Invinity Energy Systems [AQSE:IES], the Aquis-listed manufacturer of utility-grade energy storage units, last week launched Endurium, a new next-generation vanadium-flow battery unit.
The Jersey-headquartered company, with operations in the UK, US, China and Australia, released its new battery pack for general sale. The product is the evolution of Invinity’s existing vanadium-flow battery technology, which has been optimised for large-scale energy storage projects of a gigawatt-hour and beyond. The company is in the process of redomiciling its headquarters from Jersey to the UK mainland.
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Vanadium-flow batteries are also known as vanadium redox batteries. They are one of the battery storage technologies being developed globally to service what the energy industry hopes will be an upsurge in demand as the world transitions from reliance on fossil fuels to renewable energy at both utility level and in transportation.
The rechargeable battery uses vanadium (a metal that is a byproduct of other mining operations) ions as charge carriers. Vanadium is a useful mineral in that it exists in solution in four different oxidisation states. This allows engineers to develop a battery with a single electroactive element instead of two. However, vanadium redox flow batteries are quite bulky – something that Invinity’s Endurium can’t avoid – so are generally more suited to utility grid applications.
Vanadium redox: the workhorse of the battery sector
The significant advantage that vanadium redox batteries have against other comparable battery technologies is that they have no limit on their energy capacity and can remain discharged indefinitely without damage. Moreover, vanadium flow batteries hold a single charge state across all electrolytes, which means that they don’t face capacity degradation. Vanadium redox batteries are the true workhorses of the battery sector. They can be cycled (charged and discharged) around 20,000 times over an operational life of up to 20 years. They can also be bulked-up on a modular basis; run cool, unlike other battery types, and are quite ruggedized in nature, able to operate in a wide range of temperatures and environments. By comparison they are also quite cheap per-unit-stored.
However, on the production side, vanadium redox flow batteries are at the mercy of the spot vanadium price – which is quite a volatile commodity, and also a toxic chemical. They are in addition less efficient than the better-known lithium-ion family of batteries, and have a comparatively poor energy-to-volume ratio. Also, that bulkiness and weight is a disadvantage in some applications – it would be hard to get one in a family car, for example, but vanadium redox could potentially find use in bulk marine transport.
Renewable energy rollout
Invinity’s new battery can be configured to discharge in durations between four hours and 18 hours and has improved specifications including greater energy density, simplified maintenance and improved round-trip efficiency. The company expects to have shipped its first orders by the end of the month. The company noted that Endurium has been selected for 84MW of projects under the US Government’s Department of Energy renewable energy rollout, as well as for the UK Government’s Long Duration Energy Storage (LDES) Cap and Floor Scheme, as Endurium qualifies as Stream 2 technology. Production of Endurium for the UK and European markets will be in Britain, whereas for North America, from 2026, production will be focused in Canada and the USA.
As previously reported Invinity was formed through a 2020 merger of two leading flow battery providers, namely redT energy and Avon Battery and is dual-listed on AIM under the ticker LON:IES as well as on the over-the-counter market in North America under [OTC:IESVF].
Successful funding round
In its last published results, for the six months to end-June, Invinity reported a fall in income to GBP1.6m, compared to GBP14.8m for 1H23. The company’s operational losses narrowed marginally from GBP12.6m in 1H23 to a loss of GBP11.4m. Gross loss fell from GBP3.3m in 1H23 to GBP1.1m in 1H24. That said, administrative expenses increased by GBP1m y-o-y to GBP10.3m. But Invinity also significantly increased its cash-in-hand to GBP49.2m, up GBP36.3m from 1H23 following a GBP57.4m fundraising exercise that completed in May. This included a GBP25m cornerstone investment from the UK Infrastructure Bank. The bank, however, ringfenced GBP18m specifically for the UK LDES project.
Jonathan Marren, Invinity’s newly-installed chief executive, promoted from the position of CFO in September, said: “The commercial release of Endurium is an important milestone for Invinity and an essential step on our pathway to profitability […] As a company, our activities are focused on accelerating global progress towards net zero and today’s launch marks another important step forward in unlocking low-cost, low-carbon energy on demand for all […] I’m very excited for the next stage in our journey.”
The company shares opened the week at 16p, down 45.7% over one year and down 61% over six months, ranging between 8.75p and 35.5p over twelve months. The company has a market cap of GBP70.5m.
