Invinity Signs Strategic Manufacturing Agreement With Everdura

Agreement sees Invinity’s strategic partner, Everdura, undertake manufacturing of the Company’s next-generation product to serve the Taiwanese and certain South-East Asian markets.

Monday 26 February 2024

Invinity Energy Systems is pleased to announce that it has entered into an agreement with its Taiwanese strategic partner, Everdura, to undertake domestic manufacturing of its next-generation vanadium flow battery (“VFB”) product, code-named “Mistral”, to serve the Taiwanese and other markets (“the Agreement”).

Everdura has been Invinity’s reseller since 1 December 2022. Everdura’s parent company, Everbrite, made a £2.5m strategic investment into the Company which was announced 22 February 2023. On 14 September 2023, Everdura placed a 14.4 MWh pre-order for Mistral and entered into a MoU which proposed a strategic manufacturing partnership with Invinity which has now been superseded by this Agreement.

Under the Agreement, Everdura will manufacture Mistral VFBs to fulfil orders it intends to secure under the terms of the existing reseller agreement which targets more than 255 MWh of product sales over a three-year period. Everdura will also utilise Invinity’s existing supply chain and purchase cell stacks directly from the Company, which will continue to be manufactured by Invinity at its facilities in the UK and Canada.

“Everdura has become an important strategic partner for Invinity, providing access to the important Taiwanese market and areas beyond. Our relationship with Everdura forms a template for regions where we believe we will be better represented by strong, local partners than by an organisation we build ourselves. This agreement, like many of our current activities, is intended to support the forthcoming global launch of our next generation product, and with our first product prototype exhibiting encouraging performance, it is tremendously exciting to see our vision for Mistral becoming reality.”

– Larry Zulch, Chief Executive Officer, Invinity Energy Systems


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