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Invinity to develop ‘next generation’ flow battery with Siemens Gamesa

Subsidiaries of Invinity Energy Systems and Siemens Gamesa Renewable Energy have signed an agreement to jointly develop a “next generation” grid-scale vanadium flow battery (VFB).

Upon the completion of the design, which will incorporate Gamesa Electric’s power conversion systems, they will also work together to manufacture the battery systems.

As part of the agreement, Gamesa Electric will provide $4.62 million (£3.27 million) of funding for Invinity’s activities within the development programme, payable as milestones are met.

Gamesa Electric has also secured the option for itself or a nominee within its parent group to secure a 9.99 per cent stake in Invinity at a price of £1.75 per share – the same as offered during Invinity’s most recent placing in December 2020.

Invinity said it will continue to “vigorously pursue development and commercialization” of its existing flow battery products in response to “robust and growing demand.”

“Delivering a next-generation VFB to meet the need for safe, dependable and economical energy storage requires deep expertise in both energy technology development and commercialization, making Gamesa Electric an ideal partner for us in that effort,” said Invinity chief executive Larry Zulch.

“We appreciate this validation of VFB’s potential and the implications for our existing products.”

Utility Week recently spoke to Invinity’s chief commercial officer, Matt Harper, about the company’s flow batteries as part of our examination of different energy storage technologies for our Countdown to COP series.