Battery Energy Storage System (Bess) Manufacturer Invinity Energy Systems has an investment of £ 25 million secured and collaborated with Atri Energy and the next genmobility of Gen to expand its reach in the energy storage sector.
The investment will be used to support current product development and the production options of Invinity. Atri and Next Gen will each acquire £ 12.5 million in shares, whereby each company is expected to receive 64,102,564 ordinary shares.
Atri has expressed its head office in Hyderabad, India and Invinity about the possibilities for commercial activities on the Indian market that this partnership will offer. Invinity is also aimed at access to cheaper materials and sub -components, and researching to set up stack production and final assembly facilities in India.
In the meantime, the following gene has been included in Guernsey and was founded to invest in and intellectual property and to operate companies, in particular with regard to new energy technologies.
Invinity notes that both the next Gen and Atri have a strong experience in investing in the energy sector for a number of years, and both companies have “expressed strong confidence in the prospects for Invinity.”
Invinity is a developer of Vanadium Flow Batteries (VFBs) and has worked to expand its worldwide reach in recent months and years. In March, Invinity reached an agreement with the Department for Energy Security and Net Zero (DSNZ) to develop a battery system of 20.7 MWh Flow –The largest in the UK– in the southeast of England. The production of the US3 batteries that will form the system has already started in the Motherwell factory of Invinity in Scotland.
As reported by our sister site, Energy storage.Invinity also looked at the Chinese market while it works to use its technology worldwide.
In July, The company has signed a license and royalty agreement With Vanadium electrolyte and battery product manufacturer Guangxi United Energy Storage New Materials Technology Limited (UESNT), from which Invinity States will enable it to use the Supply Chain and UEsent production benefits to lower the costs and expand the project range.
Jonathan Marren, Chief Executive Officer at Invinity, stated that: “India has set the accelerating growth in demand for electricity as a considerable chance of the lesson storage (LDES).”
He added: “This investment will further reinforce the performance that we have secured to date that improve our supply chain, production possibilities and realize a greater cost reduction of our Endurium VFBS.”
