(MT Newswires) — Invinity Energy Systems (IES.L) said Wednesday it completed a planning and feasibility study for a large-scale, grid-connected vanadium flow battery project in the UK.
The vanadium flow battery systems manufacturer received 708,371 pounds sterling in funding for the study under the UK’s Department for Business, Energy & Industrial Strategy’s Longer Duration Energy Storage Demonstration competition.
The company said it submitted the application for the second phase of the competition and may receive funding of up to 11 million pounds if successful. The decision for the application is expected in the next few months.
As of late Wednesday morning trading, the company’s stock price was up almost 2%.
Price (GBP): £41.74, Change: £+0.74, Percent Change: +1.80%
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