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, resulting in 90% revenue coverage for 2025.

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

• Over 1,500 vanadium flow battery modules deployed globally, providing a strong operational track record and data advantage.

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

Product innovation and market feedback

• ENDURIUM launch met or exceeded performance expectations, delivering 15% more energy per unit and direct cost savings for customers.

• AI-driven analysis of operational data is optimizing battery efficiency, longevity, and cost structure.

• Modular design and semi-automated manufacturing enhance scalability, quality control, and cost competitiveness.

• Strong customer validation with follow-on orders and growing demand, especially for non-lithium, fire-safe solutions.

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

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 on ENDURIUM versus previous products, with further cost savings targeted through supply chain optimization and manufacturing scale.

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

• Modular design and semi-automated manufacturing enhance scalability, quality control, and cost competitiveness.