Shares in Invinity Energy Systems PLC (AIM:IES), a leading global manufacturer of utility-grade energy storage, skyrocketed today following the signing of a reseller agreement with Everdura Technology Company, an industrial technology company based in Taiwan.
Within the framework of the agreement, Everdura has agreed to an initial purchase order totalling 15 MWh of vanadium flow batteries (VFBs) from Invinity.
Additionally, the agreement includes the ability for Everdura to purchase a further 255 MWh of Invinity products for the purpose of fulfilling follow-on orders over the next three years.
Darren Yen, chairman at Everdura, said: "We are delighted to formalize Everdura's partnership with Invinity, a leader in the field of vanadium flow battery manufacturing.
“Long-duration energy storage has a key role to play in decarbonising Taiwan's energy future and through close cooperation, we look forward to furthering the deployment of Invinity's technology in the years to come."
Infinity’s chief commercial officer Matt Harper added: “With renewable generation delivering an ever-larger portion of Taiwan's energy needs, Invinity and Everdura together are ideally positioned to provide energy storage to deliver renewable power on demand, speeding Taiwan's path to net zero.
“This largest order to date reaffirms Invinity's strategy of engaging strong regional partners to build global demand for our products and indicates promising continued commercial momentum for VFBs in general."
AIM-listed Invinity Energy Systems' share rallied 50% during Thursday’s session, bringing the company’s market capitalisation close to £40mln.