Invinity Energy Systems plc (LON:IES), a UK based Vanadium Flow Battery (VFB) technology company, has today announced that it has entered into a contract with Webcor, a leading Californian construction firm, to provide a VFB for a project developed by Indian Energy LLC, a 100% Native American-owned utility-scale and microgrid development…
Invinity Energy Systems plc (LON:IES), a UK based Vanadium Flow Battery (VFB) technology company, has today announced that it has entered into a contract with Webcor, a leading Californian construction firm, to provide a VFB for a project developed by Indian Energy LLC, a 100% Native American-owned utility-scale and microgrid development and systems integration firm with approximately 4 GW of solar PV and wind and 6 GWh of energy storage projects under development. This project is located on a US Marine Corps base in Southern California.
The 0.5 MWh system is expected to be delivered during Q4 2021 and to contribute revenue of approximately £0.45m for the Invinity VS3 vanadium flow battery, ancillary components and associated services.
The Webcor project announced today will couple three of Invinity’s VS3 vanadium flow batteries with solar PV to provide resilience and energy security in the case of Public Safety Power Shutoff (PSPS) events, wildfires or other outages.
Invinity note that the system has been developed to extend battery storage duration to up to ten hours with an option to operate in either grid-connected or off-grid modes. This ensures round-the-clock energy resiliency for the site while reducing overall energy costs through demand shaving and Time of Use (TOU) energy shifting.
VFB technology is seen as a proven alternative to lithium storage. IES VFB’s have been developed for high-utilisation applications and can run continually with no degradation, charging and discharging for over 25 years.
In the March 2021, trading update IES noted that it is making progress towards delivery of 2021 projects. This includes 5MWh of VFB for the Energy Superhub Oxford (ESO), commencing Procurement for the 8MWh and manufacturing for UK, USA and Asia projects announced in 2020. This was good news, however, IES acknowledged that COVID-19 supply chain disruptions have impacted production and logistics. Our 2021 revenue forecasts of £16.9m from 23MWh of systems shipped and installed. However, we are conscious of supply chain issues and look forward to an update the supply situation at IES Full Year results which are due to be announced on May 27th 2021.
The announcement today is good news and will contribute to our forecasts for this year. It marks further progress for IES and follows last week’s announced Siemens Gamesa partnership, a joint development with one of the largest global suppliers of wind generation equipment. Which we believe to be a fantastic endorsement of IES patented VFB technology and provides a global opportunity for both companies in a storage market that is undergoing incredibly strong, long-term structural growth.
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