Invinity Energy Systems PLC on Wednesday said it is trading in line with expectations, after performing ‘strongly’ in the year-to-date, driven by the delivery of large-scale projects around the world.

Shares in Invinity Energy were up 5.8% to 50.77 pence each in London on Wednesday morning.

The London-based utility-grade energy storage manufacturer said it now expects total income to multiply to no less than £13.0 million in the first half of 2023, from £1.4 million a year earlier.

This expected figure is more than three times the total 2022 figure alone of £3.6 million, Invinity Energy noted.

The producer of batteries for the large-scale requirements of business networks said this was driven by the delivery of a number of large-scale projects in the US, Canada and Australia.

Invinity Energy said its sales opportunities pipeline ‘remains strong’ and continues to grow.

Since its late June announcement, Invinity Energy closed a 0.4 megawatt hour sale to a customer in Bulgaria, which it said represented entry into a new European market.

The project will see two Invinity VS3s collocated with a solar photovoltaic array at a site in Sofia, Invinity Energy said, with delivery of the batteries is expected to commence in the fourth quarter.

In late June, it announced more than 40 MWh of deals in late June, with a further 70 MWh on which Invinity Energy expects to enter into final contracting ‘shortly’. Invinity Energy added its pipeline also includes more than 1 gigawatt hour of qualified commercial interest for the company’s ‘next-generation’ product.

‘I’m thrilled with Invinity’s progress so far in 2023. Significant period-on-period revenue growth demonstrates very important progress along our pathway to profitability and strengthens Invinity’s position as a leader in the non-lithium battery energy storage sector,’ said Chief Executive Officer Larry Zulch.

‘We look forward to generating further value for our shareholders throughout the remainder of the year by continuing to deliver on our backlog, closing new deals, scaling the organisation and progressing our next-generation product.’

Invinity Energy said it will announce its interim results in September.

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