Invinity Energy Sys - Interim Results
Announcement provided by
Invinity Energy Systems plc · IES27/09/2024 07:00
27 September 2024
Invinity Energy Systems plc
("Invinity" or the "Company")
Interim Results
Sale of 1.2MWh Next-Generation Vanadium Flow Battery Demonstrator
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, announces its unaudited consolidated results for the six months ended 30 June 2024 (the "Period"). The Company is also pleased to announce the sale of a 1.2 MWh Mistral battery system to Gamesa Electric, who will integrate the battery alongside solar and wind generation at a site in
The Company will hold a virtual meeting for analysts at 9.00 a.m. (
Invinity's management team will host a virtual results presentation and interactive Q&A for all shareholders at 3.00 p.m. (
HIGHLIGHTS
Financial
· Total income including sales revenue and project-related grant income of
· Loss from operating activities of
o Gross loss of
o Administrative expenses
· Period-end cash (including short term investments in cash) of
Commercial and Operational
· 4 MWh of sales closed during the period (H1 2023: 5.38 MWh);
· 6.2 MWh manufactured during the period, of which 2.1 MWh has been delivered;
· Enhanced
· Next-generation product on track for commercial launch and general sale by Invinity before year end. Production prototype achieving and exceeding expectations. Production cost reduction programme ongoing.
Corporate and Strategic
·
· Strategic manufacturing agreement signed with Everdura, incorporating a royalty and licence model, covering the Taiwanese market;
· Invinity to redomicile to the
Post Period
· Board changes:
o Larry Zulch retired as CEO and Jonathan Marren appointed CEO;
o CFO recruitment process underway;
·
o New manufacturing facility opened in
o Semi-automated stack production line ordered and expected to be operational at the Bathgate,
· Commercial team resources increased in recent weeks with:
o New Head of
o New
o New Director of Market Intelligence;
· Key commercial deals continue to progress towards close, including the LODES project on which tripartite discussions are advancing positively;
· Closed a 1.2 MWh Mistral sale to Gamesa Electric which is anticipated to be the first Mistral product to be shipped.
Outlook
During the remainder of 2024 we plan to deliver against the near-term corporate goals and set in place the foundations for 2025 and beyond. We believe Long Duration Energy Storage remains critical to increasing the penetration of renewable energy and in advancing the path to net-zero - this is not capable of being achieved by lithium alone. Vanadium flow batteries remain, in our view, the most credible and advanced such alternative and if we can deliver on our corporate goals, the market opportunity remains very significant.
Invinity's executive team has set the following corporate goals to achieve within the next 12 months:
· Ship remaining VS3 orders to support revised 2024 year-end revenue forecasts;
· Launch the Mistral product for general sale before 2024 year-end;
· Close deals from commercial pipeline to support volume ramp in line with forecasts;
· Further advance the production cost reduction programme for the Mistral product and incrementally improve product margins across 2025 and beyond; and
· Review capital allocation across the business and drive operational efficiencies
Jonathan Marren, Chief Executive Officer at Invinity said:
"I have spent much of the past three weeks since my appointment as CEO meeting with our staff, customers and investors and it is clear there is enormous opportunity for our business. This was reinforced this week during many conversations with potential customers at the Solar and Storage Live trade show in
"There will be inevitable challenges to overcome as well but I am reassured that the launch of our next-generation product remains on track, further underlined by the sale announced today which we anticipate will be the first Mistral product to ship. This is an important achievement and gives me confidence in delivering on the five corporate priorities I've set out to achieve over the next 12 months. I look forward to updating on further positive progress in these areas before year end."
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Enquiries:
Invinity Energy Systems plc |
+44 (0)20 4551 0361 |
Jonathan Marren, Chief Executive Officer Joe |
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Canaccord Genuity (Nominated Adviser and Joint Broker) |
+44 (0)20 7523 8000 |
Henry Fitzgerald-O'Connor / Harry Pardoe / Charlie Hammond |
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VSA Capital (AQSE Corporate Advisor, Financial Adviser and Joint Broker) |
+44 (0)20 3005 5000 |
Andrew Monk / Andrew Raca |
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+44 (0)20 7920 3150 |
Simon Hudson / Saskia Sizen / Adam Baynes |
Notes to Editors
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) manufactures vanadium flow batteries for large-scale, high-throughput energy storage requirements of business, industry and electrical networks.
Invinity's factory-built flow batteries run continually with no degradation for over 25 years, making them suitable for the most demanding applications in renewable energy production. Energy storage systems based on Invinity's batteries are safe, reliable, and economical, and range in size from less than 250 kilowatt-hours to tens of megawatt-hours.
Invinity was created in April 2020 through the merger of two flow battery industry leaders: redT energy plc and Avalon Battery Corporation. With 75 MWh of systems already deployed or contracted for delivery across 82 sites in 15 countries, Invinity is active in all major global energy storage markets and has operations in the
To find out more, visit invinity.com, sign up to our monthly Investor Newsletter here or contact Investor Relations on via +44 (0)20 4551 0361 or ir@invinity.com.
Chairman's Statement
Three days from now, Ratcliffe-on-Soar power station is set to shut down for the final time and the
This example of leadership in decarbonising power production is helping to provide the necessary foundations for future clean economies around the world. Invinity has a crucial role to play in making 24/7 renewable energy a reality and we are grateful for the leaders who have played their role in our story to date, in particular, Larry Zulch, who as CEO was instrumental in guiding the Company to become a global leader in the field of modular flow batteries. For this we thank him and wish him all the best in his retirement.
Significant change can be challenging, but I am delighted that Jonathan Marren agreed to take over the leadership of the Company. As Chief Development Officer and then also as Chief Financial Officer, Jonathan has had a significant impact on the financial and strategic side of the business, not only improving operational and financial efficiencies across the whole Company but also securing vital strategic partnerships including the backing of
Neil O'Brien
Non-Executive Chairman
Chief Executive Officer's Report
I assumed the role of CEO three weeks ago and have spent much of this time speaking with our staff, shareholders, partners and customers. From these conversations, what is clear is that whilst the impact of short-term timing issues is clearly disappointing and reflected in the current share price, the medium- and long-term fundamentals underpinning our business remain unchanged. We have developed a competitive product, proven its abilities in customer operation around the world and manufactured and delivered more than 1,000 battery modules. The opportunity remains significant and my key priority is implementing steps immediately to ensure we can capture it and restore value to our shareholders whilst making a positive impact on the energy transition.
The key short-term priorities for the business include addressing delays in closing commercial deals in the year to date and completing the production cost reduction exercise on Mistral. Although we stated in May that revenues were likely to be significantly weighted towards H2 2024, the risk of these revenues being further pushed into 2025 has become increasingly likely as we announced in the trading update on 6 September.
As we set out in the trading update, the fundraise in May this year has provided Invinity with capital to achieve profitability. Demand for our next-generation Mistral product remains strong and supportive policy that encourages longer duration energy storage provides exciting upside for our business in our core markets.
In the trading update I set out a number of areas in which I promised to highlight progress on at the announcement of our H1 results. I'm pleased to report the following:
We have in recent weeks significantly enhanced the capabilities of our Commercial team. We have added a new Director of Market Intelligence who brings to the team significant expertise in
Operationally, a new semi-automated stack production line is now on order and expected to be operational at our Bathgate facility during H1 2025. This is in line with the plans we set out during our fundraise in May this year and is expected to result in a material reduction in stack production costs. In the past week we have secured approval to use the "Made in
We will continue to make important progress on these areas outlined above but in the medium- to longer-term, my focus as CEO is to ensure Invinity delivers for all its stakeholders and rewards the support we have received to date. As such, my priorities for the next 12 months are to:
· Ship remaining VS3 orders to support revised 2024 year-end revenue forecasts;
· Launch the Mistral product for general sale before 2024 year-end;
· Close deals from commercial pipeline to support volume ramp in line with forecasts;
· Further advance the production cost reduction programme for the Mistral product and incrementally improve product margins across 2025 and beyond; and
· Review capital allocation across the business and drive operational efficiencies.
I look forward to providing further updates as we advance in each of these areas.
H1 2024 Financial Results
The
The
Finance income and finance costs relates to interest received on cash balances held as a result of the equity funding secured during the period.
Total inventory and pre-paid inventory of
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended |
|
|
|
|
|
|
|
|
Total Inventory |
4,437 |
3,681 |
3,288 |
Pre-paid Inventory |
1,960 |
3,136 |
1,073 |
Total Inventory and Pre-paid Inventory |
6,397 |
6,817 |
4,361 |
|
|
|
|
|
|
|
|
Trade Receivables |
1,530 |
4,151 |
2,496 |
Accrued Income |
897 |
1,857 |
888 |
Deferred Revenue |
(1,454) |
(3,884) |
(1,312) |
Trade Payables |
(2,062) |
(3,341) |
(2,166) |
Onerous Contract Provision |
(474) |
(856) |
(333) |
Net Position |
4,834 |
4,744 |
3,934 |
During the Period, the Company raised
Commercial and Operational
During the Period, Invinity closed 4 MWh of new VS3 sales (H1 2023: 5.4 MWh of VS3 sales). 6.2 MWh of batteries were manufactured, of which 2.1 MWh were delivered with the balance expected to be shipped by year end.
The Period also included significant milestones enhancing the Company's position in the global energy storage market. In January, the Company was recognised by BloombergNEF as the world's first non-lithium Tier 1 battery supplier - a significant achievement. In March, our Chairman Neil O'Brien attended a high-profile launch event, at which the Belgian Minister for Energy was present, of the Invinity VFB system owned by Equans Belgium and delivered in partnership with European heavyweight customers Engie Belgium and Jan De Nul.
Since last reported in June, the Company's commercial pipeline remains materially unchanged. Invinity continues to receive strong qualified interest in its products from customers across the world, enhancing Management's confidence in the Company's commercial prospects. Closing further deals, in addition to the 1.2 MWh order announced today, remains a key priority for the Commercial team.
To this end, tripartite discussions on the LODES project between Invinity, a major international renewable energy project developer and DESNZ are progressing strongly, with the parties actively engaged in finalising the project's structure and contracts. The large-scale DOE-funded deals first announced in September 2023 also continue to progress positively, the closure of which are a key priority for Invinity's new
The Company recently presented details of the first of these DOE-funded projects, to be located at the Pacific Northwest National Labs ("PNNL"), at the DOE's annual Energy Storage Grand Challenge Summit alongside the PNNL programme lead. The Company was also pleased to note the visit by DOE Loan Programs Office ("LPO") director Jigar Shah to partner Indian Energy's project at the Viejas Resort and Casino in
The Company continues to evolve its engagement with partners in non-core markets, including its relationship with Taiwanese partner Everdura. Together, the companies are progressing towards certification of Mistral for the Taiwanese grid, a key requirement for large national battery procurement programmes expected in 2025. Invinity and Everdura are also progressing operational plans for the delivery of Invinity products in the context of the Company's license and royalty model, whereby Invinity will benefit from Everdura's enhancing local competitiveness by using domestic supply chains, assembly facilities and support services.
Without accounting for any other deals within Invinity's existing pipeline, the potential revenue contribution from the LODES project (match-funded, but yet to close) and the 14.4 MWh order from Everdura (closed in September 2023) substantially covers 2025 revenue forecasts, with the aforementioned DOE projects representing a material portion of 2026 revenue.
Policy & Government Engagement
During the Period, there were a number of strong policy developments in support of long duration energy storage. This included the launch of a consultation in January by DESNZ for a Cap and Floor mechanism to support the
Post-Period, the Company held a Capital Markets Day for shareholders and investors and two further visits for Cabinet Ministers from the Scottish and
Next-Generation Product
Invinity's next-generation product development programme continues to advance with the support of the Company's development partner and a number of pilot customers. The Mistral production prototype is currently connected to the grid at Invinity's product development centre in
Commercial launch, which will see the product offered for general sale by Invinity, will occur by the end of this year. Although volume rollout of the product will now occur later in 2025, the first shipment of the Mistral product is still expected to occur on schedule. To this end, the Company is pleased to announce the sale of a 1.2 MWh Mistral battery system to Gamesa Electric, details of which are disclosed above.
In parallel with the Mistral commercial launch and first customer delivery, Invinity is advancing plans for a cost reduction exercise as announced in the Company's Trading Update of 6 September 2024. Initiatives already underway expect to deliver reduced product costs through both design improvements and enhanced supplier efficiencies. Design improvements include changes to decrease part count and simplify assembly procedures. Supplier efficiencies will be achieved by evolving manufacturing of high-value components from one-off bespoke production to methods suitable for higher volume, while transitioning from flexible but low-volume localised suppliers to global best-cost regions suitable for delivering significant production volumes.
Corporate and Strategic
The Company's relationship with Taiwanese partner Everdura took a further step forward with the signing of a strategic manufacturing agreement in February. This agreement will see Everdura market and sell Invinity products in
In addition to advancing its strategic relationship with Taiwanese partner Everdura, covered in detail in the Commercial and Operational section above, the Company secured significant financial backing from two further strategic partners in the May 2024 fundraise, being
In May 2024 Invinity stated its commitment to redomicile the Company back to the
Jonathan Marren
Chief Executive Officer
Unaudited Financial Results for the Period Ended 30 June 2024
Unaudited Consolidated Statement of Profit and Loss
For the six months ended 30 June 2024
|
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended |
Continuing operations |
Note |
|
|
|
Revenue |
4 |
1,637 |
14,812 |
22,006 |
Direct costs |
|
(2,750) |
(18,143) |
(25,361) |
Grant income against direct costs |
4 |
- |
11 |
11 |
Cost of sales |
5 |
(2,750) |
(18,132) |
(25,350) |
Gross loss |
|
(1,113) |
(3,320) |
(3,344) |
Operating costs |
|
|
|
|
Administrative expenses |
6 |
(10,296) |
(9,259) |
(19,085) |
Other items of operating income and expense |
8 |
17 |
(9) |
(349) |
Loss from operations |
|
(11,392) |
(12,588) |
(22,778) |
Finance income |
|
315 |
467 |
719 |
Finance costs |
|
(38) |
(1,134) |
(1,233) |
Gain/(loss) on foreign currency transactions |
|
7 |
(69) |
113 |
Net finance (costs)/income |
|
284 |
(736) |
(401) |
Loss before income tax |
|
(11,108) |
(13,324) |
(23,179) |
Income tax expense |
|
- |
- |
- |
Loss for the period/year |
|
(11,108) |
(13,324) |
(23,179) |
|
|
|
|
|
Loss per ordinary share in pence |
|
|
|
|
Basic |
9 |
(4.6) |
(8.2) |
(13.1) |
Diluted |
9 |
(4.6) |
(8.2) |
(13.1) |
The above unaudited consolidated statement of profit and loss should be read in conjunction with the accompanying notes.
Unaudited Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2024
|
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended |
Continuing operations |
Note |
|
|
|
Loss for the year |
|
(11,108) |
(13,324) |
(23,179) |
|
|
|
|
|
Other comprehensive income/(expense) |
|
|
|
|
Exchange differences on the translation of foreign operations |
|
(117) |
(85) |
(60) |
Total comprehensive loss for the period/year |
|
(11,225) |
(13,409) |
(23,239) |
The above unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Unaudited Consolidated Statement of Financial Position
As at 30 June 2024
|
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended 31 December 2023 |
|
Note |
|
|
|
Non-current assets |
|
|
|
|
Goodwill and other intangible assets |
11 |
23,980 |
24,025 |
24,002 |
Property, plant and equipment |
12 |
1,749 |
1,111 |
1,699 |
Right-of-use assets |
|
1,745 |
1,370 |
1,558 |
Contract assets |
15 |
304 |
- |
304 |
Total non-current assets |
|
27,778 |
26,506 |
27,563 |
|
|
|
|
|
Current assets |
|
|
|
|
Inventory |
13 |
4,437 |
3,681 |
3,288 |
Other current assets |
14 |
6,177 |
6,344 |
2,721 |
Contract assets |
15 |
897 |
1,857 |
888 |
Trade receivables |
16 |
1,530 |
4,151 |
2,496 |
Cash and cash equivalents |
17 |
46,243 |
12,929 |
5,014 |
Total current assets |
|
59,284 |
28,962 |
14,407 |
Total assets |
|
87,062 |
55,468 |
41,970 |
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables |
18 |
(5,101) |
(4,481) |
(3,948) |
Derivative financial instruments |
19 |
(339) |
(474) |
(406) |
Contract liabilities |
15 |
(1,454) |
(3,884) |
(1,312) |
Lease liabilities |
|
(669) |
(601) |
(723) |
Provisions |
15 |
(955) |
(2,109) |
(812) |
Total current liabilities |
|
(8,518) |
(11,549) |
(7,201) |
Net current assets |
|
50,766 |
17,413 |
7,206 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Lease liabilities |
|
(1,095) |
(670) |
(833) |
Provisions |
15 |
(124) |
- |
(123) |
Total non-current liabilities |
|
(1,219) |
(670) |
(956) |
Total liabilities |
|
(9,737) |
(12,219) |
(8,157) |
Net assets |
|
77,325 |
43,249 |
33,813 |
|
|
|
|
|
Equity |
|
|
|
|
Called up share capital |
|
53,473 |
51,347 |
51,348 |
Share premium |
|
215,231 |
162,852 |
162,883 |
Share based payment reserve |
|
6,947 |
6,321 |
6,683 |
Accumulated losses |
|
(196,381) |
(175,418) |
(185,273) |
Currency translation reserve |
|
(1,984) |
(1,892) |
(1,867) |
Other reserves |
|
39 |
39 |
39 |
Total equity |
|
77,325 |
43,249 |
33,813 |
The above unaudited consolidated statement of financial position should be read in conjunction with the accompanying notes.
Unaudited Consolidated Statement of Changes in Equity
As at 30 June 2024
|
Called up share capital |
Share premium |
Share-based payment reserve |
Accum-ulated losses |
Currency translation reserve |
Other reserves |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2024
|
51,348 |
162,883 |
6,683 |
(185,273) |
(1,867) |
39 |
33,813 |
Loss for the period |
- |
- |
- |
(11,108) |
- |
- |
(11,108) |
Other comprehensive gain/(loss) |
|
|
|
|
|
|
|
Foreign currency translation differences |
- |
- |
- |
- |
(117) |
- |
(117) |
Total comprehensive loss for the period |
- |
- |
- |
(11,108) |
(117) |
- |
(11,225) |
Transactions with owners in their capacity as owners |
|
|
|
|
|
|
|
Investment funding arrangement, net of transaction costs |
2,125 |
52,348 |
- |
- |
- |
- |
54,473 |
Share-based payments |
- |
- |
264 |
- |
- |
- |
264 |
Total contributions by owners |
2,125 |
52,348 |
264 |
- |
- |
- |
54,737 |
At 30 June 2024 |
53,473 |
215,231 |
6,947 |
(196,381) |
(1,984) |
39 |
77,325 |
As at 30 June 2023
|
Called up share capital |
Share premium |
Share-based payment reserve |
Accum-ulated losses |
Currency translation reserve |
Other reserves |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2023
|
50,716 |
141,579 |
5,957 |
(162,094) |
(1,807) |
39 |
34,390 |
Loss for the period |
- |
- |
- |
(13,324) |
- |
- |
(13,324) |
Other comprehensive gain/(loss) |
|
|
|
|
|
|
|
Foreign currency translation differences |
- |
- |
- |
- |
(85) |
|
(85) |
Total comprehensive loss for the period |
- |
- |
- |
(13,324) |
(85) |
- |
(13,409) |
Transactions with owners in their capacity as owners |
|
|
|
|
|
|
|
Investment funding arrangement, net of transaction costs |
631 |
21,272 |
23 |
- |
- |
- |
21,926 |
Exercise of share options |
- |
1 |
- |
- |
- |
- |
1 |
Share-based payments |
- |
- |
341 |
- |
- |
- |
341 |
Total contributions by owners |
631 |
21,273 |
364 |
- |
- |
- |
22,268 |
At 30 June 2023 |
51,347 |
162,852 |
6,321 |
(175,418) |
(1,892) |
39 |
43,249 |
The above unaudited consolidated statements of changes in equity should be read in conjunction with the accompanying note.
Unaudited Consolidated Statement of Changes in Equity
For the year ended 31 December 2023
|
Called up share capita |
Share premium |
Share-based payment reserve |
Accum-ulated losses |
Currency translation reserve |
Other reserves |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2023 |
50,716 |
141,579 |
5,957 |
(162,094) |
(1,807) |
39 |
34,390 |
Loss for the year |
- |
- |
- |
(23,179) |
- |
- |
(23,179) |
Other comprehensive income |
|
|
|
|
|
|
|
Foreign currency translation differences |
- |
- |
- |
- |
(60) |
- |
(60) |
Total comprehensive for the year |
- |
- |
- |
(23,179) |
(60) |
- |
(23,239) |
Transactions with owners in their capacity as owners |
|
|
|
|
|
|
|
Investment funding arrangement, net of transaction costs |
631 |
21,295 |
- |
- |
- |
- |
21,926 |
Exercise of share options |
1 |
9 |
- |
- |
- |
- |
10 |
Share-based payments |
- |
- |
726 |
- |
- |
- |
726 |
Total contributions by owners |
632 |
21,304 |
726 |
- |
- |
- |
22,662 |
At 31 December 2023 |
51,348 |
162,883 |
6,683 |
(185,273) |
(1,867) |
39 |
33,813 |
The above unaudited consolidated statements of changes in equity should be read in conjunction with the accompanying note.
Unaudited Consolidated Statement of Cash Flows
For the six months ended 30 June 2024
|
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended 31 December 2023 |
|
Note |
|
|
|
Cash flows from operating activities |
|
|
|
|
Cash used in operations |
|
(12,614) |
(12,228) |
(19,657) |
Interest received |
|
247 |
115 |
299 |
Interest paid |
|
(1) |
(13) |
(1) |
Net cash outflow from operating activities |
|
(12,368) |
(12,126) |
(19,359) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Acquisition of property, plant and equipment |
|
(395) |
(191) |
(1,103) |
Proceeds from disposal of property, plant and equipment |
|
- |
- |
57 |
Deposits on right-of-use assets |
|
(47) |
- |
(28) |
Net cash outflow from investing activities |
|
(442) |
(191) |
(984) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Payment of lease liabilities |
|
(343) |
(403) |
(629) |
Interest paid on lease liabilities |
|
(37) |
(36) |
(44) |
Financing charges on repayment of derivative financial instrument |
|
- |
(992) |
(992) |
Repayment of investment funding arrangement |
|
- |
(320) |
(881) |
Proceeds from sale of conversion shares |
|
|
- |
742 |
Proceeds from the issue of share capital, net of transaction costs |
|
57,383 |
21,927 |
23,044 |
Payment of transaction costs for the issue of share capital |
|
(2,911) |
- |
(1,117) |
Proceeds from the exercise of share options and warrants |
|
- |
1 |
10 |
Net cash inflow from financing activities |
|
54,092 |
20,177 |
20,133 |
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
41,282 |
7,860 |
(210) |
Cash and cash equivalents at the start of the period/year |
|
5,014 |
5,137 |
5,137 |
Effects of exchange rate changes on cash and cash equivalents |
|
(53) |
(68) |
87 |
Cash and cash equivalents at the end of the period/year |
|
46,243 |
12,929 |
5,014 |
The above unaudited consolidated statement of cash flows should be read in conjunction with the accompanying note.
Notes
(forming part of the unaudited consolidated historical financial information)
1 General Information
Invinity Energy Systems plc (the "Company") is a public company limited by shares incorporated and domiciled in Jersey. The registered office address is Third Floor, IFC5, Castle Street, St. Helier, JE2 3BY, Jersey.
The Company is quoted on the AIM Market of the London Stock Exchange with the ticker symbol IES.L, on the AQSE Growth Market in the
The principal activities of the Company and its subsidiaries (together the "Group") relate to the manufacture and sale of vanadium flow battery systems and associated installation, warranty and other services.
2 Accounting Policies
The accounting policies applied in this condensed consolidated financial information are consistent with those applied in preparing the financial statements for the year ended 31 December 2023.
Basis of Preparation
This unaudited condensed consolidated interim financial information for the six-months ended 30 June 2024 (the 'interim financial information') has been prepared in accordance with IAS 34, 'Interim financial reporting' as adopted by the European Union. The financial information should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2023 that were prepared in accordance with International Financial Reporting Standards as adopted by the European Union.
The annual report and financial statements for the year ended 31 December 2023 are available on the company's website (www.invinity.com).
This interim financial information has been prepared using the historical cost basis of accounting. The accounting policies applied across all the Group's subsidiaries when preparing the financial information are consistent with those adopted and disclosed in the annual financial statements for the year ended 31 December 2023. The accounting policies have been consistently applied across all Group entities for the purpose of producing this interim financial information.
The financial information included in this document does not comprise statutory accounts within the meaning of Companies (Jersey) Law 1991. The comparative figures for the financial year ended 31 December 2023 are not the Company's statutory accounts for that financial year within the meaning of Companies (Jersey) Law 1991. Those accounts have been reported on by the Company's auditors and delivered to the Jersey Financial Services Commission.
The report of the auditors included in the annual report and financial statements for the year ended 31 December 2023 was unqualified.
The Group's business activities, together with factors likely to affect its future development, performance and position, are set out in the operations and financial review sections of this report.
The financial position of the Group, its cash flows and liquidity position are described in the financial review section.
Going Concern
The Directors are satisfied that the Group has adequate resources to continue to operate as a going concern for the foreseeable future and that no material uncertainties exist which could cause significant doubt with respect to this assessment. In making this assessment, the Directors have considered the Group's balance sheet position and forecast earnings and cash flows for the period from the date of approval of these financial statements to 30 June 2025.
The Group has relied on fundraising in previous years and following the completion of successful fundraising in May 2024, the Group had cash of
As part of the going concern assessment the Directors have prepared a cash flow forecast which indicates that the Group would expect to remain cash positive during this period and without the requirement for further fundraising. The business continues in a cash outflow position, using funding generated from previous fundraises. However, it plans to move to a cash inflow position upon the launch and delivery of material volume of the next generation product.
This cash flow forecast was stress-tested for a worst-case scenario of no positive cash receipts from sales. In these tested scenarios, the business would remain cash positive for the 12 months from the date of approval of these financial statements.
Therefore, the Directors believe it is appropriate to prepare the accounts on a going concern basis.
3 Critical Accounting Judgements and Key Sources of Estimation Uncertainty
The preparation of interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities and of items of income and expense. Actual results may differ from these estimates.
In preparing this interim financial information, the significant judgments made by management in applying the Group's accounting policies were the same as those that applied to the consolidated financial statements for the year ended 31 December 2023. Similarly, the key sources of estimation uncertainty related to the financial information were the same as those encountered when applying the Group's accounting policies in relation to the preparation of the consolidated financial statements for the year ended 31 December 2023.
In preparing the condensed consolidated financial information, management is required to consider the principal risks and uncertainties facing the Group. In management's opinion the principal risks and uncertainties facing the Group are unchanged since the preparation of the consolidated financial statements for the year ended 31 December 2023. Those risks and uncertainties, together with management's response to them are described in the risk review section of the annual report and financial statements for the year ended 31 December 2023.
4 Revenue from Contracts with Customers and Income from Government Grants
Segment Information
The Group derives revenue from a single business segment, being the manufacture and sale of vanadium flow battery systems and related hardware together with the provision of services directly related to battery systems sold to customers.
The Group is organised internally to report on its financial and operational performance to its chief operating decision maker, which has been identified as the Executive Directors as a group.
All revenues were derived from continuing operations.
Revenue from Contracts with Customers
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended 31 December 2023 |
|
|
|
|
|
|
|
|
Battery systems and associated control systems |
1,186 |
13,653 |
19,425 |
Integration hardware |
35 |
- |
1,470 |
Integration and commissioning |
18 |
705 |
504 |
Other services |
398 |
454 |
607 |
Total revenue in the statement of profit and loss |
1,637 |
14,812 |
22,006 |
Grant Income other than Revenue
The Group receives grant income to help fund certain projects that are eligible for support, typically in the form of innovation grants. The total grant income that was received in the period was as follows:
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended 31 December 2023 |
|
|
|
|
|
|
|
|
Grants for research and development |
106 |
11 |
160 |
Grants for product deployment |
40 |
- |
378 |
Economic and social development |
2 |
- |
1 |
Total government grants received |
148 |
11 |
539 |
5 Cost of Sales
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended 31 December 2023 |
|
|
|
|
|
|
|
|
Movement in inventories of finished battery systems |
2,372 |
18,698 |
27,023 |
Movement in provisions for warranty costs |
299 |
142 |
(429) |
Movement in provisions for sales contracts |
79 |
(697) |
(1,233) |
Total cost of sales |
2,750 |
18,143 |
25,361 |
6 Administrative Expenses
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended 31 December 2023 |
|
|
|
|
|
|
|
|
Staff costs |
6,840 |
6,141 |
12,750 |
Research and development costs |
1,029 |
811 |
1,868 |
Research and development recoveries, tax credits and grants |
(145) |
(853) |
(1,949) |
Professional fees |
345 |
409 |
669 |
Sales and marketing costs |
398 |
388 |
1,048 |
Facilities and office costs |
277 |
222 |
232 |
Depreciation and amortisation |
501 |
409 |
1,056 |
Other administrative costs |
1,051 |
1,732 |
3,411 |
Total administrative expenses |
10,296 |
9,259 |
19,085 |
7 Staff Costs
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended 31 December 2023 |
|
|
|
|
|
|
|
|
Wages and salaries |
5,783 |
5,261 |
11,475 |
Employer payroll taxes |
514 |
477 |
839 |
Contributions to defined contribution plans |
69 |
57 |
123 |
Other benefits |
577 |
346 |
977 |
Share-based payments |
264 |
341 |
726 |
Total staff costs |
7,207 |
6,482 |
14,140 |
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended 31 December 2023 |
|
|
|
|
|
|
|
|
Staff costs charged to cost of sales |
367 |
340 |
1,390 |
Staff costs charged to cost of administrative expenses |
6,840 |
6,141 |
12,750 |
Total staff costs |
7,207 |
6,482 |
14,140 |
8 Other Items of Operating Income and Expense
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended 31 December 2023 |
|
|
|
|
(Income)/expenses |
|
|
|
Gain on disposal of property, plant and equipment |
- |
- |
(15) |
Obsolete inventory |
- |
9 |
8 |
Impairment of inventory to net realisable value |
43 |
- |
151 |
Reversal of impairment of inventory |
(60) |
- |
- |
Loss on curtailment of right-of-use asset |
- |
- |
205 |
Total other operating (income)/expenses (net) |
(17) |
9 |
349 |
9 Loss per Share
The weighted average number of shares used to calculate basic and diluted loss per share as presented in the consolidated statement of comprehensive loss was as follows:
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended 31 December 2023 |
|
|
|
|
|
|
|
|
In issue at 1 January |
191,067,464 |
119,007,846 |
119,007,846 |
Shares issued in the period - weighted average |
52,091,369 |
42,978,571 |
57,431,223 |
Weighted average shares in issue at the end of the period |
243,158,833 |
161,986,417 |
176,439,069 |
Effect of employee share options and warrants not exercised |
1,324,728 |
3,104,440 |
1,476,768 |
Weighted average number of diluted shares at the period end |
244,483,561 |
165,090,857 |
177,915,837 |
Additional potential shares used in the calculation of diluted earnings per share primarily relate to potential shares outstanding at 30 June 2024 that may be issued in satisfaction of 'in-the-money' employee share options. Potentially dilutive shares related to 'in-the-money' outstanding warrants to subscribe for ordinary shares in the Company are also included in calculating diluted earnings per share.
Where additional potential shares have an anti-dilutive impact on the calculation of loss per share calculation, such potential shares are excluded from the weighted average number of shares used in the calculation.
Additional potential shares are anti-dilutive where their inclusion in the calculation of loss per share results in a lower loss per share.
10 Cash Flows from Operating Activities
|
Six months ended 30 June 2024 |
Six months ended 30 June 2023 |
Year ended 31 December 2023 |
|
|
|
|
|
|
|
|
Loss after income tax |
(11,108) |
(13,324) |
(23,179) |
Adjustments for: |
|
|
|
Depreciation and amortisation |
693 |
727 |
1,399 |
Loss on disposal of property, plant and equipment |
- |
- |
(15) |
Impairment of inventory |
43 |
- |
151 |
Reversal of impairment of inventory |
(60) |
- |
- |
Obsolete inventory |
- |
- |
8 |
Share-based payments charge |
264 |
341 |
726 |
Net finance (income)/costs |
(277) |
732 |
481 |
Gain/(loss) on unrealised foreign currency transactions |
49 |
126 |
(71) |
|
(10,396) |
(11,398) |
(20,500) |
Changes in operating assets and liabilities |
|
|
|
(Increase)/decrease in inventory |
(1,174) |
5,945 |
6,144 |
Increase in contract assets |
(19) |
(1,359) |
(694) |
Decrease/(increase) in trade receivables and other receivables |
940 |
(2,559) |
(796) |
(Increase)/decrease in other assets and prepaid inventory |
(3,441) |
2,513 |
5,823 |
Increase in trade payables |
1,190 |
(342) |
(956) |
Increase/(decrease) in warranty provision |
7 |
(47) |
(647) |
Increase/(decrease) in onerous contract provision |
143 |
(751) |
(1,217) |
Increase/(decrease) in contract liabilities |
136 |
(4,230) |
(6,814) |
|
(2,218) |
(830) |
843 |
Cash used in operations |
(12,614) |
(12,228) |
(19,657) |
11 Goodwill and Intangible Assets
|
Goodwill |
Patents and certifications |
Software and domain names |
Total |
|
|
|
|
|
Cost |
|
|
|
|
At 1 January 2024 |
23,944 |
203 |
34 |
24,181 |
Effects of movements in foreign exchange |
- |
- |
(1) |
(1) |
At 30 June 2024 |
23,944 |
203 |
33 |
24,180 |
|
|
|
|
|
Accumulated amortisation |
|
|
|
|
At 1 January 2024 |
- |
(153) |
(26) |
(179) |
Amortisation charge |
- |
(20) |
(1) |
(21) |
At 30 June 2024 |
- |
(173) |
(27) |
(200) |
|
|
|
|
|
Net book value |
|
|
|
|
At 1 January 2024 |
23,944 |
50 |
8 |
24,002 |
At 30 June 2024 |
23,944 |
30 |
6 |
23,980 |
|
Goodwill |
Patents and certifications |
Software and domain names |
Total |
|
|
|
|
|
Cost |
|
|
|
|
At 1 January 2023 |
23,944 |
203 |
50 |
24,197 |
Effects of movements in foreign exchange |
- |
- |
(2) |
(2) |
At 30 June 2023 |
23,944 |
203 |
48 |
24,195 |
|
|
|
|
|
Accumulated amortisation |
|
|
|
|
At 1 January 2023 |
- |
(112) |
(35) |
(147) |
Amortisation charge |
- |
(20) |
(4) |
(24) |
Effects of movements in foreign exchange |
- |
- |
1 |
1 |
Amortisation at 30 June 2023 |
- |
(132) |
(38) |
(170) |
|
|
|
|
|
Net book value |
|
|
|
|
At 1 January 2023 |
23,944 |
91 |
15 |
24,050 |
At 30 June 2023 |
23,944 |
71 |
10 |
24,025 |
|
Goodwill |
Patents and certifications |
Software |
Total |
|
|
|
|
|
Cost |
|
|
|
|
At 1 January 2023 |
23,944 |
203 |
50 |
24,197 |
Disposals |
- |
- |
(15) |
(15) |
Effects of movements in foreign exchange |
- |
- |
(1) |
(1) |
At 31 December 2023 |
23,944 |
203 |
34 |
24,181 |
|
|
|
|
|
Accumulated amortisation |
|
|
|
|
At 1 January 2023 |
- |
(112) |
(35) |
(147) |
Amortisation charge |
- |
(41) |
(7) |
(48) |
Disposals |
- |
- |
15 |
15 |
Effects of movements in foreign exchange |
- |
- |
1 |
1 |
Amortisation at 31 December 2023 |
- |
(153) |
(26) |
(179) |
|
|
|
|
|
Net book value |
|
|
|
|
At 1 January 2023 |
23,944 |
91 |
15 |
24,050 |
At 31 December 2023 |
23,944 |
50 |
8 |
24,002 |
Goodwill
All goodwill is tested annually for impairment. At 31 December 2023, goodwill was tested for impairment using a fair value less costs of disposal methodology by reference to the Company's quoted market capitalisation using the price of
The closing share price on 25 September 2024 was 9.25p, giving a market capitalisation of
Patents and Certifications
There have been no events or circumstances that would indicate that the carrying value of patents and certifications may be impaired at 30 June 2024.
12 Property, Plant and Equipment
|
Computer |
Leasehold improvements |
Vehicles and equipment |
Total |
|
|
|
|
|
Cost |
|
|
|
|
At 1 January 2024 |
554 |
823 |
2,235 |
3,612 |
Additions |
34 |
77 |
283 |
394 |
Disposals |
- |
- |
(9) |
(9) |
Effects of movements in foreign exchange |
(7) |
(20) |
(41) |
(68) |
At 30 June 2024 |
581 |
880 |
2,468 |
3,929 |
|
|
|
|
|
Accumulated Depreciation |
|
|
|
|
At 1 January 2024 |
(465) |
(424) |
(1,024) |
(1,913) |
Depreciation charge |
(23) |
(112) |
(172) |
(307) |
Disposals |
- |
- |
9 |
9 |
Effects of movements in foreign exchange |
5 |
10 |
16 |
31 |
Depreciation at 30 June 2024 |
(483) |
(526) |
(1,171) |
(2,180) |
|
|
|
|
|
Net book value |
|
|
|
|
At 1 January 2024 |
89 |
399 |
1,211 |
1,699 |
At 30 June 2024 |
98 |
354 |
1,297 |
1,749 |
|
Computer |
Leasehold improvements |
Vehicles and equipment |
Total |
|
|
|
|
|
Cost |
|
|
|
|
At 1 January 2023 |
699 |
1,119 |
1,402 |
3,220 |
Additions |
- |
9 |
182 |
191 |
Disposals |
- |
- |
(44) |
(44) |
Effects of movements in foreign exchange |
(6) |
(16) |
(27) |
(49) |
At 30 June 2023 |
693 |
1,112 |
1,513 |
3,318 |
|
|
|
|
|
Accumulated Depreciation |
|
|
|
|
At 1 January 2023 |
(662) |
(635) |
(715) |
(2,012) |
Depreciation charge |
(8) |
(152) |
(103) |
(263) |
Disposals |
- |
- |
44 |
44 |
Effects of movements in foreign exchange |
5 |
6 |
13 |
24 |
Depreciation at 30 June 2023 |
(665) |
(781) |
(761) |
(2,207) |
|
|
|
|
|
Net book value |
|
|
|
|
At 1 January 2023 |
37 |
484 |
687 |
1,208 |
At 30 June 2023 |
28 |
331 |
752 |
1,111 |
|
Computer |
Leasehold improvements |
Vehicles and equipment |
Total |
|
|
|
|
|
Cost |
|
|
|
|
At 1 January 2023 |
699 |
1,119 |
1,402 |
3,220 |
Additions |
76 |
212 |
799 |
1,087 |
Disposals |
(214) |
(328) |
(125) |
(667) |
Transfers |
- |
(161) |
191 |
30 |
Foreign currency exchange differences |
(7) |
(19) |
(32) |
(58) |
At 31 December 2023 |
554 |
823 |
2,235 |
3,612 |
|
|
|
|
|
Accumulated Depreciation |
|
|
|
|
At 1 January 2023 |
(662) |
(635) |
(715) |
(2,012) |
Depreciation charge |
(23) |
(271) |
(230) |
(524) |
Disposals |
214 |
328 |
83 |
625 |
Transfers |
- |
147 |
(177) |
(30) |
Effects of movements in foreign exchange |
6 |
7 |
15 |
28 |
Depreciation at 31 December 2023 |
(465) |
(424) |
(1,024) |
(1,913) |
|
|
|
|
|
Net book value |
|
|
|
|
At 1 January 2023 |
37 |
484 |
687 |
1,208 |
At 31 December 2023 |
89 |
399 |
1,211 |
1,699 |
The Group has no assets pledged as security. No amounts of interest have been capitalised within property, plant and equipment at 30 June 2024 (2023: £nil).
13 Inventory
|
30 June 2024 |
30 June 2023 |
31 December 2023 |
|
|
|
|
|
|
|
|
Raw materials and consumables |
2,768 |
1,421 |
2,961 |
Work in progress |
1,572 |
1,503 |
285 |
Finished goods |
97 |
756 |
42 |
Total inventory |
4,437 |
3,681 |
3,288 |
14 Other Current Assets
|
30 June 2024 |
30 June 2023 |
31 December 2023 |
|
|
|
|
|
|
|
|
Prepayments and deposits |
639 |
1,108 |
475 |
Prepaid inventory |
1,960 |
3,136 |
1,073 |
Tax credits recoverable |
425 |
1,179 |
719 |
Short-term investment |
3,000 |
- |
- |
Other receivables |
153 |
921 |
454 |
Total other current assets |
6,177 |
6,344 |
2,721 |
Prepaid inventory is recognised on inventory payments where physical delivery of that inventory has not yet been taken by the Group and is stated at the lower of cost and net realisable value.
15 Contract Related Balances
|
30 June 2024 |
30 June 2023 |
31 December 2023 |
|
|
|
|
|
|
|
|
Amounts due from customer contracts included in trade receivables |
1,530 |
4,151 |
2,496 |
Contract assets (accrued income for work done not yet invoiced) |
897 |
1,857 |
888 |
Non-current contract assets |
304 |
- |
304 |
Contract liabilities (deferred revenue related to advances on customer contracts) |
(1,454) |
(3,884) |
(1,312) |
Net position of sales contracts |
1,277 |
(2,124) |
2,376 |
The amount of revenue recognised in the period that was included in contract liabilities at the end of the prior year was
Provisions Related to Contracts with Customers
|
Warranty provision |
Provision for contract losses |
Total |
|
|
|
|
|
|
|
|
At 1 January 2024 |
602 |
333 |
935 |
Charges to profit or loss |
|
|
|
§ Provided in period |
258 |
151 |
409 |
§ Unused amounts reversed |
- |
(4) |
(4) |
Amounts used in period |
(252) |
(4) |
(256) |
Movement due to foreign exchange |
(3) |
(2) |
(5) |
At 30 June 2024 |
605 |
474 |
1,079 |
Current |
584 |
371 |
955 |
Non-current |
21 |
103 |
124 |
|
Warranty provision |
Legacy |
Provision for contract losses |
Total |
|
|
|
|
|
|
|
|
|
|
At 1 January 2023 |
284 |
1,016 |
1,607 |
2,907 |
Charges to profit or loss |
|
|
|
|
§ Provided in period |
75 |
63 |
- |
138 |
§ Unused amounts reversed |
- |
- |
(697) |
(697) |
Amounts used in period |
(75) |
(63) |
- |
(138) |
Movement due to foreign exchange |
(1) |
(46) |
(54) |
(101) |
At 30 June 2023 |
283 |
970 |
856 |
2,109 |
Current |
283 |
970 |
856 |
2,109 |
Non-current |
- |
- |
- |
- |
|
Warranty provision |
Legacy |
Provision for contract losses |
Total |
|
|
|
|
|
|
|
|
|
|
At 1 January 2023 |
284 |
1,016 |
1,607 |
2,907 |
Charges to profit or loss |
|
|
|
|
§ Provided in year |
552 |
15 |
332 |
899 |
§ Unused amounts reversed |
(38) |
(968) |
(235) |
(1,241) |
Amounts used in year |
(195) |
(13) |
(1,315) |
(1,523) |
Movement due to foreign exchange |
(1) |
(50) |
(56) |
(107) |
At 31 December 2023 |
602 |
- |
333 |
935 |
Current |
586 |
- |
226 |
812 |
Non-current |
16 |
- |
107 |
123 |
Warranty Provision
The warranty provision represents management's best estimate of the costs anticipated to be incurred related to warranty claims, both current and future, from customers in respect of goods and services sold that remain within their warranty period. The estimate of future warranty costs is updated periodically based on the Company's actual experience of warranty claims from customers.
The element of the provision related to potential future claims is based on management's experience and is judgmental in nature. As for any product warranty, there is an inherent uncertainty around the likelihood and timing of a fault occurring that would cause further work to be undertaken or the replacement of equipment parts.
A standard warranty of up to two years from the date of commissioning is generally provided to customers on goods and services sold and is included in the original cost of the product. Customers are also able to purchase extended warranties that extend the warranty period for up to a total of ten years.
Provision for Contract Losses
A provision is established for contract losses when it becomes known that a contract has become onerous. A contract is onerous when the unavoidable costs of fulfilling the Group's obligations under a contract are greater than the revenue that will be earned from it.
The unavoidable costs of fulfilling contract obligations will include both direct and indirect costs.
The creation of an additional provision is recognised immediately in profit and loss. The provision is used to offset subsequent costs incurred as the contract moves to completion.
16 Trade Receivables
|
30 June 2024 |
30 June 2023 |
31 December 2023 |
|
|
|
|
|
|
|
|
Total trade receivables |
1,530 |
4,151 |
2,496 |
All trade and other receivables relate to receivables arising from contracts with customers.
Trade receivables are amounts due from customers for sales of vanadium flow battery systems in the ordinary course of business. Trade receivables do not bear interest and generally have 30-day payment terms and therefore are all classified as current.
An allowance for potential credit losses of £nil (2023:
17 Cash and Cash Equivalents
|
30 June 2024 |
30 June 2023 |
31 December 2023 |
|
|
|
|
|
|
|
|
Cash at bank and in hand |
5,243 |
3,929 |
5,014 |
Cash equivalents |
41,000 |
9,000 |
- |
Total cash and cash equivalents |
46,243 |
12,929 |
5,014 |
Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition, are readily convertible to a known amount of cash and are subject to an insignificant amount of risk of change in value.
18 Trade and Other Payables
|
30 June 2024 |
30 June 2023 |
31 December 2023 |
|
|
|
|
|
|
|
|
Trade payables |
2,062 |
3,341 |
2,166 |
Other payables |
17 |
89 |
29 |
Accrued liabilities |
1,462 |
706 |
877 |
Accrued employee compensation |
1,389 |
324 |
772 |
Government remittances payable |
171 |
21 |
104 |
Total trade and other payables |
5,101 |
4,481 |
3,948 |
Trade payables are unsecured and are usually paid within 30 days.
The carrying amounts of trade and other payables are the same as their fair values due to the short-term nature of the underlying obligation representing the liability to pay.
19 Derivative Financial Instruments
|
30 June 2024 |
30 June 2023 |
31 December 2023 |
|
|
|
|
|
|
|
|
Derivative value of warrants issued |
339 |
474 |
406 |
Total derivative financial instruments |
339 |
474 |
406 |
20 Related Parties
The only related parties of the Company are the key management and close members of their family. Key management has been determined as the CEO and his direct reports.
There have been no related party transactions in the period.
21 Events Occurring After the Reporting Period
Motherwell Facility
On 23 July 2024 the Company formally launched its new manufacturing facility in
Deferred A Shares
On 22 November 2022 the shareholders of Invinity approved a capital reorganisation, whereby the share capital of Invinity was split into Ordinary Shares, which are quoted on AIM and AQSE, and non-voting deferred A Shares ("Deferred A Shares"), which are not quoted.
On 29 August 2024 the Company announced the upcoming transfer of all Deferred A Shares from the holders to Invinity Energy Group Services Limited for nil consideration.
Board changes
On 6 September 2024 the Company announced Larry Zulch's retirement as the Company's Chief Executive Officer ("CEO") and member of the Board of Invinity, effective immediately.
Jonathan Marren, previously Chief Financial Officer ("CFO") and Chief Development Officer ("CDO"), has been appointed as CEO on a permanent basis. The recruitment of a new CFO commenced immediately.
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