Energy storage firm Invinity raises EUR 67m to fund growth

UK energy storage firm Invinity Energy Systems plc (AIM:IES) announced it has raised GBP 57.38 million (USD 73.3m/EUR 67.4m) gross from a share offering, planning to use the proceeds for both organic and inorganic growth investments.

The funds will go for acquiring minority stakes in long-duration energy storage (LDES) projects to facilitate the sale of the company’s products and for advancing the manufacturing and deployment of its vanadium flow battery technology. The proceeds will also help strengthen Invinity's balance sheet to unlock large-scale commercial orders.

All in all, Invinity has issued about 249 million open offer, placing and subscription shares, according to a filing published Friday.

Invinity was set up in April 2020 after the merger of flow battery companies redT energy plc and Avalon Battery Corporation. The company has 75 MWh of systems already deployed or contracted for delivery across 82 sites in 15 countries.

(GBP 1 = USD 1.279/EUR 1.175)

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