Flow battery company Invinity Energy Systems said it expects to recognise total income of no less than £13.0 million ($16.7 million) for the first half of 2023, up from £1.4 million in the first half of 2022 ($1.8 million).
This is more than a nine-fold increase year-on-year and a 3.6x increase compared to total full-year income of £3.6 million ($4.6 million) in 2022. A full interim trading statement will be made in September.
Since its 28 June orders update, Invinity has closed a 0.4 MWh sale to a customer in Bulgaria, a new European market. The project will see two Invinity VS3s sited with a solar PV array in Sofia.
Delivery is expected to start in Q4 2023.
In June, Invinity said it had more than 40 MWh of deals in final negotiation, and a further 70 MWh for final contracting shortly. The pipeline also includes more than 1 GWh of “qualified commercial interest” for its next-generation product.
Larry Zulch, chief executive officer of Invinity, said: “I’m thrilled with Invinity’s progress so far in 2023. Significant period-on-period revenue growth demonstrates very important progress along our pathway to profitability and strengthens Invinity’s position as a leader in the non-lithium battery energy storage sector.”
