The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Nearly 140MWh of vanadium flow battery sales and fundings for Invinity last year


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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

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.

22 October 2024
New York, USA
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
18 March 2025
Austin, Texas
The Energy Storage Summit USA is the only place where you are guaranteed to meet all the most important investors, developers, IPPs, RTOs and ISOs, policymakers, utilities, energy buyers, service providers, consultancies and technology providers in one room, to ensure that your deals get done as efficiently as possible. Book your ticket today to join us in 2025!

Read Next

July 16, 2024
Energy storage fund investment manager Gore Street has released its full-year results, reiterating how internationalisation helped it weather falling revenues in the UK – though not enough to maintain its dividend level.
July 15, 2024
We hear from Gresham House and optimisers Capalo AI and Flower on the BESS industry’s move away from merchant-only models towards more contracted revenues.
July 11, 2024
Utility Southern California Edison is considering withholding liquidated damages from Ameresco after continued delays to 537.5MW/2,150MWh BESS portfolio.
July 10, 2024
A 150MW BESS at the flagship Cleve Hill solar and storage project in the UK can now go ahead after its refusal by the local council was successfully appealed.
July 10, 2024
Powin will supply 880MWh of its BESS technology for a project developed by US utility DTE Energy in Michigan, US.

Most Popular

Email Newsletter