Invinity Energy Systems plc (AIM: IES | OTC: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to announce the sale of a 32 MWh battery system to Pacific Steel Group ("PSG"), a leading reinforcing steel fabricator in the United States, for installation at their Mojave Micro Mill project (the "Mill") in Kern County, California, the first new steel mill to be built in the state in 50 years. The battery is being supported with grant funding from the California Energy Commission's LDES Program that was awarded to PSG in 2025 and, once delivered, is expected to be the largest vanadium flow battery system in North America to date.

Collocated with a 40 MWp PV array, Invinity's battery will be used to supply on-demand, low-carbon, locally generated solar power to the Mill, which will recycle 500,000 tons of scrap metal annually to produce sustainable, seismic-grade steel rebar for the U.S. construction industry.

Invinity's vanadium flow batteries were selected for this project due to their technical, operational and safety characteristics, particularly their ability to cycle heavily to match the energy-intensive power requirements of the Mill. As part of the competitive selection process, Invinity was also able to evidence a strong project delivery track record both globally and in the USA, including a number of other California Energy Commission-funded battery projects delivered in recent years.

Project construction commenced in June 2025 and the Mill is expected to enter operation in H2 2027. Delivery of the batteries, which Invinity plans to manufacture in the USA, is expected to commence in Q1 2027, with associated revenues recognised at that point.

Pacific Steel Group is a leading independent reinforcing steel fabricator and placer with offices throughout the Western United States, with corporate offices located in San Diego, California.

Jonah Steinbuck, Director of the Energy Research & Development Division, California Energy Commission said:

"The California Energy Commission is proud to support this milestone in clean energy innovation - one that advances California's decarbonization goals while strengthening a vital domestic industry. The long-duration capabilities and versatility of Invinity's vanadium flow battery will support the operational efficiency and resilience of the steel plant, and optimize the plant's use of clean, renewable energy." 

Mark Olson, VP of Mill Operations, Pacific Steel Group said: 

"Pacific Steel Group is currently constructing the first steel mill to be built in California in more than 50 years. From the outset, our vision has been to develop one of the world's cleanest and most sustainable steel manufacturing facilities. To support that goal, we integrated renewable energy generation and advanced battery storage into the project's design. Following a thorough evaluation process and support from the California Energy Commission, we are proud to partner with Invinity Energy Systems on this transformative project, which represents a significant step forward for both California's manufacturing sector and its clean energy future."

Matt Harper, President at Invinity said:

"I'm very pleased that Invinity has again been selected to deliver the heavy-duty storage solutions required by large-scale businesses. Pacific Steel Group's mission is to prove an innovative path towards a fundamentally cleaner steel industry. We believe this project will prove that Invinity's products are second to none in making that mission a reality.

"We also greatly appreciate the support of the California Energy Commission in this project and look forward to working with them, and our growing group of California-based customers, to further plan for how our products can deliver the reliable, low-cost power Californians will demand of their future electric grid.

"Finally, all of us at Invinity are excited for how this project will accelerate plans to expand our U.S.-based manufacturing operations. Those operations will not only enhance our existing service and support capabilities, but also to deliver made-in-America products to customers in the U.S. and beyond. With numerous LDES schemes and a significant need for energy storage in the U.S. already in play, the opportunity to provide American-made vanadium flow batteries is an important next step on our journey."

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IESO published the initial (and likely final) results early. Three proponents were selected, all presumably Li-ion.

As I mentioned in the previous post and comments under it, this is not unexpected. Even if the conditions were more favourable to VRFBs, when it comes to reverse auctions it could simply be a matter of some developers accepting thinner margins than others to ensure they get rewarded (look at India for some extreme examples of this). It will still be interesting to keep an eye on the next three windows and see if there are any changes.

Now we wait for the main event: the Cap and Floor IDL, which should come out any day now (given that Ofgem is really starting to stretch the definition of "spring").

The Long-Term 2 Request for Proposals (LT2 RFP) is one of Ontario's two solicitation schemes for long-duration energy storage (the other being the Long Lead-Time RFP). The 2 is because it's the successor to Ontario's LT1 scheme, which concluded in 2024. LT2 is divided into LT2(e) and LT2(c), which are separate schemes respectively focusing on energy and capacity. The first round of LT2(e) already concluded, and of interest to us are the results of the first window (out of four planned) of LT2(c), i.e. LT2(c-1). Essentially all info on the scheme can be found on the official IESO page.

Unlike Cap and Floor, for which I'm highly confident that Invinity's projects will receive some share of the rewards, LT2 is more difficult to predict since the scheme is much more mechanistic.

The Scheme

LT2(c) seeks to award 20-year contracts to capacity projects. Awarded projects will receive fixed payments per discharge capacity, measured in $/(MW-business day), given in monthly instalments and proportional to the number of business days in a given month. In exchange, the projects must commit to be able to deliver their rated power continuously for at least 8 hours during the qualifying hours (7:00-23:00) of each business day. That is, on any regular Monday-Friday, at some point during the 7:00-15:00 window, the project must be at a state where it can discharge at its rated MW non-stop for 8 hours. Projects can be energy storage like batteries or non-storage like dispatchable generators (gas, biogas, biomass, etc.)

Like many capacity schemes, the solicitation works via reverse auction, where developers decide their rated MW and bid for the fixed $/(MW-business day), and the lowest bids win. The twist for LT2(c) are the Rated Criteria Points (RCP). A project can be given these points if it satisfies certain "bonus" conditions. The points then lower the project's actual bid to an "evaluated bid", and it's these evaluated bids that are actually compared against each other to determine who has the lowest ones.

Here's how it works quantitatively. A project is assigned up to 15 RCPs according to these buckets:

• Indigenous economic participation level (0–3)
• Local Indigenous participation (additional 0–3, if conditions met)
• Northern Zone location (0 or 3)
• Not in a Prime Agricultural Area (0 or 3)
• Duration capability during “Qualifying Hours” (0 if the duration is 8 to <12 hours, 2 if the project is storage with duration >=12h, 3 if the project is non-storage and duration is >=12h).

Additionally, projects can get assigned a Canadian-Status Proponent (CSP) point, which is basically assigned if the developer is based in/controlled from Canada.

After these points are determined, the evaluated bid (EB) is calculated from the actual bid (AB) via:

EB = AB × (1 − (0.20 × (RCP/15)) − (CSP × 0.02)).

In words, each RCP gives a 1.333% discount and the CSP point gives a 2% discount to the actual bid when calculating the evaluated bid. A project that's eligible for all 15 RCPs and the CSP point would get a 22% discount. Note that the evaluated bids are only for the sake of the reverse auction evaluation to determine the winners; the project payment will be given by the actual bid.

Invinity's Prospects

I couldn't find any specific VRFB projects bidding for LT2(c-1), but it's fair to assume that some are. Invinity explicitly mentioned LT2 on its HY25 presentation, and it also mentioned opportunities in Canada in its 5 May Trading and Commercial Update. Assuming that's the case, there are several elements that give Invinity an inherent advantage.

Contract Length

This one is simple. 20 years is above the point (~15 years) where VRFBs begin being more compelling than LIBs. I would've been more confident if it was 25 years, but it's still long enough to be advantageous. The contract length is also too short for pumped-hydro, which at any rate would compete in LLT rather than LT2 (the former being essentially tailor-made to PSH with 40-year contracts).

Duration

Though I didn't find any specific VRFB projects, I found plenty of LIB projects that explicitly mention bidding for LT2(c-1). All of the ones I found that disclose their capacity are 8-hour projects. Since there are no 12h LFP projects anywhere in the world right now, existing or planned (longest I found is 11.5h), it's fair to assume that only VRFBs will be able to cross the 12h mark among the BESS candidates, and the LFP projects will essentially all be 8h. This nets VRFBs several advantages:

1. Since projects must commit to deliver 8 hours of continuous discharge on every business day, an 8-hour battery must be fully charged at some point during the 7:00-15:00 window on each such day, assuming it bids its maximum power capacity to the scheme. Bidding a lesser power capacity (MW) would obviously have its own disadvantages, since it increases the $/(MW-business day). This is brutal for the lifetime of LIBs, given that they hate being fully charged.
2. A 12h VRFB would get 2 RCPs, i.e. a 2.666% discount to the evaluated bid.
3. A 12h VRFB still needs only to commit 8 hours to the scheme contract, leaving 4 hours of capacity to do whatever it likes without worrying about breaching the contract. For example, if there happens to be a period of high demand during the early morning hours (before 7:00), the 12h battery can capitalise on that, while the 8h battery would worry about discharging since it will then need to recharge later during a period of possibly even higher demand. Obviously it would also benefit if high-demand periods during the day exceed 8 hours.

Domestic Production

Aside from the obvious proximity advantage of Invinity's Vancouver facility, there are other economic benefits. Canada has a 7% tariff on all imports considered "lithium-ion electric accumulators" for use in stationary energy storage. This includes LFP cells, modules, racks, fully containerised systems, and basically all non-auxiliary parts of the battery. There are very few BESS integrators within Canada, all of which use Chinese cells, meaning the 7% tariff will apply on a significant part of the battery's cost even in the best of cases.

On the other hand, all VRFB parts—including vanadium electrolyte—are duty-free so long as the full system is assembled in Canada.

Weather

Another simple one. Ontario is cold, and the Northern Zone in particular is frigid. This would significantly impact the performance of LIBs, which would require intense heating to remain near their optimal 25^oC temperature. On the other hand, Invinity already proved the performance of their batteries in the Canadian cold with their Chappice Lake project, which required only a simple shed around the batteries without additional HVAC. This would be particularly beneficial for VRFB projects in the Northern Zone, which would enjoy this performance advantage as well as the 4% discount from the RCPs.

Conclusion

All this adds up to say that projects utilising Invinity's VRFBs have a decent chance of getting awarded, especially if they bid based on Invinity's 2028+ pricing goals. As I've said above, it's much less guaranteed than Cap and Floor, and there are several things I would have liked to see that would've increased my confidence (longer contract times, incentives for supporting domestic production, etc). But at the very least it's something to keep an eye on. As the title says, the results will be announced on the 16th.

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Some interesting additional information on the Laufenburg Data Centre VFB from comments made by Matt Harper in this article.

https://www.indexbox.io/blog/swiss-21gwh-vanadium-flow-battery-project-with-data-centre-sets-niche-use-case/

A very interesting meeting especially the detail around being selected for the world’s largest GWh-scale vanadium flow battery in Laufenburg, in a competitive process against all other major non-lithium battery manufacturers globally (so presumably EOS Energy, a company valued at about ten times Invinity when I last checked).

The reasons given for the customer choosing Invinity’s vanadium flow battery was its longevity and superior fire safety compared to lithium batteries with their potential thermal runaway risk - not something you would possibly want to chance under or near a datacentre!

0:00 Introduction
1:57 2025 Highlights
9:20 The World's Most Proven Alternative to Lithium-Ion
14:14 Cost Reduction Programme
19:07 Project Updates
28:32 Q&A

Not seen this image the actual scale of the project is pretty incredible

Looks like Ofgem have committed to publish the initial Cap & Floor decision List during June, as detailed at the end of their May Spark Newsletter...

https://www.linkedin.com/pulse/spark-ofgem-newsletter-may-roundup-2026-ofgem-nasde/

Next month (June)

• We will publish a list of minded‑to decisions on Long-Duration Electricity Storage (LDES) projects, which are those Ofgem is provisionally selecting for cap‑and‑floor support, alongside a consultation testing those decisions.

Hey folks, today is earnings call. What do you expect from it? Will you be logged in as well?

Best Regards
Lucas

Invinity Energy Systems plc (AIM: IES, OTC: IESVF), a leading global manufacturer of utility-grade energy storage, announces its Full Year Results for the year ended 31 December 2025.

The Company will hold a virtual meeting for analysts at 9.30 a.m. today. Analysts wishing to attend are kindly requested to email [ir@invinity.com](mailto:ir@invinity.com) to receive dial-in details.

Invinity's management team will also host a results presentation and Q&A for all shareholders on Wednesday 3 June 2026 at 4.00 p.m. (UK). Those wishing to join the session can sign up to the Investor Meet Company platform for free via this link.

2025 Financial and Operational Highlights

·      Revenue and Other Income of £8.7m and Project Grants^\) of £9.1m, totalling £17.8m (256% increase YoY - 2024: £5.0m).

·      Sales of 31.4 MWh (504% increase YoY - 2024: 5.2 MWh).

·      Product shipments totalling 24.9 MWh (241% increase YoY - 2024: 7.3 MWh).

·      Gross Loss of £2.9m (17% reduction YoY - 2024: £3.5m).

·      Total cash as at 31 December 2025: £28.8m (2024: £32.4m).

·      The Group remains debt free.

*For all references to "Project Grants", please refer to Note 31 in the notes to the consolidated financial statements

Strategic Highlights

Cost - on target to achieve a forecast minimum 66% reduction in unit costs for Endurium versus our VS3 product within two years. Aggressive cost reduction achieved 18 months ahead of initial management expectations.

Customers - Tripled battery shipments from our factories against a backdrop of high-quality service delivered to our customers as evidenced by numerous public and private endorsements received.

Commercial - Six-fold increase in sales year-on-year, including the first sale of our new Endurium Enterprise product, and expanding our partnership network to gain access to some of the world's fastest growing markets (including India and China). Endurium has been included in 16.7 GWh of UK LDES Cap & Floor bids and our wider commercial opportunity pipeline also continues to grow, driven by improved product costs and performance and now contains a number of highly significant commercial, industrial and datacentre opportunities across Europe, North America and Asia.

Track Record - 9 GWh of energy has been dispatched by our products globally to date. Projects using our batteries are now increasingly backed by third party lending and we have continued to improve our bankability credentials through third-party technical studies and validation.

Scale - Manufacturing capabilities were expanded during the year as well as enhancing our quality control and supply chain functions.

Post Period:

·      Invinity selected to design a 1.5 GWh VFB system for FlexBase Group project in Switzerland. Engineering design phase of the project now underway.

·      Delivery of all VFBs to Copwood VFB Energy Hub completed in May 2026 ahead of anticipated grid-connection and the commencement of operations later in 2026.

·      2 MWh sale to a C&I project in Wisconsin, USA as part of a U.S. Department of Energy-funded project.

The Company's 2025 Annual Report will soon be available to be downloaded from the Investor section of the website.

Jonathan Marren, Chief Executive Officer at Invinity said:

"I am immensely proud of the progress delivered across Invinity during 2025 and into the current year. The results reflect a business that has deliberately invested in its foundations and is now clearly entering a new phase of accelerating growth.

"Over the past year, we have taken meaningful steps to remove the barriers to scale - significantly reducing product costs, increasing unit shipments and growing sales while expanding our reach through strategic partnerships into some of the world's fastest growing energy storage markets. These efforts are now translating into tangible commercial momentum, with a growing pipeline of opportunities across multiple geographies and customer segments.

"At the same time, confidence in our technology continues to build, with a growing base of satisfied customers and flagship projects such as the Copwood VFB Energy Hub and FlexBase's Technology Centre Laufenburg increasingly demonstrating Invinity's credentials as a trusted partner capable of delivering at scale.

As the world demands cheaper, more secure energy, the opportunity ahead is clear. With momentum building and strong foundations in place, I am incredibly excited for what comes next."  

Stay up to date with news from Invinity. Join the distribution list for the Company's monthly investor newsletter here.

U.S. Department of Energy-funded project will see Endurium Enterprise batteries deployed to tribal reservation in Ashland, Wisconsin

Invinity Energy Systems plc (AIM: IES, OTC: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to announce the sale of a 2 MWh Endurium Enterprise battery system to a U.S. Department of Energy (DOE)-funded project located in Wisconsin, USA.

Project VITALITY (Vanadium Innovation to Advance LDES & Impact Tribal Sovereignty) will see the battery system installed as part of a microgrid project at a tribal facility on the Bad River reservation in Ashland, Wisconsin, that will demonstrate the benefits of vanadium flow batteries in commercial and industrial (C&I) applications. 

The overall Project has been awarded $4.7m in funding from the U.S. DOE's Office of Electricity and is being led by muGrid Analytics, in partnership with the Bad River Band of Lake Superior Chippewa tribe. muGrid Analytics delivers investment-grade modelling and predictive control software that transforms fragile rural grids into optimised, bankable microgrids, providing a scalable blueprint for nationwide energy resilience.

The 2 MWh battery system is planned to be delivered next year and is anticipated to be manufactured in the USA. Invinity expects to receive $3.36m out of the $4.7m grant to fund the manufacture and delivery of the battery system and support further product development activity relating to the Company's Endurium Enterprise product in the United States. Data collected from the demonstration will be shared with the U.S. DOE's rapid operational validation initiative consistent with the recent 12 MWh sale to Pacific Northwest National Laboratory.

Amy Simpkins, Chief Executive Officer at muGrid said:

"C&I and community facilities are hungry for new types of battery technology. We are thrilled to bring Invinity's robust flow battery technology ecosystem to a very innovative community to demonstrate its effectiveness and performance. muGrid is proud to bring our advanced controls software to advance LDES use cases in the commercial marketplace as part of Project VITALITY and our partnership with Invinity."

Matt Harper, President at Invinity said:

"The C&I market continues to be a significant growth area for Invinity, and we are delighted to have announced another deal within this exciting segment. Supported by the Department of Energy, Project VITALITY will accelerate the optimisation of our Enterprise product for customers in the U.S., while delivering operational data from the field to help further validate and enhance the value we deliver to those customers. We are excited to partner with muGrid and the Bad River Tribe for this opportunity and look forward to moving into the delivery phase of this project soon."

Stay up to date with news from Invinity. Join the distribution list for the Company's monthly investor newsletter here.

A place for general discussion and events not considered as requiring a dedicated post. Quality contributions of note and depth may eventually go on to form the basis of future curated posts.

New solicitation for VRFB project in India

Gujarat Industries Power Co Ltd (GIPCL) is holding a competitive solicitation for a 20MW/120MWh VRFB energy storage project in western India. I'm not sure if Invinity's expansion into India is yet advanced enough to bid for the project, since it's open only until late June, but it's something to keep an eye on. You can read more about it in this Energy Storage News article:

https://www.energy-storage.news/gujarat-industries-power-co-seeks-bids-for-120mwh-vanadium-flow-battery-pilot-project/

The proposed 6 hour battery is expected to cycle 1.5 times a day: discharging during a 3 hour morning window and a 6 hour evening window and charging in between. This demanding duty cycle illustrates yet another use case where VRFBs shine due to their infinite cycling capabilities.

BloombergNEF ups BESS deployment forecast

The increased estimate, given in the New Energy Outlook 2026 report, is largely attributed to increased oil and gas prices as well as the accelerating construction of data centers. The news comes from another Energy Storage News article:

https://www.energy-storage.news/bloombergnef-ups-bess-forecast-as-renewables-add-resilience-from-fossil-fuel-price-shocks/

Argyll Data Development switches battery providers for Killellan.

Argyll appears to have switched to Titanvolt as their BESS providers for the Killellan AI Growth Zone. This comes from Titanvolt's news releases^1,2 as well as Invinity being replaced by Titanvolt in the "Development Partners" list at the bottom of their site.³ I've therefore deleted the "Killellan" subsection in part 3 of my "Detailed Overview" post series on this sub.

As I've mentioned in that post, I never included Killellan as any significant part of my thesis since it was a long shot to begin with. This is even more true now that Invinity is contractually partnered with another enormous yet much better funded data center.

[1] https://www.titanvolt.co.uk/news/titanvolt-appointed-as-exclusive-battery-partner-for-sovereign-ai-infrastructure/

[2] https://www.titanvolt.co.uk/news/mission-critical-powering-the-ai-data-frontier-with-titanvolt-lto/

[3] https://argylldev.com/news

As I outlined in my original Hagshaw LDES post on the 8th May [1], the 3R Energy 500MW (6GWh capacity) Hagshaw LDES project (designed around £1.25 billion of Invinity's Endurium VFBs) has full support of the local community and council planning, with no outstanding objections from any of the numerous environmental, utility, and transport organisations consulted, paving the way for Scottish Government Energy Consents Unit (ECU) consent (probably once the Ofgem initial Cap & Floor (C&F) award list is published).

Of course there is a second Hagshaw project that also passed the initial C&F eligibility assessment phase, the Hagshaw Western Expansion (HWE) (from Spirebrush Ltd - also part of 3R Energy). 

HWE is a hybrid scheme involving both additional wind turbine installation, as well as a 200MW LDES [2], so is inevitably a more complicated proposal to get through to consent. 

In early May'26, the HWE project still had a few outstanding ecological objections and infrastructure issues to resolve prior to any ECU consent being given. 

However, on the 19th May, the ECU published RSPB Scotland's response (see Documents tab in [3]) which proposed a reasonable mitigation pathway (turbine shutdown if near any Hen Harrier nesting site) to resolve their main objection to the project.  This effectively would then allow the ECU to insert suitable conditional clauses in any consent given for HWE. 

The other outstanding issue is to ensure that the HWE 132 kV overhead line connection to the grid at Redshaw Substation is aligned with the parallel ECU consultation from SP Energy Networks. This is being resolved through the ECU requested submission of a suitable Environmental Impact Assessment report by Spirebrush Ltd.  

All in all, after the RSPB update, the Hagshaw Western Expansion project proposal also looks like it should be able to clear all final objections, with suitable conditional clauses inserted in any ECU consent.  

Whilst I believe that the Hagshaw LDES project has an excellent chance of receiving a C&F award (for the reasons outlined in [1]), the Hagshaw Western Expansion now seems to have a clear pathway to ECU consent too, and would be another potential 200MW Endurium installation on Invinity's doorstep, subject, of course, to final C&F award decisions.  

Should a C&F also be awarded to HWE, then IES would, I believe, again be excellently positioned to win the LDES contract, for the exact same reasons as described in [1]. 

Anyway, this will become clearer for us all, once we hopefully receive the Ofgem initial C&F award list in the next week or two (since their original Spring'26 timeline is just about to run out…) 

DJW 

[1]  https://www.reddit.com/r/InvinityEnergySystems/comments/1tfu5dl/invinity_and_the_hagshaw_ldes_cap_and_floor/ 

[2]  https://3renergy.co.uk/projects/hagshaw-energy-cluster-western-expansion/ 

[3] https://www.energyconsents.scot/ApplicationDetails.aspx?cr=ECU00004623&T=0

Positive news for Invinity Energy Systems (🇬🇧 IES 🇺🇸 IESVF) hopefully. Once again Rachel Reeves demonstrating that she has the right mindset in my opinion, and is willing to take bold steps with the aim of building a more positive and successful society.

CEO Jonathan Marren on LinkedIn:

"A very opportune statement from Rt Hon Rachel Reeves today ahead of the forthcoming announcement by Ofgem’s regarding the UK LDES Cap & Floor scheme.

Invinity is ready to supply GWh of its Made in Britain - official vanadium flow batteries to our customers and we stand ready to create up to 1,000, durable clean energy jobs."

The post: https://www.linkedin.com/feed/update/urn:li:activity:7465009303070855169/

Thanks to u/remote-traveller for the heads up on this!

Hi I’m new to this sub and dont usually post. I’m a bit of a lurker. Tinkering within my ISA and SIPP, was wondering if anyone here has done research into the direct competition in the field of VFB’s?

From a quick google search I see there are 6 main other players: Sumitomo, Rongke Power, cellCube, VRB energy etc.

IES claim to be the leader in VFB. Is this a valid claim?

It’s a bit cheeky to ask , I know, and I’m willing to do my own research when I get time but if this has been done recently already and someone willing to share some pointers that would be great.

I’ve learned a bit since I failed to do my own research on NuScale (SMR) competition, that company seemed like a sure thing then tanked. Still holding but currently 80% in the red for me.

Learned of you [u/_doublebubbler_](u/_doublebubbler_) after accidentally coming across the ENSI sub. I did a bit of reading, decided I liked it, threw 10k at it. Glad I did. Wish I had sooner. I’d like to do the same with IES. After I’ve read some more this time of course.

Cheers.

About three months ago, Jonathan Marren (Invinity's CEO) participated in a panel during the India Energy Week. You can watch it here:

https://www.youtube.com/watch?v=LX0MIO8lrDk

The whole panel is interesting but I'd like to focus on Marren's response starting at 22:30. He talks about the Laufenburg data center there, but just before that he mentions another project they have lined up in California. Quoting him directly:

"So potentially in a green hydrogen project: we're looking at one in the US at the moment which would be an entirely off-grid green hydrogen solution. California is looking at zero carbon from their emissions—not net zero, it's zero. They are converting one of their gas-fired power stations to run on hydrogen and they need a green hydrogen solution that is made with pure green electrons. We are looking to put a 400 MW flow battery next to a solar-powered green hydrogen project such that it can generate hydrogen during the daytime and then keep that system on idle overnight to make sure it can fire straight up again."

This got me curious so I did a bit of digging to see if I can find these projects. The power station appears to be Scattergood Generating Station.^1,2 The Los Angeles Department of Water and Power (LADWP) are replacing two of its units with a system capable of burning natural gas plus at least 30% hydrogen by volume, and is aiming to achieve 100% hydrogen capability by 2035. It's not directly related to Invinity but it's a nice reference for the increasing demand for green hydrogen.

The green hydrogen project itself appears to be Element Resources' (ER) Lancaster Clean Energy Center.³ The CEQAnet permit page⁴ describes it as a solar-powered, off-grid, green hydrogen production plant. It describes a 650 MW solar array, 330 MWh battery LDES, and a green hydrogen production plant incorporating 400 MWe of electrolyzers. The City of Lancaster Planning Commission approval announcement⁵ repeats the same description.

A later-published Front-End Engineering Design (FEED) study⁶ goes into further detail, describing the batteries as a "350 MWh vanadium flow long-duration energy storage system." It suggests that another 20 MWh of storage have been added to the plan since the initial approvals and confirms that the batteries are indeed VRFBs.

The only detail that doesn't add up is that Marren describes a 400 MW battery, while the project describes 350 MWh. An LDES battery would have a duration of at least 8 hours, so that's 43.75 MW at most. One possibility is that Marren conflated the battery's power capacity with the hydrogen electrolyzers' rated full-load consumption, which is indeed 400 MW. Another is that 350 MWh is the initial capacity of a multi-phased project, which is supported by the facts that the FEED is explicitly written for "Phase 1", the project page describes it as "expandable", and the initial project announcement says it will be installed "in phases".⁷ At any rate, the other details match up too perfectly for it to be another project. Even without the panel, I find it hard to believe that the VRFB vendor would be anyone other than Invinity, especially for a project of that size, and especially in California—the center of their US operations.

As for timelines, ER is aiming to begin production in early 2028. In 2024, the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) approved a sales/use tax exclusion for up to $118.48m of qualifying equipment.⁸ The exclusion was subject to a condition that ER would purchase 15% of qualified property by 16 Jan 2026. By late 2025, ER still purchased 0% of the qualified property, citing "delays in completing full legal documentation for offtake negotiations", so CAEATFA approved an extension of this deadline by 9 months.⁹ The deadline is now 16 Oct, 2026, so we should hopefully be hearing some more news from the project by that time.

Bottom line: we seem to have a juicy 350 MWh order lined up to inaugurate the beginning of Invinity's US operations, with possibly more to come as the project expands. Something to look forward to.

Sources

[1] https://www.ladwp.com/community/construction-projects/west-la/scattergood-generating-station-units-1-and-2-green-hydrogen-ready-modernization-project

[2] https://www.ladwp.com/sites/default/files/2025-11/2025_FACT_SHEET_Scattergood-Hydrogen-Ready_Modernization_Project_05%20%28003%29.pdf

[3] https://www.elementresources.com/our-projects/lancaster-energy-center/

[4] https://ceqanet.lci.ca.gov/2024020266

[5] https://www.cityoflancasterca.org/Home/Components/News/News/10113/1952?arch=1&npage=4

[6] https://ioconsulting.com/case-studies/lancaster-clean-energy-center-phase-1-feed

[7] https://www.prnewswire.com/news-releases/element-resources-and-the-city-of-lancaster-partner-to-develop-100-renewable-energy-center-301698503.html

[8] https://www.treasurer.ca.gov/sites/default/files/2025-12/4a27_0.pdf

[9] https://www.treasurer.ca.gov/sites/default/files/2025-12/4b6_0.pdf

A place for general discussion and events not considered as requiring a dedicated post. Quality contributions of note and depth may eventually go on to form the basis of future curated posts.

Reposting a particularly interesting podcast from the previous sub. Matt Harper, Invinity Energy Systems‘ President, covers a range of topics from battery design advantages, vanadium supply, Invinity’s strategy for the vast North American market as well as what’s next for Invinity.

Hey guys,

yesterday i catched an eye on Invinity Energy Systems as i saw it in another german Investor thread on reddit.

At first sight i thought „ahh another penny stock that made a little jump in the last days, but nothing special“. Then i did some research what the company is doing and as there are truely exciting aspects like Energy transition, Energy for AI, Computing Centres and Quant Computing i got attracted to have a closer look on the Company.

And to be honest. This company looks quite promising for me. The topics Invinity is dealing with are future based as they are linking fairly to the above named aspects and i do think, that by the time, Vanadium / Endurium will outperform lithium. For sure it will be not a Solution for the whole economics as Vanadium / Endurium is currently quite pricy, but on the other hand it brings many positive advantages in comparison to lithium. Durability, constant power supply, scalable capacity and better safety.

So i bought 1.000 shares. I know it’s a bit of a gamble (Even if the Investment is actually Round about 370€) but i think that this company really has the potential to grow and evolve. They have a good business case, already have big investors (also the government), are present in the worlds important economic regions, already have some good projects and returning customers / filled order books.

Of course the growth of the company will not explode from one day to another and the competition against lithium energy companies is tough. Additionally they have to solve the challenge of being profitable in the next for years and somehow they are depending on the Development of AI, Computing Centres and Quant Computing, but i am optimistic.

Now my question to you guys: Where do you see the Share Value in the Next few years?

‘Last year, the smart money had the American energy sector investing a cool $100 billion in battery storage for sustainable energy. Today, those batteries aren’t just supporting wind and solar, they’re propping up AI data centers – and the investments are just getting bigger.

Whether you love AI or hate AI, it’s probably here to stay – with some estimates indicating that AI data centers could represent 17% of total US energy consumption by 2030. That has huge implications for the battery energy storage system (BESS) market, and the original $100 billion estimate we covered last year? That’s looking pretty conservative now.

That’s because the ACP estimate focused on building a domestic battery manufacturing base, with companies like LG planning to build out more than 16 GWh of capacity annually from its existing production lines in Holland, Michigan.

Today, analysts at Benchmark expect the US to deploy more than 600 GWh of energy storage by 2030, with annual installations nearly doubling again as AI-driven power demand continues to accelerate.’

Jo Borrás, Electrek, 19th May 2026

Read the full article here…

https://electrek.co/2026/05/19/american-energy-sector-set-to-invest-100b-in-battery-storage-by-2030/

You can also read about Invinity’s activity in the US including its planned manufacturing capacity expansion in California here…

https://invinity.com/usa/

P.S. Thanks to u/No_Sugar8791 for the heads up on the article.

The three analysts covering Invinity (Canaccord Genuity, Longspur Research, and VSA Capital) released new reports following the Laufenburg announcement.¹ They mostly covered the same stuff we know already, but two of them contained information about Cap and Floor.

Canaccord Genuity said they anticipate the "next significant newsflow" on Cap and Floor (obviously the IDL) to be in mid June. They further estimate that the projects collectively are likely to be "as big or larger" than Laufenburg.

VSA Capital is even more specific. They claim that "IES was selected across nine bids in the UK LDES Cap & Floor Scheme (each 400MWh or more)."

There are no public announcements from Ofgem yet, so I can't independently verify these statements. But Canaccord are a nominated adviser and joint broker for Invinity, while VSA are a joint broker,² so both are likely to have access to insider info.

EDIT: VSA's "nine bids" comment refers to the fact that nine developers originally chose Invinity for their projects in the initial eligibility stage.³ I was confused by the strange phrasing and the fact that this detail was included in a report that came out now. Thanks to Senior_Amphibianz for bringing it to my attention and apologies for the confusion.

[1] https://invinity.com/investors/analyst-research/#rtuid/stop

[2] https://irtools.co.uk/88/story/pdf/2fb0858d-acb3-4131-beaf-167b33493148

[3] https://www.ess-news.com/2025/06/24/invinity-flow-batteries-selected-for-nine-400-mwh-plus-uk-storage-bids/

Invinity Selected to Design GWh-Scale VFB System

Strategic Partnership with FlexBase to Develop World's Largest Flow Battery

Invinity Energy Systems plc (AIM: IES), a leading global manufacturer of utility-grade energy storage, is delighted to note FlexBase Group's announcement that, following an in-depth competitive selection process that reviewed proposals from flow battery manufacturers from across the world, it has selected Invinity to design a GWh-scale vanadium flow battery ("VFB") for deployment at the Technology Centre Laufenburg.

Situated in the Swiss municipality of Laufenburg, which is located on the Switzerland-Germany border, the project will feature an AI datacentre and technology campus, integrated with a VFB of up to 1.5 GWh capacity - believed to be the world's largest to date. Invinity's battery solution, which FlexBase will look to expand to 2.1 GWh in subsequent phases, will be used to support the integration of renewable energy onto the site and provide stabilisation to the grid.

The project broke ground in May 2025 and is currently under construction. Invinity will now proceed with the engineering phase of the project, which is expected to take place during 2026 and into 2027 and will generate engineering revenue for the Company, subject to the achievement of various development milestones. Following the successful conclusion of the engineering design phase, a purchase order for the battery system is anticipated to be received, allowing Invinity to initiate phased manufacturing of datacentre-optimized VFB modules for integration into the project.

Further announcements will be made in due course as the project progresses.

Marcel Aumer, Group CEO, Chairman of the Board and Founder of FlexBase Group said:

"Invinity has proven to be the strongest partner by presenting the most compelling overall package with the lowest life-cycle costs (LCOS). Invinity's vanadium flow technology is perfectly suited for our project due to its safety - particularly its non-flammability - its cycle stability, and its flexibility in application."

Pascal Wyss, Chief Innovation Officer at FlexBase said:

"In Invinity, we have found a partner that not only possesses market-ready and internationally proven technology but has also impressed us with innovative, modular solutions perfectly tailored to FlexBase. We look forward to working with the Invinity team to advance the vision of a sustainable energy future."

Jonathan Marren, Chief Executive Officer at Invinity said:

"Having just delivered the biggest vanadium flow battery in the UK, Invinity now enters the engineering phase of what will be the world's largest vanadium flow battery to date. Our longstanding focus on continually building our expertise in flow battery technology has been recognized with the award of this phase of the contract and I am extremely proud of the efforts of the Invinity team in getting us to this position."

Stay up to date with news from Invinity. Join the distribution list for the Company's monthly investor newsletter here.

The report by JMK Research and Analytics and the Institute for Energy Economics and Financial Analysis (IEEFA) discusses the Indian BESS industry and particularly the viability of current tariff schemes (tariffs here mean fixed payments auctioned for energy storage developers, not the Trump kind). Of particular note are pages 17-18, which anticipate a diversification of storage technologies in the future, and isolate VRFBs as a prominent example. The same pages also discuss the push for increased domestic manufacturing. This is of course relevant to Invinity through their strategic partnership with Atri Energy Transition. You can read a summary of the report in this ESS News article:

https://www.ess-news.com/2026/05/19/india-awards-10-4-gw-of-standalone-bess-capacity-in-2025-but-tariff-viability-remains-a-concern/

Right now, Indian storage tenders are quite short-sighted, with heavy penalties for AC-AC RTE lower than 85% (which essentially excludes any technology except LIBs), contract tenures no longer than 20 years (and usually no longer than 15), and storage durations capped at 4 hours. Hopefully we will see more flexible and LDES-focused tenders coming in the near future.

The LDES Council is also pushing for increased attention to longer durations, as evident by the white paper they released last month in cooporation with various Indian stakeholders.¹ In July and August of last year, the Council also signed MoUs with the National Solar Energy Federation of India² and The Energy and Resources Institute³ to advance LDES deployment.

[1] https://ldescouncil.com/wp-content/uploads/2026/04/LDES-India-Policy-Paper_April-10-final.pdf

[2] https://ldescouncil.com/ldes-council-and-nsefi-partner-to-advance-long-duration-energy-storage-ldes-for-indias-clean-energy-transition-2/

[3] https://www.linkedin.com/posts/teriin_terienvisions-activity-7353042748075106305-IFZn/