Invinity Energy Systems PLC MoU with Dawsongroup for UK Battery Rentals (7512M)
16 Janeiro 2023 - 4:00AM
UK Regulatory
TIDMIES
RNS Number : 7512M
Invinity Energy Systems PLC
16 January 2023
The information contained within this Announcement is deemed by
Invinity Energy Systems plc to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
16 January 2023
Invinity Energy Systems plc
("Invinity" or the "Company")
MoU with Dawsongroup plc to develop UK battery rental
offering
Partnership anticipates Invinity batteries being rented to
Dawsongroup customers in UK
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX:
IESVF), a leading global manufacturer of utility-grade energy
storage , is pleased to announce that it has signed a non-binding
Memorandum of Understanding ("MoU") with Dawsongroup Power
Solutions Limited, part of Dawsongroup plc, a leading commercial
asset rental business operating across the UK and EU, with the
intention of appointing Dawsongroup as Invinity's exclusive partner
for the UK equipment rental market.
Dawsongroup has also purchased a 0.22 MWh Invinity VS3 battery
which will be installed at the company's headquarters in Milton
Keynes, UK later this year. The system will be used as a showcase
project, providing Dawsongroup's corporate customers the
opportunity to view Invinity's vanadium flow battery technology in
operation.
Dawsongroup is one of Europe's leading asset rental, leasing and
contract hire businesses and is the UK's largest in this sector,
owning over 31,000 premium supply chain assets including transport,
municipal services and cold storage which are rented to a broad
customer base of large, reputable companies. The group is committed
to reducing its environmental impact, through fleet electrification
and using more renewable energy, that will allow its customers to
accelerate their transition to net zero.
With the MoU signed, both parties will now work to conclude a
definitive partnership agreement that would see Dawsongroup procure
battery storage products exclusively from Invinity and become
Invinity's exclusive rental partner in the UK. Both parties see
strong potential for a rental market in the UK for vanadium flow
batteries and expect to target customer commitments of more than 50
MWh over the next two years.
Lee Vines, Managing Director at Dawsongroup said:
"Dawsongroup Power Solutions' proposed partnership with Invinity
is an exciting step towards supplying sustainable solutions for our
customers. Invinity's vanadium flow batteries combined with our
Smarter Asset Strategy will provide renewable energy that is safe,
reliable and economical for the most demanding applications; ideal
for the transition to net zero."
Matt Harper, Chief Commercial Officer at Invinity said:
"Flexible equipment ownership is a great way for organizations
to increase operational efficiencies. Invinity already has a strong
book of business where our vanadium flow batteries are decreasing
energy bills and accelerating decarbonisation for commercial and
industrial customers by providing on-site, clean power. We're very
excited to work with Dawsongroup to deliver those same benefits to
customers whose needs include agile worry-free asset ownership,
significantly expanding our commercial opportunities."
Enquiries :
Invinity Energy Systems plc +44 (0)20 4551 0361
Jonathan Marren, Chief Development Officer and
Interim CFO
Joe Worthington, Director of Communications
Canaccord Genuity (Nominated Adviser and Joint +44 (0) 20 7523
Broker) 8000
Henry Fitzgerald-O'Connor / Harry Pardoe / Gordon
Hamilton
VSA Capital (Financial Adviser and Joint Broker) +44 (0)20 3005 5000
Andrew Monk / Simon Barton
EAS Advisors LLC (US Corporate Advisor) +1 (646) 495 2225
Matthew Bonner / Chris Chesworth
Notes to Editors
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX:
IESVF) manufactures vanadium flow batteries for large-scale,
high-throughput energy storage requirements of business, industry
and electrical networks.
Invinity's factory-built flow batteries run continually with no
degradation for over 25 years, making them suitable for the most
demanding applications in renewable energy production. Energy
storage systems based on Invinity's batteries are safe, reliable,
and economical, and range in size from less than 250 kilowatt-hours
to tens of megawatt-hours.
Invinity was created in April 2020 through the merger of two
flow battery industry leaders: redT energy plc and Avalon Battery
Corporation. With over 33 MWh of systems deployed to date across
more than 50 sites in 15 countries, Invinity is active in all major
global energy storage markets and has operations in the UK, Canada,
USA, China and Australia. Invinity Energy Systems plc is listed on
the AIM Market of the London Stock Exchange and on the Aquis Stock
Exchange (AQSE). The Company trades in the USA on OTCQX Best Market
under the symbol "IESVF".
To find out more, visit invinity.com or call Investor Relations
on +44 (0)204 551 0361.
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