At 0725 GMT, shares of Invinity Energy Systems surged by 15% following the company’s announcement of a significant rise in revenue in fiscal 2023. Additionally, the company revealed that it has secured a major contract from the U.S. government for six projects. Shares are now trading at 50.50 pence, up by 6.50 pence.
U.S. Government Funds Projects Utilizing Invinity’s Next-Generation Product
Invinity Energy Systems, known for its vanadium flow batteries, disclosed that the U.S. Energy Department intends to provide funding for projects that will collectively consume 84 megawatt-hours of its latest innovation, Mistral. These projects will be implemented at six different locations. The formal award and final negotiation are anticipated to be completed by the end of this year.
Record-Breaking Delivery of Vanadium Flow Batteries
In the previous fiscal year ending on June 30, Invinity Energy Systems achieved an outstanding accomplishment by delivering a total of 26.5 MWh of vanadium flow batteries. This marks a significant increase from the 3.4 MWh delivered in fiscal 2022. The company attributes this success to the completion of multiple large-scale projects across the United States, Canada, and Australia.
Impressive Revenue Growth Despite Widened Pretax Loss
The notable surge in project deliveries led to a substantial growth in Invinity’s revenue, which reached £14.8 million ($18.1 million) compared to £1.4 million in the previous year. However, it is important to note that the pretax loss also expanded from £11.6 million to £13.3 million due to a rise in costs of sales from £3.7 million to £18.1 million.
Strong Revenue Backlog for 2023
As of September 22, the company’s revenue backlog for 2023 stood at £24.9 million, showcasing a promising outlook for the near future.
