13th Dec 2022 11:37
(Alliance News) - Invinity Energy Systems PLC on Tuesday said it is selling a 1.5 megawatt per hour VS3 flow battery system to Hyosung Heavy Industries Corp for an undisclosed sum.
The system will be used by Korea Electric Power Corp, the national electricity utility of South Korea.
VS3 is "the core building block of Invinity's energy storage systems", the company explains on its website.
Invinity, a London-based utility-grade energy storage manufacturer, said an advance payment for the order is due this year, while it expects to deliver the VS3s by the end of the first half of 2023. It anticipates remaining revenue associated with the project to be recognised in the second half of 2023.
Invinity Energy Systems shares were up 20% to 54.70 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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