Invinity Energy Systems and Gamesa Electric to co-develop grid-scale vanadium flow battery
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Invinity battery energy storage system. Graphic: Invinity
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Invinity Energy Systems is to partner Gamesa Electric in developing a next-generation grid-scale vanadium flow battery.
The companies have signed a joint development and commercialisation agreement for the battery tech project, incorporating power conversion systems developed by Gamesa – a subsidiary of the Spanish-German wind engineering group, Siemens Gamesa Renewable Energy (SGRE).
Under the agreement, the battery is expected to take around two years to reach commercialisation.
During the development period, Gamesa has agreed to fund an aggregate $4.62m of Invinity's activities under the partnership, payable as unspecified "development milestones” are met.
Core technologies
However, the partners said Gamesa can terminate the agreement "should there be a failure to advance through development stages”. Meanwhile, both sides will continue to independently develop their respective core technologies.
Gamesa, or an SGRE entity, also has the option of taking 9.99% of Invinity’s share capital at £1.75, as of 11 May, 2021. If the option is exercised, Gamesa or its SGRE nominee could appoint a director to Invinity's board, subject to Gamesa or its nominee maintaining a minimum 5% shareholding in Invinity.
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The companies have signed a joint development and commercialisation agreement for the battery tech project, incorporating power conversion systems developed by Gamesa – a subsidiary of the Spanish-German wind engineering group, Siemens Gamesa Renewable Energy (SGRE).
Under the agreement, the battery is expected to take around two years to reach commercialisation.
During the development period, Gamesa has agreed to fund an aggregate $4.62m of Invinity's activities under the partnership, payable as unspecified "development milestones” are met.
Core technologies
However, the partners said Gamesa can terminate the agreement "should there be a failure to advance through development stages”. Meanwhile, both sides will continue to independently develop their respective core technologies.
Gamesa, or an SGRE entity, also has the option of taking 9.99% of Invinity’s share capital at £1.75, as of 11 May, 2021. If the option is exercised, Gamesa or its SGRE nominee could appoint a director to Invinity's board, subject to Gamesa or its nominee maintaining a minimum 5% shareholding in Invinity.
Invinity was formed last year through the merger of UK & North American flow battery firms redT and Avalon. The London Stock Exchange-listed company has operations in the UK, Canada, US, China and South Africa.
CEO Larry Zulch said: "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. We appreciate this validation of VFB's potential and the implications for our existing products.”Related articles in our archive:
Invinity Energy Systems' flow battery ‘to create green hydrogen’ in Orkney Islands