Invinity Energy Systems Secures 10.8 MWh Battery Supply Deal in Hungary
Why we think this is good
The RNS announcement highlights several positive developments for Invinity Energy Systems, including a significant 10.8 MWh battery supply agreement in Hungary and a smaller 0.9 MWh sale in the US. The Hungary project is being funded through existing partners, reducing Invinity's funding risk, and the company has an existing relationship with the customer, STS Group, which should help mitigate execution risk. The revenue opportunity from these contracts is meaningful relative to Invinity's market cap, and the timeline for delivery is clear. While the exact financial impact is not quantified, the announcement suggests these contracts will have a positive impact on Invinity's earnings.
Key Points
- 10.8 MWh ENDURIUM battery supply agreement with STS Service Ltd in Hungary
- 0.9 MWh VS3 battery sale to HITT Contracting in the US
- Hungary project funded by STS through existing equity and debt financing
- Invinity has an existing relationship with STS Group, a pioneer of non-lithium energy storage solutions in the region
Summary
Invinity Energy Systems has signed an agreement to supply a 10.8 MWh ENDURIUM battery system to STS Service Ltd, part of STS Group, for a large-scale solar plus storage project in Hungary. This follows a previous 1.5 MWh VS3 battery sale to STS in 2023. The Hungary project has been awarded a grant from the European Union and is being funded by STS through existing equity and debt financing partners. Invinity has also secured a 0.9 MWh VS3 battery sale to HITT Contracting, a leading US construction firm, for a solar PV and energy storage project at their new headquarters.