Level 2

Invinity selected for six US Department of Energy products

By Josh White

Date: Monday 25 Sep 2023

Invinity selected for six US Department of Energy products

(Sharecast News) - Utility-grade energy storage developer Invinity Energy Systems has been selected by the United States Department of Energy (DOE) to supply 84 MWh of its 'Mistral' product for projects at six US sites, it announced on Monday.
The AIM-traded firm said contracting and negotiations for the initiatives were expected to conclude by the end of the year, and on completion, Invinity was set to deliver its batteries by 2025.

Five out of the six locations would be developed in collaboration with the National Renewables Cooperative Organisation (NRCO), with Invinity and Pacific Northwest National Laboratory (PNNL) support.

The funding, under the Office of Clean Energy Demonstrations (OCED) LDES Demonstrations Program, coupled with matching funds from the NRCO consortium, would be directed towards the acquisition, installation, and operation of 72 MWh of Invinity's vanadium flow batteries (VFBs).

Invinity said the projects across the midwest and southeast regions were intended to boost energy independence in rural communities while illustrating the potential of longer-duration energy storage technologies, such as Invinity's VFBs.

Each site, powered by a 14.4 MWh Invinity VFB from the Mistral lineup, would be designed to stabilise the fluctuating wind and solar outputs and enhance grid stability.

The company noted that around 800 US cooperative utilities supply power to 42 million residents, adding that the agreement represented a significant milestone for Invinity, following its previous 2.1 MWh VS3 sale to US electric cooperative OPALCO in San Juan County, Washington, in June.

It said the sixth site, tied to PNNL and funded under the OCED Lab Call program, would employ Invinity's VFBs for a 10-year research phase.

PNNL, known for pioneering emerging energy technologies, aimed to delve into the potential of long-duration energy storage to benefit grid operators and energy consumers nationwide.

Invinity said it intended to offer its Mistral systems at competitive prices, approximately 33% lower than its recent VS3 sales while maintaining a positive gross margin.

"The US Department of Energy helps shape how the world generates, distributes and consumes electric power," said chief commercial officer Matt Harper.

"Invinity is thrilled that the DOE has chosen projects based on our Mistral flow battery to help demonstrate the role long-duration storage will have in the future net-zero grid."

Harper said PNNL's dedication to developing and NRCO's focus on deploying clean energy solutions made them ideal partners for Invinity in the projects.

"What Invinity and PNNL discover in the Lab Call program will enhance the ability of our batteries to deliver the flexibility, robustness and safety that NRCO's member cooperatives and the communities they serve demand and that the future grid will require."

At 1313 BST, shares in Invinity Energy Systems were up 10.25% at 48.51p.

Reporting by Josh White for Sharecast.com.


Email this article to a friend

or share it with one of these popular networks:

Top of Page