Invinity Energy Systems sets £25M equity raise at 10p a share
The National Wealth Fund is providing £12.2 million, with admission targeted for Nov. 12 subject to shareholder approval.
Ines Halvorsen
Nov. 12 is the expected trading date for new shares in a £25 million financing by Invinity Energy Systems plc LONIES OTCMKTSIESVF, following confirmation of its final funding split on Thursday. At the 10 pence issue price, the gross raise implies 250 million new shares.
The National Wealth Fund confirmed on Oct. 22 that its subscription would provide £12.2 million. Institutional investors account for £10 million, with retail investors contributing the remaining £2.8 million.
The financing remains conditional on shareholders authorising the directors to issue the shares for cash without first offering them to existing holders. Invinity conditionally secured the institutional portion through an oversubscribed placing on Oct. 20.
The company's Oct. 20 financing announcement earmarked £10 million for product development and cost reductions, alongside £8 million for working capital. Another £2 million would support manufacturing capacity in the UK and United States.
Google Finance showed 569.61 million shares outstanding at 4 p.m. EDT on Oct. 21 for OTCMKTSIESVF. Against that rounded base, the proposed issue would increase the share count by about 43.9 per cent. New shares would represent about 30.5 per cent of the enlarged capital, reducing the proportionate ownership of holders who do not participate.
Its U.S.-quoted shares stood at US$0.23 at 4 p.m. EDT on Oct. 21, according to OTCMKTSIESVF on Google Finance. That quotation precedes Thursday's final fundraising result.
Manufacturing Funding Awaits Shareholder Approval
Invinity manufactures vanadium flow batteries for energy storage. Its Oct. 20 placing notice describes existing factories in the UK and Canada, while the proposed manufacturing investment also includes the United States.
The Oct. 20 spending plan directs any capital above the initial £20 million allocation toward further production capacity and general working capital. The final split between those additional uses was not specified in the spending plan.
Product development receives the largest named allocation, with cost reduction tied to the company's effort to improve battery economics. The working capital allocation supports commercial delivery while Invinity also says it will manage and reduce corporate overheads.
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In its Oct. 20 outlook, Invinity identified £11 million of order-book revenue and project grant income for 2026. The corresponding figure for 2027 was £25 million.
Invinity defines that order book as signed, unconditional contracts expected to generate revenue in the relevant year. Some deliveries have already occurred, while others remain in fulfilment, leaving supply chain and revenue-recognition timing risks.
Framework agreements and development opportunities sit outside that category. The company removed 2028 from its revenue outlook because converting those opportunities depends partly on customers securing funding, permits and grid connections.
"As the timing of these conversions remains subject to factors including customer financing, permitting and grid connection, FY 2028 is no longer reflected in the outlook," Invinity said in its Oct. 20 announcement.
Shareholder approval is the next condition for the financing. The placing notice targets admission of the fundraising shares on Nov. 12, with Nov. 27 as the latest date allowed under its stated timetable.
