Invinity Energy Systems PLC (AIM:IES, OTCQX:IESVF, AQSE:IES) has successfully raised £56 million via an oversubscribed share placing and subscription.
The aim was to raise around £50 million. Existing investors will be allowed to follow their money, which could bring in an additional £6.6 million.
Proceeds will be used to grow the business - which makes utility-grade batteries - and should be sufficient to see it through to breakeven.
"We believe that long-duration energy storage has an essential role to play in the global transition to a sustainable electricity system," said CEO Larry Zulch.
"This investment provides Invinity with the opportunity to scale up to help meet the significant global demand for batteries with the characteristics that make our vanadium flow battery unique: high performance, long asset life, compelling total ownership economics, and no propensity to catch fire."
The shares were down 10% in early trading.