Flow battery company Invinity Energy Systems has made “significant progress” in attracting investment from multiple strategic partners, it said. This includes a Tier 1 investor which, if successful, will boost the company’s business and reputation in the UK and internationally.
The UK company said it believes this proposed investment has stimulated interest from other “high quality strategic partners”. They have all indicated a willingness to proceed with an investment and are concluding approval processes. This has taken longer than expected due to coordinating negotiations with multiple partners in different jurisdictions.
No financial details have been provided and the company declined to elaborate when asked by BEST.
Invinity said it expects to finalise investment agreements with these partners in the coming weeks. They will allow it to remain capital light and generate significant cash flows as it grows globally. It will retain tight ownership of its core intellectual property, it added.
In February, Invinity announced a deal with its Taiwanese strategic partner, Everdura Technology Company, for domestic manufacturing of its latest vanadium flow battery product.
Everdura has been Invinity’s reseller since December 2022. Its parent company, Everbrite, made a £2.5 million ($3.2 million) strategic investment in Invinity, announced in February 2022.
Photo: Elemental Energy’s 8.4 MWh VS3 array in Alberta. Invinity
