IES Invinity Energy Systems Plc

By Christian Moess Laursen

Shares in Invinity Energy Systems climbed 15% after the company said its revenue saw a ten-fold rise in fiscal 2023 and that it has secured a large contract from the U.S. government for six projects.

At 0725 GMT, shares are up 6.50 pence at 50.50 pence.

The vanadium flow battery maker said Monday that the U.S. Energy Department plans to fund projects that together will use 84 megawatt-hour of its next-generation product Mistral in six sites.

The formal award and final negotiation are expected to conclude before year-end, it said.

In the fiscal year ended June 30, the company delivered a record 26.5 MWh of vanadium flow batteries, up from 3.4 MWh in fiscal 2022, it said in a separate statement.

Its revenue rose to 14.8 million ($18.1 million) compared with GBP1.4 million a year prior due to the delivery of several large-scale projects on the U.S., Canada and Australia.

However, pretax loss widened to GBP13.3 million from GBP11.6 million as costs of sales rose to GBP18.1 million from GBP3.7 million.

The company's 2023 revenue backlog was GBP24.9 million as at Sept. 22.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

September 25, 2023 03:48 ET (07:48 GMT)

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