Invinity receives largest single order to date and signs further East Asia partnership
Thursday 1 December 2022
Invinity Energy Systems is pleased to announce it has today signed a reseller agreement with Everdura Technology Company (“Everdura”), an industrial technology company based in Taiwan.
Within the framework of the agreement, Everdura has signed an initial purchase order totalling 15 MWh of vanadium flow batteries from Invinity (the “Initial Order”). 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. In their role as a reseller for the Company, Everdura will promote Invinity’s products to key customer segments throughout Taiwan and Southeast Asia including commercial and industrial energy users, grid operators, independent power producers and transport infrastructure providers.
Above: (L-R) Brian Tseng, CEO and Darren Yen, Chairman from Everdura with Larry Zulch, CEO and Johnson Chiang, Executive Chairman, Asia, from Invinity at the signing ceremony
This is the second Taiwanese deal Invinity have signed in recent weeks, having announced a 2.2 MWh sale to Bei Ying, a Taiwanese industrial equipment wholesaler, on 21 November 2022. This latest deal represents Invinity’s largest order received to date and further demonstrates the effectiveness of Invinity’s commercial strategy of selling through trusted third partners outside of the Company’s core markets.
A deposit for the Initial Order is due shortly. First battery deliveries are expected to commence in late 2023 with the majority of revenue associated with the project expected to be recognised during 2024.
“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.”
– Darren Yen, Chairman, Everdura
Everdura Technology Co., Ltd. was established in July 2022 as a joint venture between Everbrite Technology Co., Ltd. and Pronergy Technology Co., Ltd. The Taiwan-based company was created to focus on construction, system integration and technology distribution within the fields of energy, smart buildings and public EV charging infrastructure.
“Invinity is extremely pleased to formalize our partnership with Everdura. The Company’s leading position in utility-grade long-duration storage, combined with Everdura’s regional expertise, are a potent combination. 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.”
– Matt Harper, Chief Commercial Officer, Invinity Energy Systems