UK-based redT energy and US-based Avalon Battery Corporation have announced a new partnership, which will form a new company called Invinity Energy Systems and worth £57.7 million.
Subject to shareholder approval, the merger aims to see the new business develop vanadium redox flow batteries, a ‘key competitor’ to existing lithium-ion technologies in the rapidly growing global energy storage market.
Larry Zulch, CEO of Invinity said: “The merged company will be a world leader in flow batteries. This gives us the platform to compete head-to-head against incumbent lithium-ion giants, and in so doing prove that our robust, safe, non-degrading energy storage solutions are the best solution for delivering the world’s ambitious decarbonisation targets.
“Invinity combines the best of British and North American flow battery expertise. By uniting the strengths of the two businesses under one brand, we can realise the huge potential of this game-changing energy storage technology and unlock significant commercial opportunities worldwide.”
The company will be headquartered in the UK and Canada, with regional offices in USA, South Africa and China. On launch, it will focus on solar generation through “solar plus flow battery”, in a bid to maximise carbon reduction potential and drive investments.
Currently the company owns more than 40 flow battery energy storage projects worldwide and plans to supply vanadium flow batteries to the £41 million Energy Superhub Oxford in the UK.