A $4.62 million agreement will see the subsidiaries of Invinity Energy Systems and Siemens work together on developing a commercially ready vanadium flow battery.
Invinity Energy Nexus, an Invinity subsidiary, has entered into a two-year joint development and commercialisation agreement (JDCA) with Gamesa Electric, a subsidiary of Spain’s Siemens Gamesa Renewable Energy.
The agreement will see the development of a grid-scale vanadium flow battery, based on Invinity's technology and incorporating Gamesa Electric's power conversion systems.
The companies will cooperatively manufacture the technology upon achieving a jointly validated design, and will commercialise the system through both companies' sales channels.
However, Gamesa Electric may terminate the JDCA if the firms fail to advance through development stages.
The development program is expected to take around two years, during which time Gamesa Electric will fund Invinity's activities in instalments as development milestones are met.
Gamesa Electric also entered into an Option Agreement, which if exercised would include a Gamesa Electric— or its nominee—having the right to appoint a director to Invinity's board subject to the Spanish firm maintaining a minimum 5% shareholding.