Invinity Energy Systems PLC on Tuesday said it signed a joint development and commercialization agreement with Gamesa Electric SAU, a subsidiary of Siemens Gamesa Renewable Energy, in which Siemens Energy AG has a 67% stake
The Jersey-based battery manufacturer said its Invinity Energy Nexus Ltd unit and Gamesa Electric will jointly develop a grid-scale vanadium flow battery based on Invinity’s technology and incorporating Gamesa Electric’s power conversion systems.
The companies also plan to commercialize the vanadium flow battery through sales channels.
Invinity and Gamesa Electric have entered into an option agreement granting Gamesa Electric an option for 10% of Invinity’s shares at GBP1.75 each, the same price as Invinity’s most recent placing in December last year. If the option were to be exercised, Gamesa Electric would have the right to appoint a director to Invinity’s board.
“Delivering a next-generation vanadium flow battery to meet the need for safe, dependable and economical energy storage requires deep expertise in both energy technology development and commercialization, making Gamesa Electric an ideal partner for us in that effort,” said Invinity Chief Executive Larry Zulch.
Invinity shares were trading 29% higher in London on Tuesday morning at 158.40 pence each.
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