Invinity Energy Systems PLC on Monday said it has made ‘significant’ progress towards securing a material investment from multiple strategic partners.

Shares in the London-based utility-grade energy storage manufacturer were up 9.1% to 24.00 pence each in London early Monday. Over the last 12 months, the stock remains down 42%.

Invinity said the discussions include a ‘tier 1 investor’. If concluded, the company thinks such an investment will ‘materially enhance’ its business in the UK and internationally.

‘The directors believe that this proposed investment has stimulated further interest from other high-quality strategic partners who have all indicated their willingness to proceed with an investment and are currently in the process of concluding their approval processes, which have taken slightly longer than anticipated due to the challenge of coordinating negotiations with multiple partners across different jurisdictions,’ Invinity said.

The company said there is no certainty that the investment will take place, but it expects to finalise an agreement ‘in the coming weeks.’

Invinity added that it views strategic relationships ‘as a key part of the company’s strategy to grow market share within core markets and continue implementing a licencing and royalty-focussed growth programme in other markets’.

Copyright 2024 Alliance News Ltd. All Rights Reserved.