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Shares of Invinity Energy Systems PLC (LON: IES) rallied 31.3% after clinching a deal with a subsidiary of Siemens Gamesa Renewable Energy SA to develop grid-scale vanadium flow batteries using their unique expertise to create powerful batteries.
The partnership with Gamesa Electric will see Invinity provide its flow battery design technology combined with Siemens power distribution systems to create vanadium flow batteries used to store energy in grid-scale power networks.
Invinity will benefit from Siemens power systems expertise, while Siemens will rely on Invinity’s expertise in designing and manufacturing large-scale vanadium flow batteries.
Siemens Gamesa will fund $4.62 million (£3.27 million) of Invinity’s operations executed as part of the deal payable in instalments as certain project milestones are achieved.
The two companies will then co-operate on the manufacturing and commercialisation of the batteries, which will be sold via each company’s sales systems.
Invinity also clarified that Gamesa Electric had entered into an option agreement to acquire 9.99% of Invinity's issued share capital at £1.75 per share in future. If Gamesa exercises the option, it will have the power to appoint a director to Invinity’s board.
Larry Zulch, Invinity’s CEO, said: “We are delighted to enter into this joint development and commercialisation agreement with Gamesa Electric,”
“Delivering a next-generation VFB to meet the need for safe, dependable and economical energy storage requires deep expertise in both energy technology development and commercialisation, making Gamesa Electric an ideal partner for us in that effort.”
Invinity share price.
Invinity Energy shares rallied 31.27% to trade at 164.75p, rising from Monday’s closing price of 125.50p.
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