Invinity Energy Systems (IES)

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100.00p
   
  • Change Today:
      1.00p
  • 52 Week High: 230.00
  • 52 Week Low: 75.00
  • Currency: UK Pounds
  • Shares Issued: 95.54m
  • Volume: 97,834
  • Market Cap: £95.54m
  • RiskGrade: 324
  • Beta: 0.50

Invinity subsidiary enters battery development deal with Siemens Gamesa

By Josh White

Date: Tuesday 11 May 2021

LONDON (ShareCast) - (Sharecast News) - Infinity Energy announced on Tuesday that its wholly-owned subsidiary Invinity Energy Nexus has entered into a joint development and commercialisation agreement with Gamesa Electric, a subsidiary of Siemens Gamesa Renewable Energy.
The AIM-traded firm said the agreement would see the joint development of a grid-scale vanadium flow battery (VFB), based on Invinity's technology and incorporating Gamesa Electric's power conversion systems.

It would also see the two companies "cooperatively manufacture" the VFB on achieving a jointly validated design, and commercialise the VFB through each company's sales channels.

The company said the agreement set out a "detailed development programme" for the VFB that was expected to take about two years to reach commercialisation.

Over that period, Gamesa Electric agreed to fund $4.62m (£3.27m) of Invinity's activities within the joint development programme, payable as development milestones are met.

The agreement could be terminated by Gamesa Electric should there be a failure to advance through development stages.

In addition to the joint activities, each company would independently advance their core technology to support programme deliverables.

Invinity said itself and Gamesa Electric had also entered into an option agreement, granting Gamesa or its nominee within the Siemens Gamesa group an option for 9.99% of Invinity's issued share capital at £1.75 per share - the same price as Invinity's most recent placing in December.

If the option were to be exercised, Gamesa Electric or its nominee would have the right to appoint a director to Invinity's board, subject to it maintaining a minimum 5% shareholding in Invinity.

The ability to exercise the option remained subject to shareholder approval, the board said.

"We are delighted to enter into this joint development and commercialisation agreement with Gamesa Electric," said chief executive officer Larry Zulch.

"Delivering a next-generation VFB to meet the need for safe, dependable and economical energy storage requires deep expertise in both energy technology development and commercialization, making Gamesa Electric an ideal partner for us in that effort.

"We appreciate this validation of VFB's potential and the implications for our existing products."

At 0946 BST, shares in Invinity Energy Systems were up 29.96% at 159.85p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

IES Market Data

Currency UK Pounds
Share Price 100.00p
Change Today 1.00p
% Change 1.01 %
52 Week High 230.00
52 Week Low 75.00
Volume 97,834
Shares Issued 95.54m
Market Cap £95.54m
Beta 0.50
RiskGrade 324

IES Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
30.97% above the market average30.97% above the market average30.97% above the market average30.97% above the market average30.97% above the market average
18.81% below the sector average18.81% below the sector average18.81% below the sector average18.81% below the sector average18.81% below the sector average
Price Trend
50.68% below the market average50.68% below the market average50.68% below the market average50.68% below the market average50.68% below the market average
38.05% below the sector average38.05% below the sector average38.05% below the sector average38.05% below the sector average38.05% below the sector average
Income Not Available
Growth
3.39% above the market average3.39% above the market average3.39% above the market average3.39% above the market average3.39% above the market average
7.55% above the sector average7.55% above the sector average7.55% above the sector average7.55% above the sector average7.55% above the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

IES Dividends

No dividends found

Trades for 07-Dec-2021

Time Volume / Share Price
16:01 2,221 @ 98.50p
15:41 486 @ 101.00p
15:37 487 @ 101.00p
15:09 75 @ 99.63p
15:03 1,245 @ 99.63p

IES Key Personnel

CFO Peter Dixon Clarke

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