Invinity Energy lands first order for next-gen Mistral energy storage

Invinity Energy Systems plc, a leading global manufacturer of utility-grade energy storage solutions, is elated to announce its first customer order for the next-generation product, code-named “Mistral.” The order comes from Everdura Technology Company (“Everdura”), Invinity’s Taiwanese strategic partner. This marks a shift in Everdura’s initial 15 MWh order, announced on December 1, 2022, specifying that it will now be fulfilled by Invinity’s Mistral product.

Scheduled for shipment in late 2024, the 14.4 MWh vanadium flow battery (“VFB”), featuring a Mistral array, will be installed by Everdura at a site in central Taiwan. The project is expected to be the largest of its kind in Taiwan and will be the first to provide Enhanced Dynamic Regulation (E-dReg) services to the Taiwanese electric grid.

The revised terms of the order will trigger a further payment to Invinity, to be used for the purchase of long-lead-time components and the initiation of the manufacturing phase. While Invinity’s current revenue backlog remains largely unchanged, the company anticipates that fulfilling the order with its next-gen Mistral product will yield a higher gross margin than initially projected.

In an extension to this pivotal business move, Everdura and Invinity have also signed a non-binding Memorandum of Understanding (“MoU”) for a strategic manufacturing partnership in Taiwan. This MoU is expected to mature into a binding commitment, leading to an increase in Invinity’s total global manufacturing capacity and broader access to Asian energy storage markets for both companies.

Complementing this development, Everdura’s parent company, Everbrite Technology Co., Ltd., has recently invested £2.5 million into Invinity as part of an oversubscribed placing and open offer that raised approximately £23 million. Everdura aims to deploy an additional 255 MWh of Invinity batteries in Taiwan over a three-year period, targeting key sectors like energy, smart buildings, and public EV charging infrastructure.

Darren Yen, Chairman at Everdura, and Larry Zulch, CEO at Invinity, both expressed strong confidence in the future of this partnership and the prospects of the Mistral product meeting the burgeoning energy storage demands in Taiwan and greater Asia.