Flow battery company Invinity Energy Systems reported a 511% increase in total income for 2023 to £22.0 million ($27.8 million), up from £3.6 million in 2022. It said this is slightly ahead of previous guidance and mainly due to an 800% increase in products shipped (32.5MWh) during the period.
The operating loss widened to £22.8 million ($28.8 million), compared to £19.0 million in 2022. It said most of the loss relates to projects signed before 2022. More recent projects are forecast to come in at breakeven or small positive gross margins. CEO Larry Zulch told BEST he expects the company to break even next year.
Invinity said 136.7MWh of Invinity batteries were sold or awarded funding in 2023 for delivery in 2024 or 2025. This includes 99.6MWh relating to Invinity’s new Mistral battery, which it said remains on track for commercial launch later this year.
It reported an increase of 170% in total global pipeline of commercial interest to 6.6GWh, as of 17 June 2024. It said this reflects a growing interest in its products and long-duration energy storage.
Cash outflows were cut 10% and the company is debt free with cash holdings of £53.2 million ($67.3 million) at end-May, compared to £15.4 million a year before. It has raised £57.4 million ($72.6 million) in new funds, including a £25m investment from UK Infrastructure Bank, which was completed in May 2024. Zulch told BEST fundraising has been slower than expected.
Photo: Invinity’s VS3 array. Invinity
