Vanadium redox flow battery (VRFB) firm Invinity Energy Systems sold or won funding for 136.7MWh of product in 2023, while growing revenues by 5x.
The 136.7MWh of battery deals are for delivery in 2024 and 2024, and 99.6MWh of them are for its latest generation product Mistral which is set for commercial launch later this year.
Total income for the year grew to £22.0 million (US$28 million), a 511% increase on 2022’s £3.6 million, while it saw an 800% increase in products shipped, to 32.5MWh.
With the scaling up of its operations has also come a widening of its loss, to £22.8 million from £19 million the prior year. The majority of those losses relate to projects signed before 2022, and margin improvement is a ‘key strategic objective’, the company said.
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More recent projects are forecast to achieve broadly flat or small positive gross margins at the project level, before allocation of facility costs, Invinity said.
The company is debt-free with £53.2 million of cash as of 31 May 2024, a significant increase from £15.4 million at the end of 2023.
That reflects a large cash injection from investors including the state-owned UK Infrastructure Bank in May, which we interviewed company CCO Matt Harper about at the time (Premium access). Alongside shoring up its finances and directly investing in projects, the money is going towards expanding manufacturing.
As of June 2024, Invinity has a base pipeline of 45.8MWh, an advanced pipeline of 446.5MWh, a qualified near term pipeline of 2,009MWh and a qualified further term pipeline of 4,122MWh.
