Business
U.S. DOE Funding for 84 MWh of Invinity VFBs
U.S. DOE Funding for 84 MWh of Invinity VFBs.
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 \n25 September 2023\nInvinity Energy Systems plc\n \n(\"Invinity\" or the \"Company\")\n \nU.S. DOE Funding for 84 MWh of Invinity VFBs\nMistral product selected for six Department of Energy-funded projects across the U.S.\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 the United States Department of Energy (\"DOE\") plans to fund projects that will use 84 MWh of Invinity's next-generation product, code-named \"Mistral,\" in six sites across the U.S.\n \nThe formal DOE award contracting and final negotiation process for all six projects is expected to conclude before the end of 2023. Once contracting is completed, the development phase will commence with delivery of the batteries by Invinity expected in 2025.\n \nFive of the six sites will be developed by a consortium led by the National Renewables Cooperative Organisation (\"NRCO\") and supported by Invinity and Pacific Northwest National Laboratory (\"PNNL\"). Funding expected from the DOE, to be made under the Office of Clean Energy Demonstrations (\"OCED\") LDES Demonstrations Program, will be used alongside matching funds committed by NCRO consortium partners to purchase, install and operate 72 MWh of Invinity vanadium flow batteries (\"VFBs\") for use by five utility cooperatives across the U.S. Midwest and Southeast.\n \nInvinity and its NRCO consortium partners expect these projects to improve energy independence in the rural communities they serve and, more broadly, demonstrate the benefits of longer duration energy storage technologies such as Invinity's VFBs. Each of the five projects will be operated by individual electric cooperative utilities and feature a 14.4 MWh Invinity VFB comprising a single Mistral array that will balance intermittent wind and solar generation and improve grid resilience.\n \nAround 800 U.S. cooperative utilities provide power to 42 million Americans. This proposed award marks significant furth...