Renewable

November 23 (Renewables Now) - Invinity Energy Systems Plc (LON:IES) has conditionally raised GBP 25 million (USD 33.6m/EUR 29.8m) in gross proceeds in a placing of units, the UK energy storage maker said last week.

The company issued 25 million units priced at GBP 1.00 each in an oversubscribed placing to institutional and other investors. Some 8.7 million units were placed with investors in an initial placing, while another 16.3 million units were conditionally placed with investors.

Each unit consists of one ordinary share and, for every two ordinary shares subscribed for, one short-term warrant and one long-term warrant.

With each short-term warrant, the holder can subscribe for one ordinary share priced at GBP 1.50 until September 15, 2022. A long-term warrant makes it possible to subscribe for one ordinary share priced at GBP 2.25 until December 16, 2024.

Invinity is also looking to raise up to about GBP 4 million in gross proceeds by way of a conditional open offer of 4 million units.

The company will use the funds to grow the market share of its VS3 vanadium flow battery product, develop its grid-scale product with Gamesa Electric, and maintain the current corporate growth strategy, it said.

(GBP 1 = USD 1.344/EUR 1.192)