Flow battery company Invinity Energy Systems has done a deal with its Taiwanese strategic partner, Everdura Technology Company, for domestic manufacturing of its latest vanadium flow battery (VFB) 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 last February.
An advance order for a 14.4MWh system coupled with an MoU on a strategic manufacturing partnership with Invinity, as reported by BEST last year, has now been superseded by this agreement.
Invinity’s share price in London jumped on the news from £0.24 and on Monday was trading at £0.27.
Everdura will manufacture Mistral VFBs to fulfil orders it intends to secure under the existing reseller agreement. It is after more than 255MWh of product sales over a three-year period, according to Invinity. Everdura will use Invinity’s existing supply chain and buy cell stacks from it. These will be made at Invinity facilities in Canada and the UK.
Larry Zulch, Invinity’s CEO, said: “Everdura has become an important strategic partner for Invinity, providing access to the important Taiwanese market and areas beyond. Our relationship with Everdura forms a template for regions where we believe we will be better represented by strong, local partners than by an organisation we build ourselves.”
He said the first product prototype of Mistral is showing “encouraging performance”.
