Vanadium redox flow battery (VRFB) firm Invinity Energy Systems has secured a 15MWh order from industrial technology company Everdura in Taiwan, its largest to date.
The deal is a reseller agreement whereby Everdura Technology will promote Invinity’s products across the market segments in Taiwan and Southeast Asia. A deposit is due shortly and first deliveries will commence in 2023 with revenues expected to be mostly recognised in 2024.
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The announcement today (1 December) is Invinity’s second order in Taiwan in quick succession, after it agreed to sell 10 systems totalling 2.2MWh to Bei Ying International Corporation, an industrial equipment wholesaler.
The deal with Everdura also includes a follow-on order giving it the ability to purchase a further 255MWh of Invinity products over the next three years.
The order is Invinity’s largest to date, displacing its recent 10MWh order for a renewables microgrid in California.
A deposit for the initial order is due shortly. First battery deliveries are expected to commence in late 2023 with the majority of revenue associated with the project expected to be recognised during 2024.
Darren Yen, chairman at Everdura said: “Long-duration energy storage has a key role to play in decarbonising Taiwan’s energy future and through close cooperation, we look forward to furthering the deployment of Invinity’s technology in the years to come.”
Matt Harper, Invinity CEO added: “With renewable generation delivering an ever-larger portion of Taiwan’s energy needs, Invinity and Everdura together are ideally positioned to provide energy storage to deliver renewable power on demand, speeding Taiwan’s path to net zero.”
Everdura Technology was established in July this year as a JV between Everbrite Technology and Pronergy, with a focus on construction, system integration and technology distribution within the energy, smart buildings and public EV charging infrastructure sectors.
Taiwan has been a strong early mover within Asia-Pacific when it comes to battery energy storage deployments. In just the last few months, Fluence bagged a 100MW order with a power electronics group while the Taiwan Cement Corporation has been growing its order pipeline to subsidiary NHOA, the France-based EV and energy storage group.