Invinity Energy Systems plc announced that it has received the first customer order for its next-generation product, code-named "Mistral". Invinity's customer is the Company's Taiwanese strategic partner, Everdura Technology Company, who have decided to vary the terms of their initial 15 MWh order, previously announced 1 December 2022, specifying that it be fulfilled by Invinity's next-generation product. A 14.4 MWh vanadium flow battery ("VFB"), comprising a single Mistral array, will now be installed by Everdura at a site in central Taiwan and used to balance the island's electric grid through the provision of Enhanced Dynamic Regulation (E-dReg) services.

The Company's current revenue backlog remains materially unchanged by the variation of this order. However, as the order will now be fulfilled by Invinity's Mistral product, the Company expects that the sale will achieve a greater gross margin than previously anticipated. In addition to this order variation, the companies have signed a non-binding Memorandum of Understanding which proposes Everdura and Invinity enter into a strategic manufacturing partnership for Invinity products in Taiwan.

Everdura and Invinity expect to convert this MoU into a definitive, binding commitment, leading to a significant expansion of Invinity's total global manufacturing capacity and greater access to Asian energy storage markets for both companies in the future. Further updates will be provided in due course.