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Invinity Energy Systems plc (AIM:IES), manufacturer of vanadium flow batteries for the large-scale energy storage requirements of businesses, industry and electricity networks, is pleased to announce that it has formed a special purpose company, Vanadium Electrolyte Rental Limited (“VERL”), in partnership with Bushveld Minerals for the purpose of providing an electrolyte rental option for the Company’s customers.
The formation of VERL provides Invinity customers with the additional option to rent the electrolyte used in the Vanadium Flow Battery (VFB) system over a set term. This approach allows customers to reduce the upfront capital outlay of a flow battery system by renting the electrolyte over the life of a project, rather than purchasing it at the outset.
Furthermore, Invinity and Bushveld are pleased to announce that VERL has signed an electrolyte rental contract with Pivot Power, part of EDF Renewables, in respect of 5MWh of electrolyte for use in the Invinity flow battery system which will be delivered to the Energy Superhub Oxford Project. The conclusion of this electrolyte supply agreement marks the completion of a key milestone in the project contracting process ahead of delivery which is expected to commence in late 2020.
Larry Zulch, Chief Executive Officer at Invinity said:
“Both Invinity and Bushveld are intent on removing any obstacle to vanadium flow batteries demonstrating their superiority for heavy cycling and long duration applications. VERL is an excellent means of giving our customers the option to reduce the capex of their energy storage system.
The ability to rent electrolyte and be confident of its residual value shows why vanadium flow batteries have an environmental life-cycle assessment consistent with their purpose of making renewable energy a reliable resource.”
Fortune Mojapelo, CEO of Bushveld Minerals commented:
“Since setting up Bushveld Energy in 2016 we have said that the metal’s unique characteristics will give it certain advantages in the energy storage sector. In this case it is the lack of degradation, even after years of charging and discharging cycles, that allows for us to loan the metal into a battery, thereby removing a significant portion of the upfront cost of the battery and ensuring the reusability of its electrolyte.
This partnership, puts the rental model into a specific business unit, formalising a commercial partnership and ringfencing the vanadium rental sub-entity. We anticipate adding other rental agreements and VRFB companies to the partnership in growing the electrolyte rental model, ensuring that the VRFB is affordable and the most sustainable battery technology.”
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Thursday, November 21, 2024
