Business
Official Opening of New UK Manufacturing Facility
Official Opening of New UK Manufacturing Facility.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n\n\n \n24 July 2024\nInvinity Energy Systems plc\n \n(\"Invinity\" or the \"Company\")\n \nOfficial Opening of New Manufacturing Facility in Scotland\nSuccessful capital markets event held for investors and key stakeholders\n \nInvinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) a leading global manufacturer of utility-grade energy storage, is delighted to announce that in line with plans set out in the Company's 3 June 2024 announcement, its new Motherwell manufacturing facility was officially opened yesterday.\n \n\nLarry Zulch, CEO, cuts the ribbon at Motherwell accompanied by Adam Howard, Director of Banking and Investments, UK Infrastructure Bank and Neil O'Brien, Chairman, Invinity\n \nThis facility, located in Motherwell, North Lanarkshire is approximately six times the size of Invinity's existing facility in Bathgate and will increase the Company's UK assembly capacity to over 500 MWh per year, support the creation of more than 40 new jobs in the region and enable faster and more efficient delivery of vanadium flow batteries across the UK, Europe and further afield.\n \nThis achievement underlines the progress Invinity is making as part of its capex-light manufacturing strategy to ensure it can meet the more than 6 GWh of global demand currently in the Company's commercial pipeline. Supported by the UK Infrastructure Bank's recent investment into the Company alongside institutional and retail investors and the UK Government's growing focus on longer duration energy storage, Invinity is well-placed to ensure its batteries can be rapidly manufactured and deployed to help accelerate the country's transition to net zero.\n \nFollowing the official launch, the Company hosted a Capital Markets Day for investors, analysts and key stakeholders including representatives from the Scottish Government at its Motherwell and Bathgate facilities. The event was well attended and included a tour of both facilities with opportunities to meet with Invinity's Board of Directors and hear from Invinity staff and partners through a number of 'deep dive' sessions. This included a live demonstration of Invinity's batteries charging and discharging from the Scottish grid and an overview of the Company's next-generation product, codenamed \"Mistral\" for which the pilot manufacturing stage ha...