Invinity Energy Systems PLC (AIM:IES) jumped 17% today after announcing the sale of a 1.5 MWh Invinity VS3 flow battery system to Hyosung Heavy Industries which will be used by Korea Electric Power Corporation (KEPCO), South Korea's national electricity utility.
The AIM-listed global manufacturer of utility-grade energy storage said the disposal was an important next step in the intention to form a global partnership with Hyosung which was announced in April.
Seven Invinity VS3 batteries with a total capacity of 1.5 MWh will be installed at KEPCO's Energy Valley R&D Centre and if successful the batteries would expect to become qualified for wider use across the Korean electricity network.
This could potentially open up numerous grid-scale project opportunities with both Hyosung and KEPCO in Korea, the company said.
Hyosung's role within the project on behalf of KEPCO is to procure, install and commission the batteries at the site while Invinity's will support Hyosung by providing feedback, insight and recommendations to optimise system performance.
An advance payment for the batteries delivered under this order is due in 2022 with delivery and commissioning of all seven VS3s expected towards the end of the first half of fiscal year 2023.
Larry Zulch, chief executive officer at Invinity, said: “The strategic importance of this project outweighs its modest financial impact and underscores our belief that the Korean market presents a highly promising opportunity for Invinity's utility-grade energy storage systems."