The UK Infrastructure Bank has made a significant investment of £25m into Invinity Energy Systems, a manufacturer of vanadium flow batteries based in Bathgate. This investment is part of a larger fundraise totaling £56m, with additional contributions from Korean Investment Partners and UK institutional investors.
The financing will support the commercial development of longer-duration energy storage by Invinity, including the expansion of their footprint in Scotland and the creation of up to 41 new jobs through the proposed opening of a new manufacturing site. Invinity’s vanadium flow batteries are known for their durability, ease of deployment at scale, and lower levels of degradation compared to other storage technologies.
Larry Zulch, the CEO of Invinity Energy Systems, expressed gratitude for the support from the UK Infrastructure Bank and other investors, emphasizing the unique characteristics of their batteries that make them ideal for grid-scale applications. The investment will also help advance the development of Mistral, Invinity’s next-generation battery.
John Flint, CEO of the UK Infrastructure Bank, highlighted the importance of electricity storage technologies in balancing the energy system as the UK transitions to net zero. This investment marks the bank’s third direct investment in the battery storage market, demonstrating their commitment to supporting innovative and sustainable energy solutions.
With the increasing demand for energy storage to support the transition to renewable sources, the investment in Invinity Energy Systems represents a significant step towards accelerating the deployment of capital and investment in new storage projects. The future looks bright for Invinity as they continue to lead the way in longer-duration energy storage technology.
