Invinity Energy Sys - Result of Open Offer, GM and Subscription, and TVR
RNS Number : 1095T
Invinity Energy Systems PLC
15 March 2023

The information contained within this Announcement is deemed by Invinity Energy Systems plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").



15 March 2023

Invinity Energy Systems plc


("Invinity" or the "Company")


Results of Open Offer and General Meeting, Completion of Subscription and Total Voting Rights


Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, is pleased to announce the results of the Open Offer, which closed for acceptances at 11.00 a.m. on 14 March 2023. The Company has received valid acceptances from Qualifying Shareholders in respect of 4,825,092 Open Offer Shares, representing approximately 38.5 per cent. of the 12,528,355 New Ordinary Shares available under the Open Offer, therefore raising an additional £1.5 million of proceeds for the Company.


The Company is also pleased to confirm that the Subscription with a strategic investor for 7,812,500 new Ordinary Shares, raising £2.5 million, as announced in conjunction with the Placing and Open Offer on 22 February 2023, has now completed.


The Company has therefore raised, in aggregate, gross proceeds of approximately £23 million through the Placing, Subscription and Open Offer.


The Board also announces that all resolutions were passed at the Company's General Meeting, held earlier today. The result of the poll voting (including all proxies) is detailed below.









Number of votes


Number of votes

Number of votes


To allot the Placing Shares and Open Offer Shares as if the pre-emption provisions in the Articles did not apply






To allot the Subscription Shares as if the pre-emption provisions in the articles did not apply






*Any proxy appointments, which gave discretion to the Chairman, have been included in the 'For' votes total.



Admission and Total Voting Rights


All conditions of the Fundraising set out in the Company's announcement of 23 February 2023 have now been met. Applications have been made to the London Stock Exchange and to the Aquis Stock Exchange for 4,825,092 Open Offer Shares, together with 59,375,000 Placing Shares, and 7,812,500 Subscription Shares to be admitted to trading on AIM and  AQSE on 16 March 2023.


Following Admission, the Company will have 191,031,971 Ordinary Shares in issue. No Ordinary Shares are held in treasury. The total number of voting rights in the Company is therefore 191,031,971. The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.



Other than where defined, capitalised terms in this announcement have the meanings given to them in the Announcement released by the Company at 5.00 p.m. (London time) on 22 February 2023.



Neil O'Brien, Non-executive Chairman at Invinity, said:


"We are delighted that new and existing shareholders, as well as our new strategic partner, Everbrite, have given us this vote of confidence as we enter a critical phase in our journey. With the Riverfort facility being repaid out of existing funds, the completion of our fundraising represents a significant inflow of new capital into the Company. This puts Invinity in a very strong position to grow the scope and scale of our activities in the years to come."





Invinity Energy Systems plc

+44 (0)20 4551 0361

Jonathan Marren, Chief Development Officer and Interim CFO

Joe Worthington, Director of Communications

Canaccord Genuity (Nominated Adviser and Joint Broker)

+44 (0)20 7523 8000

Henry Fitzgerald-O'Connor / Harry Pardoe / Gordon Hamilton

VSA Capital (Financial Adviser and Joint Broker)

+44 (0)20 3005 5000

Andrew Monk / Simon Barton


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 over 65 MWh of systems already deployed or contracted for delivery across over 70 sites in 15 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and Australia. Invinity Energy Systems plc is listed in the UK on AIM and AQSE and trades in the USA on OTCQX.


To find out more, visit or call Investor Relations on +44 (0)204 551 0361.


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