Invinity Energy Systems (IES) Status update summary

Strategic milestones and operational progress

• Achieved key 2024 milestones, including shipping orders for Rincon, launching ENDURIUM, and closing commercial deals, positioning for commercial scale-up in 2025.

• Secured the STS contract and up to £10 million in grant income, covering about 90% of 2025 revenue targets.

• Trading is in line with FY25 revenue expectations, with milestones in shipping and product launch achieved, and other targets on track.

• Maintains a constrained but managed balance sheet, with a focus on cost discipline and cash preservation.

• Leadership team brings over 245 years of combined experience across manufacturing, engineering, finance, and energy storage.

Product performance and innovation

• ENDURIUM exceeded performance expectations at Gamesa's La Plana site, delivering 15% more energy per unit than designed.

• AI and machine learning are used to optimize battery performance and reduce costs, leveraging data from over 1,500 deployed modules.

• Modular product design and robust field data support ongoing improvements and scalability for larger projects.

• First ENDURIUM battery commissioned and operating in Spain, with data feeding into product development.

• Non-financial advantages such as fire safety, recyclability, and long cycle life are emphasized in customer engagement.

Manufacturing and cost optimisation

• New 2,400 sq. m factory opened in the UK; semi-automated production line at Bathgate to double output by April 2025.

• Delivered a 40% cost reduction in the new ENDURIUM product compared to VS3, with further cost-down opportunities identified.

• 24% cost reduction achieved for ENDURIUM since launch through value engineering, supply chain enhancement, and performance improvements; further reductions expected.

• Manufacturing capacity is scalable, with semi-automated lines and partnerships supporting global expansion.

• Focus on building internal and external capabilities to enable transition to volume production, essential for cost reduction and capturing the global LDES market.