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Invinity Energy Systems lands £25 million investment and new partners
['Kit Million Ross', 'Senior Reporter']
solarpowerportal
Battery energy storage system (BESS) manufacturer Invinity Energy Systems has secured a £25 million investment from, and partnered with, Atri Energy and Next Gen Mobility to expand its reach in the energy storage sector.
The investment will be used to support ongoing product development and upscale Invinity’s manufacturing capabilities.
Atri and Next Gen will each acquire £12.5 million worth of shares, with each firm expected to receive 64,102,564 ordinary shares.
Atri is headquartered in Hyderabad, India, and Invinity expressed optimism about the opportunities for commercial activities in the Indian market this partnership will provide.
Invinity also aims to gain access to lower-cost materials and sub-components, and explore establishing stack manufacturing and final assembly facilities in India.
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