12th Apr 2023 10:41
(Alliance News) - Invinity Energy Systems PLC said on Wednesday it was awarded a GBP11.0 million grant from the UK Department for Energy Security & Net Zero.
Invinity is a London-based utility-grade energy storage manufacturer that produces batteries for the large-scale requirements of business networks.
Invinity said the grant from the DESNZ was awarded under phase 2 of the Longer Duration Energy Storage Demonstration competition.
The company will use the grant to deploy a 30 megawatt-hour vanadium flow battery, the UK's largest flow battery and Invinity's "largest delivery". The flow battery's energy capacity is equivalent to the daily electricity use of more than 3,500 homes.
The battery is set to be delivered in 2024, the firm said, and will be a "standalone grid-connected 30 MWh Invinity VFB" at a key node on the National Grid. Invinity said the battery system will "provide important network flexibility and accelerate the UK's transition to low carbon domestic energy sources."
The award is conditional on Invinity's execution of a sales contract with a project partner. The company has already signed a heads of terms agreement with its preferred project partner and said it will provide an update once contracting is concluded.
Chief Commercial Officer Matt Harper said: "We are grateful that Invinity was chosen from a very competitive field and look forward to delivering what will be the largest battery ever manufactured in the UK. We are pleased to help improve the UK's energy security, further demonstrate UK leadership in energy technology, and support UK industry and jobs. This award is a critical step in Invinity's journey from development stage to a commercial supplier of batteries critical to the global path to net-zero."
Shares in Invinity were up 15% at 39.00 pence in London on Wednesday morning.
By Sabrina Penty; Alliance News reporter
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