Invinity Energy Systems PLC (AIM:IES, OTCQX:IESVF, AQSE:IES) shares traded higher in Friday’s early deals, up over 10%, after announcing a key commercial milestone.
The company, in a statement, said it has received a ‘Notice to Proceed’ from STS Group for a 10.8 MWh ENDURIUM battery order.
The batteries will be installed with a large-scale solar PV array in western Hungary.
The project is supported by the European Union and expected to receive debt funding from a major European bank.
A downpayment is now due, enabling Invinity to begin manufacturing and fulfilment ahead of shipment later in 2025.
"This is an important event for Invinity both from a commercial perspective but also financially in providing a material portion of anticipated 2025 revenues,” chief executive Jonathan Marren said in a statement.
In London, Invinity shares were up 10.8% changing hands at 23p, valuing the business at just over £100 million.