Invinity partners with Horizon Power for 0.2 MWh microgrid project in Australia
() , a global manufacturer of utility-grade energy storage, announced the sale of a 0.2 MWh Invinity VS3 flow battery system to VSUN Energy, a wholly-owned subsidiary of Australian Vanadium Limited, for use by Australian energy provider Horizon Power.
Invinity's VS3 battery (VFB) will be evaluated by Horizon, a state government-owned utility, for long duration energy storage microgrid projects. Horizon aims to assess the viability of Invinity's vanadium flow batteries in reducing fossil fuel consumption for distributed electricity networks in Western Australia. Horizon owns and operates 34 microgrids, serving over 100,000 people and 10,000 businesses in the region.
The 0.2 MWh battery will be located at a Horizon power site in Kununurra, Western Australia. VSUN will undertake the installation, commissioning, and ongoing maintenance of the energy storage system. Delivery is expected in late 2023.
This is yet more good news from Invinity, adding to the the company's rapidly growing commercial pipeline. Invinity's VFB provides long-duration energy grid storage where technologies like LiFePO4 struggle. The VFB is specifically designed to deliver large amounts of energy over a long period of time, and is temperature resilient, which is particularly important in climates like Western Australia.
This is Invinity's first contracted VFB project for an Australian energy utility, adding to an expanding sales pipeline of over 40 MWh in the final negotiation stage, with another c. 70 MWh expected to enter final contracting soon. Invinity has also seen substantial commercial interest of over 1 GWh for its next-generation product.
In H1 2023, Invinity's revenue is expected to surpass £13m, up from £1.4m in the same period last year, and a 3.6x increase from total FY22 sales of £3.6m. The surge in revenue can be attributed to the successful completion of major projects in the US, Canada, and Australia. The company's revenues are projected to rise over 600% from 2022 to 2023, with 98% of forecast revenue for 2023 covered by confirmed existing contracts. Rapid growth is set to continue, with sales of £132.8m projected for 2025 when the company is expected to make its first pre-tax profit.
Vanadium flow batteries are a strong contender in the fast growing grid energy storage sector. Batteries such as Invinity's can retain stored energy far more effectively than lithium-based cells, which have historically made up the bulk of grid level storage. Flow batteries can also run continuously with no degradation for over 25 years whereas Li-Ion batteries that are charged/discharged every day will only last up to 8 years, as well as deliver a much shorter discharge time than flow batteries.
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