Business
First Commercial Mistral Order
First Commercial Mistral Order.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n\nThe information contained within this Announcement is deemed by Invinity Energy Systems plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\").\n \n\n \n14 September 2023\nInvinity Energy Systems plc\n \n(\"Invinity\" or the \"Company\")\n \nFirst Customer Order for Invinity's Next-Generation Vanadium Flow Battery\nMoU signed to develop strategic sourcing and manufacturing in Taiwan\n \nInvinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to announce that the Company has received the first customer order for its next-generation product, code-named \"Mistral\".\n \nInvinity's customer is the Company's Taiwanese strategic partner, Everdura Technology Company (\"Everdura\"), who have decided to vary the terms of their initial 15 MWh order, previously announced 1 December 2022, specifying that it be fulfilled by Invinity's next-generation product.\n \nA 14.4 MWh vanadium flow battery (\"VFB\"), comprising a single Mistral array, will now be installed by Everdura at a site in central Taiwan and used to balance the island's electric grid through the provision of Enhanced Dynamic Regulation (E-dReg) services. Invinity expects to ship the order in late 2024. Once operational, the project is expected to be the largest of its kind in Taiwan and the first time a vanadium flow battery has provided regulation services for the Taiwanese grid.\n \nUnder the terms of the agreement, Invinity is now due a further payment which will be used to purchase long-lead-time components and allow the manufacturing phase to commence. The Company's current revenue backlog remains materially unchanged by the variation of this order. However, as the order will now be fulfilled by Invinity's Mistral product, the Company expects that the sale will achieve a greater gross margin than previously anticipated.\n \nIn addition to this order variation, the companies have signed a non-binding Memorandum of Understanding (the \"MoU\") which proposes Everdura and Invinity enter into a strategic manufacturing partnership for Invinity products in Taiwan. Everdura and Invinity expect to convert this MoU...