Invinity Energy Systems - First Sale In Hungary

Invinity has followed the Hungarian reseller agreement announced on 10 March with a first sale of VS3 flow batteries for an EU funded solar plus storage project in the country. This is in line with the company’s other recent reseller agreements providing strategic access to new energy storage markets. We think it is good to see Invinity securing battery sales at the outset of new reseller agreements as this provides further confirmation of the company’s growing commercial momentum in our view.

Invinity Energy Systems - Traction in The UK and Hungary

Invinity has announced a second sale to Dawsongroup in the UK and the appointment of partners in the Hungarian market. Both deals demonstrate continued traction for Invinity and both are targeting more than 50MWh of sales potentially building on the 31MWh of sales contracts signed in Q4 last year.

Invinity Energy Systems - Convertible To Be Repaid

Invinity has announced that, subject to the completion of the recent oversubscribed £19m placing, it will repay the remaining part of the $2.5 convertible loan facility entered into with RiverFort Global Opportunities in December 2022. This seems a sensible rationalisation of the financing without which the noteholders could have converted the outstanding amount into 6m shares which could have caused a drag on the share price. The past 6 months have seen a growth in traction for the company’s fl

VSA Capital Morning Transitional Energy Comment 23/02/23 (IES)

Invinity Energy Systems (IES LN) which develops Vanadium Flow Batteries (VBS’s) for utility scale grid storage has announced that it has conditionally raised gross proceeds of £19m through the Placing of 59,375,000 new Ordinary Shares at the Issue Price of 32p per new Ordinary Share. The Issue Price of 32 pence represents a discount of 13.51% to the closing middle market price of 37p per ordinary share on 22 February 2023.

Invinity Energy Systems - Fundraising With Strategic Support

Invinity’s fund raising could bring in up to £25.5m fully allowing it to meet its contract deliveries and to further develop the business, notably taking forward Mistral, its next-generation flow battery that is intended to serve larger-scale projects and achieve higher margins. The raise includes a £2.5m strategic investment from Taiwanese partner Everbrite, cementing the earlier agreement with its related company Everdura, and paving the way to 255 MWh of additional sales.

A Car Without Brakes - Opportunities in Electricity Storage

Electricity storage and especially long duration storage is essential to deliver decarbonisation with a total addressable market of a similar order of magnitude to that for hydrogen, biofuels or carbon capture. It has the potential to become a major sub sector of the energy market.

Setting up a breakthrough year - Correction

VSA Capital Morning Transitional Energy Comment 23/01/23

Invinity Energy Systems (IES LN) has today issued an operational and trading update for early 2023. The Company develops Vanadium Flow Batteries (VBS’s) for utility scale grid storage. In the trading update today IES reports that orders are growing strongly, with the current backlog now standing at 31MWh of VFB demand.

Invinity Energy Systems - Reassuring Update And New Sale

We see Invinity’s update as reassuring and the new commercial sale adds to this especially as it is a second sale through an existing partner. Year-end cash of £5.1m and £7.5m of further potential convertible funding aligns with a strong order backlog and pipeline growth to give comfort for FY 23 and beyond in our view.

VSA Capital Morning Transitional Energy Comment 18/01/23

Invinity Energy Systems (IES LN) has announced that it is participating in the UK Government’s Department for Business, Energy & Industrial Strategy's (BEIS) LODES competition and has today announced that its VFB technology has passed all Phase 1 requirements of the competition and that a funding decision for Phase 2 expected soon.

Invinity Energy Systems - Progress In UK Storage Competition

Progress in the UK with the Government’s Long Duration Storage competition moves Invinity to the potentially attractive Phase 2 of the scheme. This could result in a large-scale demonstration project in a market with relatively high renewable penetration and as a result act as an exemplar of what flow batteries can achieve at scale.

Where Clean Energy Develops In 2023

We see three key sectors of the clean energy universe as making progress in 2023. Carbon capture and storage (CCS) will benefit from US tax incentives, long duration energy storage will benefit from volatile pricing and higher lithium prices and hydrogen has the potential to recover from demand uncertainty driven by a rather polarised debate on its uses. The markets will be challenging but the strengths of the opportunity remain strong.

VSA Morning Transitional Energy Comment 16/01/23 (Invinity)

Invinity Energy Systems (IES LN) has today announced that it has signed a non-binding Memorandum of Understanding ("MoU") with Milton Keynes, UK based Dawsongroup Power Solutions Limited, part of Dawsongroup plc, a leading commercial asset rental business with 2021 revenue of £324m and operations across the UK and EU.

Invinity Energy Systems - MoU Targets UK Rental Market

Invinity has signed a MoU potentially opening the way for leading commercial asset rental company Dawsongroup to become an exclusive partner for the UK rental market. The deal adds to a growing portfolio of partnerships with strong counterparties including Everdura in South Korea and Kinetic in the US. With a target of at least 50MWh over the next two years we see this relationship as adding to the strong momentum growing in the company.

Invinity Energy Systems: Project Delivery Update

Invinity Energy Systems (IES LN), at December end 2022, provided a delivery update for its Vanadium Flow Battery (VFB) technology on two projects; an 8.4MWh (38 batteries) solar + storage project for Elemental Inc. in Canada, and Yadlamalka, an 8MWh (31 batteries) project in Australia. We estimate a combined worth of £10.4m. IES reports that on the Canada project, the customer is still completing site works, and has asked for their acceptance of the units to be delayed into 1Q23. For the Austral

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LIBERUM: Judges Scientific* - FY22 ahead of expectations

Strix (KETL LN) - FY22 results in line; early signs of recovery in Controls

Strix has reported adjusted post tax profit in line with guidance, provided back in November, at £23.0m. Revenue of £106.9m is down 10.5% yoy and broadly in line with the Zeus estimate of £110.0m. The decline in revenue is a consequence of destocking across the supply chain in the Controls division. Both the Appliance (+1%) and Water (+8%) divisions showed organic growth yoy whilst benefitting from the addition of the Billi acquisition that completed at the end of November. Importantly, in terms

Judges Scientific FY Results – Outstanding results, Steady organic, M&A delivers in spades

Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base (offsetting Covid-induced earlier weaker order intake from China, although rebounding in December 2022), total revenue increased an impressive 24% to £113.2m (organic basis 8%), buoyed by Geotek, with adjusted PBT increasing a substantial 56.7% to £28.3m (FY2021: £18.1m), 4% ahead of our estimate of £27

Hybridan Small Cap Feast - 21 Mar 23

21 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Hybridan Small Cap Feast - 24 Mar 23

24 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

SHORE CAPITAL - Ultimate Products+ (UPGS, House Stock at 140p)

Promising second half

SHORE CAPITAL - Mpac Group (MPAC) - House Stock at 280p

Hybridan Small Cap Feast - 14 Mar 23

14 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Hybridan Small Cap Feast - 16 Mar 23

16 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Hybridan Small Cap Feast - 20 Mar 23

20 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv