Increase in Orders and Revenue Growth
In the first half of the fiscal year, Invinity Energy Systems signed 12-megawatt hours of orders, up from 4-megawatt hours in the same period last year. They recognized GBP 2 million of revenue and grant income, largely driven by the LoDES project funding.
Successful Product Launch and Cost Reduction
The launch of ENDURIUM resulted in a 43% lower production cost compared to the previous VS3 product. Additionally, moving production from Vancouver to China led to a 36% cost reduction.
Strong Financial Position
The company is debt-free with just under GBP 40 million in cash at the end of September. They are comfortably funded through to 2027.
Strategic Partnerships in China and India
Invinity announced strategic partnerships in China and India to localize production and enhance market reach, potentially leading to significant license and royalty revenue.
Positive Progress in LDES Programs
Invinity's technology was selected for 21 out of 77 projects in the Cap and Floor program, highlighting a strong competitive position in the LDES market.