Invinity Energy (LON: IES) provided an early 2021 trading update on Tuesday, building on its record orders from 2020, resulting in its share price climbing over 10.5%.
The company confirmed a 100% increase in stack manufacturing capacity (vs December 2020) for the its facilities in Vancouver, Canada and Bathgate, UK.
The manufacturer of vanadium flow batteries noted strong policy movements in the UK will significantly strengthen domestic opportunities such as £68 million of funding announced in the 2021 budget, the introduction of new ancillary service markets, and rising carbon prices to support renewable and energy storage projects.
Invinity's commercial division continues to focus on closing near-term deals while also expanding the broader ‘Pipeline' segment to fuel longer-term sales and revenue growth. Commercial traction is expected to accelerate further as key utility-scale projects such as Energy Superhub Oxford and Yadlamalka Energy and industrial-scale projects in the UK, Asia, and the USA come online in 2021.
Financial highlights include a year-end cash position of £22 million compared to 2019 of £1.24 million. Invinity also remains in discussions with several interested parties regarding strategic partnerships related to core elements of its business.
The company intends to publish its 2020 annual report and accounts during May 2021.
“I'm pleased with the progress we're making on critical projects, but conscious that our progress isn't always visible until a milestone is achieved. Our team has done an impressive job scaling up Invinity's capabilities to close new business and deliver on existing deals”, said Larry Zulch, Invinity's CEO.
The firms share price is currently 10% higher at 151p on Tuesday morning.
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Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.