Invinity Energy Systems, a leading global utility-grade battery storage manufacturer, provided an update on its current trading, with revenues projected to surpass expectations, along with an expanding sales pipeline and entry into a new market.
For the first half of 2023, Invinity’s revenue is expected to surpass £13.0m, up from £1.4m in the same period last year and a 3.6x increase from total FY22 sales of £3.6m. The surge in revenue can be attributed to the successful completion of major projects in the U.S., Canada, and Australia.
Invinity’s sales pipeline remains strong and continues to expand. The company has over 40 MWh of deals in the final negotiation stage, and an additional c.70 MWh is expected to enter final contracting soon. On top of this, there is substantial commercial interest amounting to over 1 GWh for Invinity’s next-generation product.
Invinity also recently closed a sale of 0.4 MWh to a customer in Bulgaria, a new market for the company. The project involves deploying two Invinity VS3 batteries alongside a solar PV array in Sofia, with battery delivery slated to commence in Q4 2023. This contract was included in the company’s Advanced category within its pipeline update.
Larry Zulch, Chief Executive Officer at Invinity said:”I’m thrilled with Invinity’s progress so far in 2023. Significant period-on-period revenue growth demonstrates very important progress along our pathway to profitability and strengthens Invinity’s position as a leader in the non-lithium battery energy storage sector.
“We look forward to generating further value for our shareholders throughout the remainder of the year by continuing to deliver on our backlog, closing new deals, scaling the organisation and progressing our next-generation product.”
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The update from Invinity demonstrates it’s taking huge strides in making itself a key player in the market, with its technology aligning well with the continued rollout of intermittent renewable generation which requires additional electricity storage with the flexibility and duration that Invinity’s flow batteries can deliver.
Its vanadium batteries can retain stored energy far more effectively than lithium batteries, which have historically made up the bulk of grid level storage, along with being able to run continuously with no degradation for over 25 years. In contrast, lithium ion batteries that are charged/discharged every day will only last up to eight years, as well as offering a much shorter discharge time than flow batteries.
Invinity is establishing itself as a technology leader in this market, as evidenced by consistent sales of its flow batteries, including notable recent sales in Bulgaria and the US. Last month, the company sold 2.07 MWh worth of vanadium batteries to a non-profit cooperative utility for San Juan County in Washington for use in a solar plus storage project. The sale came shortly after announcing a 0.88 MWh sale to the Detroit branch of the International Brotherhood of Electrical Workers Local 58 for use in a solar plus storage project.
The company’s technical prowess is also now delivering commercially, too, with revenues projected to rise over 600% from 2022 to 2023, and 98% of forecast revenue in 2023 covered by confirmed existing contracts. Rapid growth is set to continue, too, with sales of £132.8m projected in 2025 when the company is expected to make its first pre-tax profit.
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