Invinity Energy Systems is pleased to announce that the Company has received its first customer order for its next-generation product, code-named “Mistral”.
Invinity’s customer is the Company’s Taiwanese strategic partner, Everdura Technology Company (“Everdura”), who have decided to vary the terms of their initial 15 MWh order, previously announced 1 December 2022, specifying that it be fulfilled by Invinity’s next- generation product.
A 14.4 MWh vanadium flow battery, comprising a single Mistral array, will now be installed by Everdura at a site in central Taiwan and used to balance the island’s electric grid through the provision of Enhanced Dynamic Regulation (E-dReg) services. Invinity expects to ship the order in late 2024. Once operational, the project is expected to be the largest of its kind in Taiwan and the first time a vanadium flow battery (“VFB”) has provided regulation services for the Taiwanese grid.
“We are pleased to be the first launch customer for Mistral, Invinity’s next-generation product. The need for large-scale, non-lithium energy storage in Taiwan and the broader Asian region has never been clearer. Our confidence in Invinity’s products to meet the requirements of this growing market is demonstrated by our intention to develop a manufacturing partnership with them. We are looking forward to great success with Mistral and a growing and prosperous relationship with Invinity.” Darren Yen, Chairman, Everdura Technology Company
Under the terms of the agreement, Invinity is now due a further payment which will be used to purchase long-lead-time components and allow the manufacturing phase to commence. The Company’s current revenue backlog remains materially unchanged by the variation of this order. However, as the order will now be fulfilled by Invinity’s Mistral product, the Company expects that the sale will achieve a greater gross margin than previously anticipated.
In addition to this order variation, the companies have signed a non-binding Memorandum of Understanding (the “MoU”) which proposes Everdura and Invinity enter into a strategic manufacturing partnership for Invinity products in Taiwan. Everdura and Invinity expect to convert this MoU into a definitive, binding commitment, leading to a significant expansion of Invinity’s total global manufacturing capacity and greater access to Asian energy storage markets for both companies in the future. Further updates will be provided in due course.
Everbrite Technology Everdura’s parent company, made a £2.5m strategic investment into Invinity as part of the Company’s oversubscribed placing and open offer which raised gross proceeds of c.£23m. Everdura operates as Invinity’s reseller in Taiwan and has a three-year agreement in place targeting the deployment of a further 255 MWh of Invinity batteries into the region.
Everdura Technology was established in July 2022 as a joint venture between Everbrite Technology and Pronergy Technology The Taiwan-based company was created to focus on construction, system integration and technology distribution within the fields of energy, smart buildings and public EV charging infrastructure.
“Mistral represents the future of grid-connected energy storage with scalability and economics. Getting a first order for a new generation of product is always an important milestone, and having it come from Everdura, our trusted partner in Taiwan, is a demonstration of our deep relationship. Our long-standing connection is further supported by announcing our intention to enter into a strategic manufacturing relationship with Everdura to address the large and growing energy storage demand in Taiwan and greater Asia.” Larry Zulch, Chief Executive Officer, Invinity Energy Systems