December 14, 2022 – RiverFort are pleased to announce that Invinity Energy Systems PLC (AIM: IES) (the “Company”) has entered into a funding facility for up to US$10 million with RiverFort and YA II. An initial $2.5m has been drawn by the Company.
Invinity is a leading global manufacturer of Vanadium Flow Batteries (VFB) for large-scale, high-throughput energy storage requirements of business, industry and electrical networks. Their VFB’s 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.
Invinity has closed several high-profile commercial contracts so far in Q4, equivalent to over 30MWh of battery orders. The funding will provide additional support for short-term working capital requirements as Invinity looks to deliver on these contracts, close further deals and develop their 2023 pipeline.
Larry Zulch, Chief Executive Officer of Invinity said:
"I am delighted with the commercial progress made by Invinity in recent weeks. In our interim results in September 2022, we highlighted our significant order backlog and considerable near-term commercial interest. The facility we have secured supports delivering those orders while continuing to develop upcoming opportunities."
For more information regarding this facility, please visit the London Stock Exchange website for the 14th December 2022 announcement (https://www.londonstockexchange.com/news-article/IES/10m-funding-facility-initial-draw-of-2-5m/15758594).