10th Mar 2023 10:43
(Alliance News) - Invinity Energy Systems PLC on Friday said it has secured a follow-on sale in the UK with Dawsongroup PLC and also entered into a new EU commercial partnership.
The partnership is with Hungarian renewable energy project developer STS Group and its strategic partner Ideona Group, a Hungarian asset management company.
Under the agreement, Invinity has appointed Ideona and STS as its partners in Hungary to mandate the company to deploy Invinity batteries as part of future solar plus storage and grid infrastructure support projects.
The utility-grade energy storage manufacturer said that the partners have already identified over 50 megawatt hours of potential projects for its batteries.
Invinity noted that the majority of these potential projects have already reached a sufficient stage of qualification to have been included in its most recently published pipeline.
Invinity also announced on Friday that it has received an additional order from Dawsongroup for a 0.22 megawatt hour VS3 battery.
In January, the London-based firm announced a partnership with Dawsongroup to develop a UK battery rental offering, which included an initial sale of a VS3 battery unit.
Chief Executive Matt Harper said: "Our new partnership with Ideona and STS will help to establish Invinity as a leading provider of safe, durable longer-duration storage in Hungary. Our second sale to Dawsongroup further deepens our relationship with one of the UK's foremost asset rental businesses and builds upon the tremendous demand we see for Invinity's flow batteries to serve the UK commercial and industrial sector."
Shares in Invinity Energy Systems were down 2.3% at 31.28 pence on Friday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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