The information contained within this Announcement is deemed by Invinity Energy Systems plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
6 September 2024
Invinity Energy Systems plc
("Invinity" or the "Company")
Board Changes
Jonathan Marren succeeds Larry Zulch as Chief Executive Officer
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, today announces that the Company's Chief Executive Officer Larry Zulch has informed the Board of his intention to retire and has stepped down as CEO and from the Board of Invinity with immediate effect.
Jonathan Marren, previously Chief Financial Officer and Chief Development Officer, has been appointed as CEO on a permanent basis to lead Invinity through the next phase of the Company's corporate journey. Jonathan will be supported on the executive team by Chief Commercial Officer Matt Harper and a new Chief Financial Officer, for which the Board has immediately commenced the selection process.
Neil O'Brien, Non-Executive Chairman at Invinity said:
"Invinity was created out of a transatlantic merger executed at the very peak of the COVID crisis. Larry led the Company through a period of unprecedented disruption and out the other side, launching a new product, the VS3 - now one of the world's most widely deployed modular flow batteries. He has been instrumental in the development and design of our next-generation product as well as being a global advocate and spokesperson not just for Invinity and the flow battery industry but for the energy transition as a whole.
"On behalf of the Board as well as the entire team at Invinity, I would like to thank Larry for the dedication, hard work, wisdom and skill he has brought to his four years as CEO at Invinity. We wish him all the best in his retirement."
Larry Zulch, Chief Executive Officer at Invinity said:
"It's been a privilege to have led Invinity from its inception in April 2020 until now. Our incredibly talented and dedicated team has successfully commercialised modular flow batteries and proven their position as the leading alternative to lithium-ion for stationary energy storage.
"The launch of our next-generation product, scheduled for later this year, will mark the next phase in Invinity's journey, making now the right time to hand over leadership. I have every faith in Jonathan, Matt, and the entire Invinity team continuing Invinity's journey toward playing a vital role in our net zero future. I will be a strong supporter, now in my capacity as a shareholder rather than an executive."
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Enquiries:
| Invinity Energy Systems plc | +44 (0)20 4551 0361 |
| Neil O'Brien, Non-Executive Chairman Joe Worthington, Director of Communications and Investor Relations | |
| | |
| Canaccord Genuity (Nominated Adviser and Joint Broker) | +44 (0)20 7523 8000 |
| Henry Fitzgerald-O'Connor / Harry Pardoe / Charlie Hammond | |
| | |
| VSA Capital (AQSE Corporate Advisor, Financial Adviser and Joint Broker) | +44 (0)20 3005 5000 |
| Andrew Monk / Andrew Raca | |
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| Tavistock (Financial PR Advisor) | +44 (0)20 7920 3150 |
| Simon Hudson / Saskia Sizen / Adam Baynes |
Notes to Editors
Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) manufactures vanadium flow batteries for large-scale, high-throughput energy storage requirements of business, industry and electrical networks.
Invinity's factory-built flow batteries run continually with no degradation for over 25 years, making them suitable for the most demanding applications in renewable energy production. Energy storage systems based on Invinity's batteries are safe, reliable, and economical, and range in size from less than 250 kilowatt-hours to tens of megawatt-hours.
Invinity was created in April 2020 through the merger of two flow battery industry leaders: redT energy plc and Avalon Battery Corporation. With 75 MWh of systems already deployed or contracted for delivery across 82 sites in 15 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and Australia. Invinity Energy Systems plc is quoted in the UK on AIM and AQSE and trades in the USA on OTCQX.
To find out more, visit invinity.com, sign up to our monthly Investor Newsletter here or contact Investor Relations on via +44 (0)20 4551 0361 or ir@invinity.com.
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