Elsewhere, a study funded by the US Department of Defense which found vanadium redox flow batteries to be a potential way to reduce reliance on diesel engines for critical resiliency applications is entering a second phase.
The Department of Defense contracted energy solutions company Ameresco to conduct the study, the first phase of which looked at how flow batteries could be used in military microgrids, while the second phase will see flow battery systems deployed at the Department of Energy’s National Renewable Energy Laboratory (NREL) in Colorado. Flow battery provider Invinity Energy Systems and engineering company S&C Electric are supporting the research.
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§Invinity Energy Systems, a producer of vanadium batteries, has a contract to build a battery in Yadlamalka, South Australia, that will store energy from a solar project and provide it to the local grid. Its 8 MWh battery will be paired with a solar array.
Invinity Energy Nexus Limited, a wholly-owned subsidiary of Invinity Energy Systems plc (AIM:IES) is pleased to announce it has entered into a Joint Development and Commercialization Agreement ("JDCA") with Gamesa Electric S.A.U. ("Gamesa Electric"), a wholly-owned subsidiary of Siemens Gamesa Renewable Energy ("SGRE"), to:
· jointly develop a grid-scale vanadium flow battery ("VFB") based on Invinity's proven technology and incorporating Gamesa Electric's advanced power conversion systems;
· cooperatively manufacture the VFB upon achieving a jointly validated design; and
· commercialize the VFB through each company's sales channels.
The JDCA sets out a detailed development program for the next-generation VFB that is expected to take approximately two years to reach commercialisation. Over this period, Gamesa Electric has agreed to fund an aggregate US$4.62 million of Invinity's activities within the joint development program, payable as development milestones are met. The JDCA may be terminated by Gamesa Electric should there be a failure to advance through development stages. In addition to the joint activities, each company will independently advance their core technology to support program deliverables.
Invinity and Gamesa Electric have also entered into an Option Agreement granting Gamesa Electric or its nominee within the SGRE group an option for 9.99 per cent. of Invinity's issued share capital as at the date of this announcement (the "Option", the "Option Shares") at £1.75 per share, the same as Invinity's most recent placing in December 2020. 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 Gamesa Electric or its nominee maintaining a minimum 5% shareholding in Invinity. The ability to exercise the Option is subject to Company shareholders' approval. Further updates will be provided to shareholders in due course.
Invinity will continue to vigorously pursue development and commercialization of its current VFB products in response to robust and growing demand.
"We are delighted to enter into this JDCA with Gamesa Electric," said Larry Zulch, Invinity CEO. "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."
Energy storageInvinity Energy Systems (AIM:IES) is a developer and manufacturer of vanadium flow batteries for large-scale energy storage requirements. The current Group was formed in April 2020 as a result of a merger between AIM listed redT energy PLC and Canada based Avalon Battery Corporation, two vanadium flow battery manufacturers.
Bloomberg New Energy Finance predicts the energy storage sector will receive approximately US$620 billion in new investment by 2040 with the market projected to grow at nearly 900% between 2017 and 2022. Against this background, VFBs are expected to capture around 18% of a total addressable stationary energy storage market by 2027.
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Invinity Energy Systems (LSE: IES) isn’t involved in the business of producing green energy. But its role as a manufacturer of vanadium flow batteries still makes it an exciting renewable energy stock to buy.
What is in the hybrid energy storage system more specifically? Here are the deets: “It combines a 2MW/5MWh vanadium flow battery from energy storage leader Invinity Energy Systems with a 50MW/50MWh lithium-ion battery from global technology company Wärtsilä to deliver an innovative energy storage solution that can balance the intermittency of renewable energy. The system will be controlled and managed by Wärtsilä’s GEMS Digital Energy Platform and optimised by Habitat Energy’s AI-enabled battery trading system.”
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London-listed company Invinity Energy Systems Plc has paired one of its vanadium flow batteries with a lithium-ion battery at the site. The flow battery, which can last for decades, will be used more heavily by Electricite de France SA’s Pivot Power unit, which offers the charging service to passing vehicles. This system preserves the lifetime of the lithium battery that is more prone to wearing down.