of the next generation of vanadium flow batteries with Gamesa Electric.”