27th Jun 2022 11:34
Invinity Energy Systems PLC - London-based energy storage company - In 2021, company narrows pretax loss to GBP21.4 million from GBP24.3 million the previous year. Revenue surges to GBP3.2 million from GBP406,000. Year-end closed sales backlog totals GBP13.8 million. Looking forward, the company expects the gap between its sales price and product cost should narrow rapidly.
Chief Executive Larry Zulch said: "The conversion of some of 2020's record order flow into meaningful revenues for the first time in the Group's history is an important milestone. Our order book made progress, culminating with the closure of the Chappice Lake project, Canada's largest flow battery, we delivered Invinity's first projects with ESO and Scottish Water, and we set product development in an important direction through our Joint Development and Commercialisation activities with Siemens Gamesa."
Current stock price: 50.80 pence, down 4.2% in London on Monday
12-month change: down 60%
By Heather Rydings; [email protected]
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