Vanadium flow battery manufacturer Invinity Energy Systems, a long duration energy storage (LDES) company, has raised £56 million via a share placing and subscription. This follows the subscription with UK Infrastructure Bank (£25 million) and Korea Investment Partners (£3 million) conditionally raised gross proceeds of £28 million through the subscription of 121,739,130 new ordinary shares at the issue price.
“Invinity’s vanadium flow batteries are a crucial form of long duration energy storage – unlocking the power of renewables by filling in the ‘missing hours’ when the wind does not blow and the sun does not shine,” a statement said.
Larry Zulch, CEO at Invinity said: “We believe that long duration energy storage has an essential role to play in the global transition to a sustainable electricity system. This investment provides Invinity with the opportunity to scale up to help meet the significant global demand for batteries with the characteristics that make our vanadium flow battery unique: high performance, long asset life, compelling total ownership economics, and no propensity to catch fire.”.
Invinity has 75 MWh of batteries either deployed or contracted for delivery across 82 projects in 15 countries on five continents. The company has operations in the UK, Canada, USA, Australia and China.