9th Aug 2022 11:14
(Alliance News) - Invinity Energy Systems PLC on Tuesday said the climate legislation passed by the US Senate on Sunday supports its corporate strategy.
Invinity Energy shares were up 10% to 39.50 pence each in London on Tuesday morning.
Referring to the legislation that still requires approval from the US House of Representatives, the London-based energy storage company said: "The company views this development extremely positively, especially with respect to the fact that energy storage is treated on par with energy production in the bill."
Invinity Energy expects investment tax credits and grant programmes to "significantly improve economics for stand-alone energy storage projects utilising a broad range of clean energy technologies including vanadium flow batteries."
"Once signed, we see this bill enhancing the already vast opportunity for Invinity's products in the US, not only directly through economic support of storage project deployments, but indirectly by stimulating large amounts of additional renewable generation which will require long-duration energy storage solutions such as Invinity's. This is tremendous support for Invinity's corporate strategy in the US," explained Invinity Chief Executive Officer Larry Zulch.
Invinity Energy Systems started trading on the OTCQX Best Market in the US on Monday, a day after the US Senate voted in favour of the USD430 billion environmental spending plan, with US Vice President Kamala Harris casting a tie-breaking vote as all Republican senators voted against the bill.
The legislation aims to spend USD370 billion to reduce US greenhouse gas emissions by 40% by 2030 compared with 2005 levels. The bill will go to the US House of Representatives next week, where it is expected to pass before being signed into law by US President Joe Biden.
By Tom Budszus; [email protected]
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