9 August 2022
Invinity Energy Systems plc
("Invinity" or the "Company")
Clean energy incentives in the Inflation Reduction Act recently passed by the
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) a leading global manufacturer of utility-grade energy storage, welcomes the inclusion of energy storage project support in the Inflation Reduction Act passed by the Senate on 7 August 2022.
Potentially the largest and most far-reaching climate legislation in
The Company views this development extremely positively, especially with respect to the fact that energy storage is treated on par with energy production in the bill. Key areas include:
- Investment Tax Credits (ITCs) and grant programmes expected to significantly improve economics for standalone energy storage projects utilising a broad range of clean energy technologies including vanadium flow batteries.
- Similar support for renewable power generation, which Invinity expects will accelerate the need for long-duration, high-throughput energy storage solutions capable of delivering intermittent renewable power on demand, a use case where Invinity's vanadium flow batteries are both field-proven and offer advantageous economics.
- An ITC time horizon stretching to 2032, providing unprecedented project development and investment security in comparison to previous programmes which were significantly shorter in duration.
Given Invinity's geographical footprint and proven track record of project delivery within the
The bill, considered to have overcome its primary hurdle by passing the
Larry Zulch, Chief Executive Officer at Invinity said:
"This is significant legislation not only for its size and scope, but because it goes beyond past efforts that focused on renewable energy production to include incentives for energy storage. This is tangible and welcome acknowledgement that renewable energy and energy storage go hand-in-hand. Once signed, we see this bill enhancing the already vast opportunity for Invinity's products in the
This is tremendous support for Invinity's corporate strategy in the
Invinity Energy Systems plc
+44 (0)204 551 0361
Joe Worthington, Director of Communications
Notes to Editors
Invinity Energy Systems plc (AIM:IES) 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 over 33 MWh of systems deployed to date across more than 50 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 or call Investor Relations on +44 (0)204 551 0361
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