The £25m from the UK Infrastructure Bank—a government-owned policy bank helping to finance the country’s net zero transition—forms the cornerstone of a £56 million raise, with UKIB’s investment helping to accelerate the deployment of Invinity’s products onto the UK grid.
Invinity creates “vanadium flow” batteries, cited as one of the most promising proven technologies for longer-duration battery storage, being both durable and easy to deploy at scale.
Integrating longer-duration energy storage into the grid is a key aspect of the UK’s net zero transition, as the country adopts variable energy sources like wind and solar and as transport and heat networks are electrified.
The Bank said that the investment will also support the expansion of Invinity’s footprint in Scotland, boosting manufacturing and opportunities for skilled jobs. The proposed opening of a new manufacturing site in Scotland in addition to its existing Bathgate facility is set to create up to 41 new jobs.
Invinity’s fundraise is subject to the approval of the company’s shareholders at a general meeting to be held later this month.
Speaking on the firm’s mission and the investment, Invinity CEO Larry Zulch commented: “We believe that long duration energy storage has an essential role to play in the global transition to a sustainable electricity system.
“This investment provides Invinity with the opportunity to scale up to help meet the significant global demand for batteries with the characteristics that make our vanadium flow battery unique: high performance, long asset life, compelling total ownership economics, and no propensity to catch fire.
“We are grateful for the support of the UK Infrastructure Bank as we demonstrate the viability of LDES in the UK with battery systems produced in the UK.”
“We’re also grateful for the support of existing investors who enabled us to advance Mistral, our next-generation battery, to near completion, and for the support of new investors, such as Korea Investment Partners, who have embraced our vision of profitably meeting global demand for LDES.”
CEO of the UK Infrastructure Bank, John Flint, added: “Electricity storage technologies have a crucial role to play in balancing the energy system in response to volatility in supply and demand as the UK transitions to net zero.
“However, the market of investors in more nascent longer-duration technologies like vanadium flow has developed more slowly than for lithium-ion batteries.
“Our cornerstone investment has helped Invinity to mobilise the additional private investment needed to scale their manufacturing, supporting the development of a promising new longer-duration technology.”
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