Invinity Energy Systems receives notice to proceed from Hungarian partner

(Sharecast News) - Utility-grade energy storage manufacturer Invinity Energy Systems said on Friday that it has received a notice to proceed on a 10.8 MWh order from its Hungarian partner, STS Group. Invinity said 10.8 MWh of ENDURIUM batteries will be installed alongside a solar PV array as part of a large-scale solar plus storage project in western Hungary.

The AIM-listed group highlighted that the project was supported by the European Union and was expected to receive debt funding from a major European bank.

With notice to proceed issued, Invinity said it was now due a down payment, allowing the manufacturing and order fulfilment process to commence ahead of shipment later in FY25.

Chief executive Jonathan Marren said: "Receiving NTP on this project is the final milestone and now allows us to progress to manufacturing and ultimately delivery of the batteries, confirming the first commercial deployment of ENDURIUM in Europe.

"This is an important event for Invinity both from a commercial perspective but also financially in providing a material portion of anticipated 2025 revenues."

As of 0830 BST, Invinity shares had shot up 10.84% to 23.00p.



Reporting by Iain Gilbert at Sharecast.com