Shares in Invinity Energy Systems PLC (AIM:IES, OTCQX:IESVF, AQSE:IES) rose 18% in early trade after the energy storage specialist announced said it had inked a manufacturing agreement with Taiwanese partner Everdura for its vanadium flow battery, called Mistral.
This collaboration, effective since Everdura's strategic £2.5m investment in February last year, aims to boost Invinity's presence in Taiwan and other markets.
Everdura, a reseller for Invinity since late 2022, will manufacture Mistral batteries under a deal that could see over 255 MWh of product sales over three years.
The agreement includes royalty fees for Invinity and the use of its supply chain, with cell stacks still produced by Invinity in the UK and Canada.
Additionally, after successful initial performance testing of Mistral, Invinity is on track for a commercial launch later this year, with discussions with other potential strategic partners also progressing well.
At 8.43 am, the stock was up 4.5p at 29p.