Company Announcements

Interim Results

Source: RNS
RNS Number : 9014F
Invinity Energy Systems PLC
27 September 2024
 

 

27 September 2024

Invinity Energy Systems plc

 

("Invinity" or the "Company")

 

Interim Results

 

Sale of 1.2MWh Next-Generation Vanadium Flow Battery Demonstrator

 

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage, announces its unaudited consolidated results for the six months ended 30 June 2024 (the "Period"). The Company is also pleased to announce the sale of a 1.2 MWh Mistral battery system to Gamesa Electric, who will integrate the battery alongside solar and wind generation at a site in Zaragoza, Spain.

 

The Company will hold a virtual meeting for analysts at 9.00 a.m. (UK time) today. Analysts wishing to attend are kindly asked to email invinity@tavistock.co.uk.

 

Invinity's management team will host a virtual results presentation and interactive Q&A for all shareholders at 3.00 p.m. (UK time) on Tuesday 1 October. Those wishing to join the session can sign up to Investor Meet Company for free via this registration link.

 

HIGHLIGHTS

 

Financial

·    Total income including sales revenue and project-related grant income of £1.6m (H1 2023: £14.8m) in line with recent guidance;

·    Loss from operating activities of £11.4m, in line with recent guidance (H1 2023 loss: £12.6m), comprising:

Gross loss of £1.1m (H1 2023: £3.3m);

Administrative expenses £10.3m (H1 2023: £9.3m);

·    Period-end cash (including short term investments in cash) of £49.2m (H1 2023: £12.9m) following a £57.4m fundraise, completed in May 2024, cornerstoned by a £25m investment from UK Infrastructure Bank ("UKIB").

 

Commercial and Operational

·    4 MWh of sales closed during the period (H1 2023: 5.38 MWh);

·    6.2 MWh manufactured during the period, of which 2.1 MWh has been delivered;

·    Enhanced UK manufacturing capabilities with a new 26,000 sq ft facility in Motherwell;

·    Next-generation product on track for commercial launch and general sale by Invinity before year end. Production prototype achieving and exceeding expectations. Production cost reduction programme ongoing.

 

Corporate and Strategic

·    £25m investment by UKIB including £18m ringfenced capital for UK LDES projects;

·    Strategic manufacturing agreement signed with Everdura, incorporating a royalty and licence model, covering the Taiwanese market;

·    Invinity to redomicile to the UK from Jersey; process commenced and expected to complete in early 2025.

 

Post Period

·    Board changes:

Larry Zulch retired as CEO and Jonathan Marren appointed CEO;

CFO recruitment process underway;

·    UK manufacturing capabilities enhanced as part of production cost reduction programme:

New manufacturing facility opened in Motherwell, UK;

Semi-automated stack production line ordered and expected to be operational at the Bathgate, UK facility during H1 2025;

·    Commercial team resources increased in recent weeks with:

New Head of UK and European Sales;

New U.S.-based VP of Business Development;

New Director of Market Intelligence;

·    Key commercial deals continue to progress towards close, including the LODES project on which tripartite discussions are advancing positively;

·    Closed a 1.2 MWh Mistral sale to Gamesa Electric which is anticipated to be the first Mistral product to be shipped.

 

Outlook

During the remainder of 2024 we plan to deliver against the near-term corporate goals and set in place the foundations for 2025 and beyond. We believe Long Duration Energy Storage remains critical to increasing the penetration of renewable energy and in advancing the path to net-zero - this is not capable of being achieved by lithium alone. Vanadium flow batteries remain, in our view, the most credible and advanced such alternative and if we can deliver on our corporate goals, the market opportunity remains very significant.

 

Invinity's executive team has set the following corporate goals to achieve within the next 12 months:

·    Ship remaining VS3 orders to support revised 2024 year-end revenue forecasts;

·    Launch the Mistral product for general sale before 2024 year-end;

·    Close deals from commercial pipeline to support volume ramp in line with forecasts;

·    Further advance the production cost reduction programme for the Mistral product and incrementally improve product margins across 2025 and beyond; and

·    Review capital allocation across the business and drive operational efficiencies

 

Jonathan Marren, Chief Executive Officer at Invinity said:

 

"I have spent much of the past three weeks since my appointment as CEO meeting with our staff, customers and investors and it is clear there is enormous opportunity for our business. This was reinforced this week during many conversations with potential customers at the Solar and Storage Live trade show in Birmingham, where they see Invinity as the natural choice when considering the future role that LDES will play in the UK and the implementation of the long-awaited LDES cap and floor mechanism.

 

"There will be inevitable challenges to overcome as well but I am reassured that the launch of our next-generation product remains on track, further underlined by the sale announced today which we anticipate will be the first Mistral product to ship. This is an important achievement and gives me confidence in delivering on the five corporate priorities I've set out to achieve over the next 12 months. I look forward to updating on further positive progress in these areas before year end."

 

 

Stay up to date with news from Invinity. Join the distribution list for the Company's monthly investor newsletter here.

 

Enquiries:

 

Invinity Energy Systems plc

+44 (0)20 4551 0361

Jonathan Marren, Chief Executive Officer

Joe Worthington, Director of Communications and Investor Relations




Canaccord Genuity (Nominated Adviser and Joint Broker)

+44 (0)20 7523 8000

Henry Fitzgerald-O'Connor / Harry Pardoe / Charlie Hammond




VSA Capital (AQSE Corporate Advisor, Financial Adviser and Joint Broker)

+44 (0)20 3005 5000

Andrew Monk / Andrew Raca




Tavistock (Financial PR Advisor)

+44 (0)20 7920 3150

Simon Hudson / Saskia Sizen / Adam Baynes

invinity@tavistock.co.uk

 

Notes to Editors

 

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) manufactures vanadium flow batteries for large-scale, high-throughput energy storage requirements of business, industry and electrical networks.

 

Invinity's factory-built flow batteries run continually with no degradation for over 25 years, making them suitable for the most demanding applications in renewable energy production. Energy storage systems based on Invinity's batteries are safe, reliable, and economical, and range in size from less than 250 kilowatt-hours to tens of megawatt-hours.

 

Invinity was created in April 2020 through the merger of two flow battery industry leaders: redT energy plc and Avalon Battery Corporation. With 75 MWh of systems already deployed or contracted for delivery across 82 sites in 15 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and Australia. Invinity Energy Systems plc is quoted in the UK on AIM and AQSE and trades in the USA on OTCQX.

 

To find out more, visit invinity.com, sign up to our monthly Investor Newsletter here or contact Investor Relations on via +44 (0)20 4551 0361 or ir@invinity.com.

 

 

 

 

Chairman's Statement

Three days from now, Ratcliffe-on-Soar power station is set to shut down for the final time and the UK will no longer be powered by coal. This notable event underlines the UK's commitment to a cleaner electricity grid which, allied with the rapid increase in solar, wind and energy storage deployments, demonstrates that the transition to net zero is achievable and moving ahead at pace.

 

This example of leadership in decarbonising power production is helping to provide the necessary foundations for future clean economies around the world. Invinity has a crucial role to play in making 24/7 renewable energy a reality and we are grateful for the leaders who have played their role in our story to date, in particular, Larry Zulch, who as CEO was instrumental in guiding the Company to become a global leader in the field of modular flow batteries. For this we thank him and wish him all the best in his retirement.

 

Significant change can be challenging, but I am delighted that Jonathan Marren agreed to take over the leadership of the Company. As Chief Development Officer and then also as Chief Financial Officer, Jonathan has had a significant impact on the financial and strategic side of the business, not only improving operational and financial efficiencies across the whole Company but also securing vital strategic partnerships including the backing of UK Infrastructure Bank. As the new CEO, Jonathan's task now is to steer the Company towards profitability as a self-sustaining business and has set out five key priorities which signpost the way. Jonathan's appointment signals a new era for Invinity and the Board and I have every confidence that, with the support of Matt Harper as Chief Commercial Officer and the whole Invinity team, he will succeed.

 

Neil O'Brien

Non-Executive Chairman

 

 

Chief Executive Officer's Report

I assumed the role of CEO three weeks ago and have spent much of this time speaking with our staff, shareholders, partners and customers. From these conversations, what is clear is that whilst the impact of short-term timing issues is clearly disappointing and reflected in the current share price, the medium- and long-term fundamentals underpinning our business remain unchanged. We have developed a competitive product, proven its abilities in customer operation around the world and manufactured and delivered more than 1,000 battery modules. The opportunity remains significant and my key priority is implementing steps immediately to ensure we can capture it and restore value to our shareholders whilst making a positive impact on the energy transition.

 

The key short-term priorities for the business include addressing delays in closing commercial deals in the year to date and completing the production cost reduction exercise on Mistral. Although we stated in May that revenues were likely to be significantly weighted towards H2 2024, the risk of these revenues being further pushed into 2025 has become increasingly likely as we announced in the trading update on 6 September.

 

 

As we set out in the trading update, the fundraise in May this year has provided Invinity with capital to achieve profitability. Demand for our next-generation Mistral product remains strong and supportive policy that encourages longer duration energy storage provides exciting upside for our business in our core markets.

 

In the trading update I set out a number of areas in which I promised to highlight progress on at the announcement of our H1 results. I'm pleased to report the following:

 

We have in recent weeks significantly enhanced the capabilities of our Commercial team. We have added a new Director of Market Intelligence who brings to the team significant expertise in UK and European energy markets and is already providing deeper analytical capabilities to better inform commercial targeting. We have also taken steps to enhance our regional capabilities in Invinity's core UK and U.S. markets. Our new Head of Sales for the UK and Europe brings over 25 years of sales experience with leading global energy and energy services companies to bear in accelerating deal flow. Our recently hired Vice President of Business Development will help refine the Company's longer-term commercial strategy while enhancing relationships with key stakeholders such as the UK's Department for Energy Security and Net Zero ("DESNZ") and the U.S. Department of Energy ("DOE"). I will be monitoring this area of the business closely in the coming months.

 

Operationally, a new semi-automated stack production line is now on order and expected to be operational at our Bathgate facility during H1 2025. This is in line with the plans we set out during our fundraise in May this year and is expected to result in a material reduction in stack production costs. In the past week we have secured approval to use the "Made in Britain" mark on our UK-manufactured products - this recognition underlines our commitment as a UK domestic battery manufacturer and we believe this positions us well for the future. Additionally, discussions are advancing positively in the U.S. with a number of partners across our supply chain and our intention remains to achieve domestic content requirements in the U.S. in time for Mistral volume production.

 

We will continue to make important progress on these areas outlined above but in the medium- to longer-term, my focus as CEO is to ensure Invinity delivers for all its stakeholders and rewards the support we have received to date. As such, my priorities for the next 12 months are to:

 

·    Ship remaining VS3 orders to support revised 2024 year-end revenue forecasts;

·    Launch the Mistral product for general sale before 2024 year-end;

·    Close deals from commercial pipeline to support volume ramp in line with forecasts;

·    Further advance the production cost reduction programme for the Mistral product and incrementally improve product margins across 2025 and beyond; and

·    Review capital allocation across the business and drive operational efficiencies.

 

I look forward to providing further updates as we advance in each of these areas.

 

 

H1 2024 Financial Results

The £1.6m total income, including sales revenue and project related grant income (H1 2023: £14.8m), refers primarily to the delivery of the 2.1 MWh project for OPALCO as well as other associated revenues from projects in our core geographies of North America, the UK, Europe and Australia in the Period.

 

The £11.4m operating loss (H1 2023: £12.6m) incorporates an improved gross loss position of £1.1m (H1 2023: £3.3m) in the Period alongside a small increase in Administrative Expenses to £10.3m (H1 2023: £9.3m) relating primarily to payroll costs and research and development costs.

 

Finance income and finance costs relates to interest received on cash balances held as a result of the equity funding secured during the period.

 

Total inventory and pre-paid inventory of £6.4m relates to projects expected to be delivered by the end of 2024 as follows. Net related working capital at the end of the period is £4.8m (H1 2023: £4.7m) as a result of the sales activity.

 


Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended
31 December 2023


£000

£000

£000


 



Total Inventory

4,437

3,681

3,288

Pre-paid Inventory

1,960

3,136

1,073

Total Inventory and Pre-paid Inventory

6,397

6,817

4,361

 

 



 

 



Trade Receivables

1,530

4,151

2,496

Accrued Income

897

1,857

888

Deferred Revenue

(1,454)

(3,884)

(1,312)

Trade Payables

(2,062)

(3,341)

(2,166)

Onerous Contract Provision

(474)

(856)

(333)

Net Position

4,834

4,744

3,934

 

During the Period, the Company raised £57.4m from an equity fundraising including a £25m strategic investment from UK Infrastructure Bank. The Company remains debt-free excluding leases.

 

Commercial and Operational

During the Period, Invinity closed 4 MWh of new VS3 sales (H1 2023: 5.4 MWh of VS3 sales). 6.2 MWh of batteries were manufactured, of which 2.1 MWh were delivered with the balance expected to be shipped by year end.

 

The Period also included significant milestones enhancing the Company's position in the global energy storage market. In January, the Company was recognised by BloombergNEF as the world's first non-lithium Tier 1 battery supplier - a significant achievement. In March, our Chairman Neil O'Brien attended a high-profile launch event, at which the Belgian Minister for Energy was present, of the Invinity VFB system owned by Equans Belgium and delivered in partnership with European heavyweight customers Engie Belgium and Jan De Nul.

 

Since last reported in June, the Company's commercial pipeline remains materially unchanged. Invinity continues to receive strong qualified interest in its products from customers across the world, enhancing Management's confidence in the Company's commercial prospects. Closing further deals, in addition to the 1.2 MWh order announced today, remains a key priority for the Commercial team.

 

To this end, tripartite discussions on the LODES project between Invinity, a major international renewable energy project developer and DESNZ are progressing strongly, with the parties actively engaged in finalising the project's structure and contracts. The large-scale DOE-funded deals first announced in September 2023 also continue to progress positively, the closure of which are a key priority for Invinity's new U.S.-based VP of Business Development.

 

The Company recently presented details of the first of these DOE-funded projects, to be located at the Pacific Northwest National Labs ("PNNL"), at the DOE's annual Energy Storage Grand Challenge Summit alongside the PNNL programme lead. The Company was also pleased to note the visit by DOE Loan Programs Office ("LPO") director Jigar Shah to partner Indian Energy's project at the Viejas Resort and Casino in California, where 44 VS3s with a total capacity of 10 MWh are now installed and commercial operation is expected before the end of 2024. 

 

The Company continues to evolve its engagement with partners in non-core markets, including its relationship with Taiwanese partner Everdura. Together, the companies are progressing towards certification of Mistral for the Taiwanese grid, a key requirement for large national battery procurement programmes expected in 2025. Invinity and Everdura are also progressing operational plans for the delivery of Invinity products in the context of the Company's license and royalty model, whereby Invinity will benefit from Everdura's enhancing local competitiveness by using domestic supply chains, assembly facilities and support services.

 

Without accounting for any other deals within Invinity's existing pipeline, the potential revenue contribution from the LODES project (match-funded, but yet to close) and the 14.4 MWh order from Everdura (closed in September 2023) substantially covers 2025 revenue forecasts, with the aforementioned DOE projects representing a material portion of 2026 revenue.  

 

Policy & Government Engagement

During the Period, there were a number of strong policy developments in support of long duration energy storage. This included the launch of a consultation in January by DESNZ for a Cap and Floor mechanism to support the UK LDES market which specifically excludes lithium-ion. Additionally in March, the House of Lords Science and Technology Committee, led by Baroness Brown, published its report titled "Get on with it" that looked at the importance of long duration energy storage in the UK and quoted evidence provided by Invinity to the Committee's enquiry into long duration energy storage for the UK grid. Finally, Invinity continued its work engaging with policymakers in its core markets, of which a particular highlight during the Period was Matt Harper's policy roundtable with David Eby, Premier of British Columbia, Canada.

 

Post-Period, the Company held a Capital Markets Day for shareholders and investors and two further visits for Cabinet Ministers from the Scottish and UK Governments at its new Motherwell facility which provides enhanced manufacturing capabilities to Invinity ahead of the next-generation product launch later this year. These visits are a continuation of the Company's strong government engagement that is of increasing importance as LDES policy in the UK and elsewhere continues to progress.

 

Next-Generation Product

Invinity's next-generation product development programme continues to advance with the support of the Company's development partner and a number of pilot customers. The Mistral production prototype is currently connected to the grid at Invinity's product development centre in Vancouver, Canada and has not only achieved performance targets, but has exceeded technical expectations in certain areas.

 

Commercial launch, which will see the product offered for general sale by Invinity, will occur by the end of this year. Although volume rollout of the product will now occur later in 2025, the first shipment of the Mistral product is still expected to occur on schedule. To this end, the Company is pleased to announce the sale of a 1.2 MWh Mistral battery system to Gamesa Electric, details of which are disclosed above.

 

In parallel with the Mistral commercial launch and first customer delivery, Invinity is advancing plans for a cost reduction exercise as announced in the Company's Trading Update of 6 September 2024. Initiatives already underway expect to deliver reduced product costs through both design improvements and enhanced supplier efficiencies. Design improvements include changes to decrease part count and simplify assembly procedures. Supplier efficiencies will be achieved by evolving manufacturing of high-value components from one-off bespoke production to methods suitable for higher volume, while transitioning from flexible but low-volume localised suppliers to global best-cost regions suitable for delivering significant production volumes.  

 

Corporate and Strategic

The Company's relationship with Taiwanese partner Everdura took a further step forward with the signing of a strategic manufacturing agreement in February. This agreement will see Everdura market and sell Invinity products in Taiwan and other markets under its existing reselling agreement with the Company. Everdura will manufacture Mistral VFBs, purchasing cell stacks directly from the Company, and Invinity will be paid a royalty fee based on a material percentage of the sale price of any Mistral products sold.

 

In addition to advancing its strategic relationship with Taiwanese partner Everdura, covered in detail in the Commercial and Operational section above, the Company secured significant financial backing from two further strategic partners in the May 2024 fundraise, being UK Infrastructure Bank, which has provided £18m of ringfenced capital to support the deployment of LDES projects within the UK, and Korea Investment Partners. Part of UKIB's investment also includes a Board position that will support the Company's ongoing governance and development as well as provide valuable financial expertise.

 

In May 2024 Invinity stated its commitment to redomicile the Company back to the UK. The Company confirms this process is underway and is expected to complete early in the new year.

 

 

Jonathan Marren

Chief Executive Officer

 

 

 

Unaudited Financial Results for the Period Ended 30 June 2024

 

 

Unaudited Consolidated Statement of Profit and Loss

For the six months ended 30 June 2024



Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended
31 December
2023

Continuing operations

Note

£000

£000

£000

Revenue

4

1,637

14,812

22,006

Direct costs


(2,750)

(18,143)

(25,361)

Grant income against direct costs

4

-

11

11

Cost of sales

5

(2,750)

(18,132)

(25,350)

Gross loss


(1,113)

(3,320)

(3,344)

Operating costs


 



Administrative expenses

6

(10,296)

(9,259)

(19,085)

Other items of operating income and expense

8

17

(9)

(349)

Loss from operations


(11,392)

(12,588)

(22,778)

Finance income


315

467

719

Finance costs


(38)

(1,134)

(1,233)

Gain/(loss) on foreign currency transactions


7

(69)

113

Net finance (costs)/income


284

(736)

(401)

Loss before income tax


(11,108)

(13,324)

(23,179)

Income tax expense


-

-

-

Loss for the period/year


(11,108)

(13,324)

(23,179)



 



Loss per ordinary share in pence


 



Basic

9

(4.6)

(8.2)

(13.1)

Diluted

9

(4.6)

(8.2)

(13.1)

 

The above unaudited consolidated statement of profit and loss should be read in conjunction with the accompanying notes.

 

 

Unaudited Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2024



Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended
31 December 2023

Continuing operations

Note

£000

£000

£000

Loss for the year


(11,108)

(13,324)

(23,179)



 



Other comprehensive income/(expense)


 



Exchange differences on the translation of foreign operations


 

(117)

 

(85)

 

(60)

Total comprehensive loss for the period/year


(11,225)

(13,409)

(23,239)

 

The above unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

 

 

Unaudited Consolidated Statement of Financial Position

As at 30 June 2024



Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended

31 December 2023


Note

£000

£000

£000

Non-current assets


 



Goodwill and other intangible assets

11

23,980

24,025

24,002

Property, plant and equipment

12

1,749

1,111

1,699

Right-of-use assets


1,745

1,370

1,558

Contract assets

15

304

-

304

Total non-current assets


27,778

26,506

27,563



 



Current assets


 



Inventory

13

4,437

3,681

3,288

Other current assets

14

6,177

6,344

2,721

Contract assets

15

897

1,857

888

Trade receivables

16

1,530

4,151

2,496

Cash and cash equivalents

17

46,243

12,929

5,014

Total current assets


59,284

28,962

14,407

Total assets


87,062

55,468

41,970



 



Current liabilities


 



Trade and other payables

18

(5,101)

(4,481)

(3,948)

Derivative financial instruments

19

(339)

(474)

(406)

Contract liabilities

15

(1,454)

(3,884)

(1,312)

Lease liabilities


(669)

(601)

(723)

Provisions

15

(955)

(2,109)

(812)

Total current liabilities


(8,518)

(11,549)

(7,201)

Net current assets


50,766

17,413

7,206



 



Non-current liabilities


 



Lease liabilities


(1,095)

(670)

(833)

Provisions

15

(124)

-

(123)

Total non-current liabilities


(1,219)

(670)

(956)

Total liabilities


(9,737)

(12,219)

(8,157)

Net assets


77,325

43,249

33,813



 



Equity


 



Called up share capital


53,473

51,347

51,348

Share premium


215,231

162,852

162,883

Share based payment reserve


6,947

6,321

6,683

Accumulated losses


(196,381)

(175,418)

(185,273)

Currency translation reserve


(1,984)

(1,892)

(1,867)

Other reserves


39

39

39

Total equity


77,325

43,249

33,813

 

The above unaudited consolidated statement of financial position should be read in conjunction with the accompanying notes.

 

Unaudited Consolidated Statement of Changes in Equity

As at 30 June 2024

 


Called up share capital

Share premium

Share-based payment reserve

Accum-ulated losses

Currency translation reserve

Other reserves

Total


£000

£000

£000

£000

£000

£000

£000









At 1 January 2024

 

51,348

162,883

6,683

(185,273)

(1,867)

39

33,813

Loss for the period

-

-

-

(11,108)

-

-

(11,108)

Other comprehensive gain/(loss)








Foreign currency translation differences

-

-

-

-

(117)

-

(117)

Total comprehensive loss for the period

-

-

-

(11,108)

(117)

-

(11,225)

Transactions with owners in their capacity as owners








Investment funding arrangement, net of transaction costs

 

2,125

 

52,348

 

-

 

-

 

-

 

-

 

54,473

Share-based payments

-

-

264

-

-

-

264

Total contributions by owners

2,125

52,348

264

-

-

-

54,737

At 30 June 2024

53,473

215,231

6,947

(196,381)

(1,984)

39

77,325

 

 

As at 30 June 2023


Called up share capital

Share premium

Share-based payment reserve

Accum-ulated losses

Currency translation reserve

Other reserves

Total


£000

£000

£000

£000

£000

£000

£000









At 1 January 2023

 

50,716

141,579

5,957

(162,094)

(1,807)

39

34,390

Loss for the period

-

-

-

(13,324)

-

-

(13,324)

Other comprehensive gain/(loss)








Foreign currency translation differences

-

-

-

-

(85)


(85)

Total comprehensive loss for the period

-

-

-

(13,324)

(85)

-

(13,409)

Transactions with owners in their capacity as owners








Investment funding arrangement, net of transaction costs

 

631

 

21,272

 

23

 

-

 

-

 

-

 

21,926

Exercise of share options

-

1

-

-

-

-

1

Share-based payments

-

-

341

-

-

-

341

Total contributions by owners

631

21,273

364

-

-

-

22,268

At 30 June 2023

51,347

162,852

6,321

(175,418)

(1,892)

39

43,249

 

 

The above unaudited consolidated statements of changes in equity should be read in conjunction with the accompanying note.

 

Unaudited Consolidated Statement of Changes in Equity

For the year ended 31 December 2023

 


Called up share capita

Share premium

Share-based payment reserve

Accum-ulated losses

Currency translation reserve

Other reserves

Total


£000

£000

£000

£000

£000

£000

£000









At 1 January 2023

50,716

141,579

5,957

(162,094)

(1,807)

39

34,390

Loss for the year

-

-

-

(23,179)

-

-

(23,179)

Other comprehensive income








Foreign currency translation differences

-

-

-

-

(60)

-

(60)

Total comprehensive for the year

-

-

-

(23,179)

(60)

-

(23,239)

Transactions with owners in their capacity as owners








Investment funding arrangement, net of transaction costs

 

631

 

21,295

 

-

 

-

 

-

 

-

 

21,926

Exercise of share options

1

9

-

-

-

-

10

Share-based payments

-

-

726

-

-

-

726

Total contributions by owners

632

21,304

726

-

-

-

22,662

At 31 December 2023

51,348

162,883

6,683

(185,273)

(1,867)

39

33,813

 

The above unaudited consolidated statements of changes in equity should be read in conjunction with the accompanying note.

 

 

Unaudited Consolidated Statement of Cash Flows

For the six months ended 30 June 2024

 



Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended 31 December 2023


Note

£000

£000

£000

Cash flows from operating activities


 



Cash used in operations


(12,614)

(12,228)

(19,657)

Interest received


247

115

299

Interest paid


(1)

(13)

(1)

Net cash outflow from operating activities


(12,368)

(12,126)

(19,359)



 



Cash flows from investing activities


 



Acquisition of property, plant and equipment


(395)

(191)

(1,103)

Proceeds from disposal of property, plant and equipment


-

-

57

Deposits on right-of-use assets


(47)

-

(28)

Net cash outflow from investing activities


(442)

(191)

(984)



 



Cash flows from financing activities


 



Payment of lease liabilities


(343)

(403)

(629)

Interest paid on lease liabilities


(37)

(36)

(44)

Financing charges on repayment of derivative financial instrument


-

(992)

(992)

Repayment of investment funding arrangement


-

(320)

(881)

Proceeds from sale of conversion shares


 

-

742

Proceeds from the issue of share capital, net of transaction costs


 

57,383

 

21,927

 

23,044

Payment of transaction costs for the issue of share capital


(2,911)

-

(1,117)

Proceeds from the exercise of share options and warrants


 

-

 

1

 

10

Net cash inflow from financing activities


54,092

20,177

20,133



 



Net increase/(decrease) in cash and cash equivalents


41,282

7,860

(210)

Cash and cash equivalents at the start of the period/year


5,014

5,137

5,137

Effects of exchange rate changes on cash and cash equivalents


(53)

 

(68)

 

87

Cash and cash equivalents at the end of the period/year


46,243

 

12,929

 

5,014

 

The above unaudited consolidated statement of cash flows should be read in conjunction with the accompanying note.

 

 

Notes

(forming part of the unaudited consolidated historical financial information)

 

1 General Information

Invinity Energy Systems plc (the "Company") is a public company limited by shares incorporated and domiciled in Jersey. The registered office address is Third Floor, IFC5, Castle Street, St. Helier, JE2 3BY, Jersey.

 

The Company is quoted on the AIM Market of the London Stock Exchange with the ticker symbol IES.L, on the AQSE Growth Market in the United Kingdom with the ticker symbol IES and on the OTCQX Best Market in the United States of America with the ticker symbol IESVF.

 

The principal activities of the Company and its subsidiaries (together the "Group") relate to the manufacture and sale of vanadium flow battery systems and associated installation, warranty and other services.

 

2 Accounting Policies

The accounting policies applied in this condensed consolidated financial information are consistent with those applied in preparing the financial statements for the year ended 31 December 2023.

 

Basis of Preparation

This unaudited condensed consolidated interim financial information for the six-months ended 30 June 2024 (the 'interim financial information') has been prepared in accordance with IAS 34, 'Interim financial reporting' as adopted by the European Union. The financial information should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2023 that were prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

 

The annual report and financial statements for the year ended 31 December 2023 are available on the company's website (www.invinity.com).

 

This interim financial information has been prepared using the historical cost basis of accounting. The accounting policies applied across all the Group's subsidiaries when preparing the financial information are consistent with those adopted and disclosed in the annual financial statements for the year ended 31 December 2023. The accounting policies have been consistently applied across all Group entities for the purpose of producing this interim financial information.

 

The financial information included in this document does not comprise statutory accounts within the meaning of Companies (Jersey) Law 1991. The comparative figures for the financial year ended 31 December 2023 are not the Company's statutory accounts for that financial year within the meaning of Companies (Jersey) Law 1991. Those accounts have been reported on by the Company's auditors and delivered to the Jersey Financial Services Commission.

 

The report of the auditors included in the annual report and financial statements for the year ended 31 December 2023 was unqualified.

 

The Group's business activities, together with factors likely to affect its future development, performance and position, are set out in the operations and financial review sections of this report.

 

The financial position of the Group, its cash flows and liquidity position are described in the financial review section.

 

Going Concern

The Directors are satisfied that the Group has adequate resources to continue to operate as a going concern for the foreseeable future and that no material uncertainties exist which could cause significant doubt with respect to this assessment. In making this assessment, the Directors have considered the Group's balance sheet position and forecast earnings and cash flows for the period from the date of approval of these financial statements to 30 June 2025.

 

The Group has relied on fundraising in previous years and following the completion of successful fundraising in May 2024, the Group had cash of £49.2 million as at 30 June 2024 (30 June 2023: £12.9 million).

 

As part of the going concern assessment the Directors have prepared a cash flow forecast which indicates that the Group would expect to remain cash positive during this period and without the requirement for further fundraising. The business continues in a cash outflow position, using funding generated from previous fundraises. However, it plans to move to a cash inflow position upon the launch and delivery of material volume of the next generation product.

 

This cash flow forecast was stress-tested for a worst-case scenario of no positive cash receipts from sales. In these tested scenarios, the business would remain cash positive for the 12 months from the date of approval of these financial statements.

 

Therefore, the Directors believe it is appropriate to prepare the accounts on a going concern basis.

 

3 Critical Accounting Judgements and Key Sources of Estimation Uncertainty

The preparation of interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities and of items of income and expense. Actual results may differ from these estimates.

 

In preparing this interim financial information, the significant judgments made by management in applying the Group's accounting policies were the same as those that applied to the consolidated financial statements for the year ended 31 December 2023. Similarly, the key sources of estimation uncertainty related to the financial information were the same as those encountered when applying the Group's accounting policies in relation to the preparation of the consolidated financial statements for the year ended 31 December 2023.

 

In preparing the condensed consolidated financial information, management is required to consider the principal risks and uncertainties facing the Group. In management's opinion the principal risks and uncertainties facing the Group are unchanged since the preparation of the consolidated financial statements for the year ended 31 December 2023. Those risks and uncertainties, together with management's response to them are described in the risk review section of the annual report and financial statements for the year ended 31 December 2023.

 

 

4 Revenue from Contracts with Customers and Income from Government Grants

Segment Information

The Group derives revenue from a single business segment, being the manufacture and sale of vanadium flow battery systems and related hardware together with the provision of services directly related to battery systems sold to customers.

 

The Group is organised internally to report on its financial and operational performance to its chief operating decision maker, which has been identified as the  Executive Directors as a group.

 

All revenues were derived from continuing operations.

 

Revenue from Contracts with Customers

 


Six months ended

30 June 2024

Six months ended

30 June 2023

 

Year ended 31 December 2023


£000

£000

£000


 



Battery systems and associated control systems

1,186

13,653

19,425

Integration hardware

35

-

1,470

Integration and commissioning

18

705

504

Other services

398

454

607

Total revenue in the statement of profit and loss

1,637

14,812

22,006

 

Grant Income other than Revenue

The Group receives grant income to help fund certain projects that are eligible for support, typically in the form of innovation grants. The total grant income that was received in the period was as follows:

 


Six months ended

30 June 2024

Six months ended

30 June 2023

 

Year ended 31 December 2023


£000

£000

£000


 



Grants for research and development

106

11

160

Grants for product deployment

40

-

378

Economic and social development

2

-

1

Total government grants received

148

11

539

 

 

5 Cost of Sales

 


Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended 31 December 2023


£000

£000

£000


 



Movement in inventories of finished battery systems

2,372

18,698

27,023

Movement in provisions for warranty costs

299

142

(429)

Movement in provisions for sales contracts

79

(697)

(1,233)

Total cost of sales

2,750

18,143

25,361

 

 

6 Administrative Expenses

 


Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended 31 December 2023


£000

£000

£000


 



Staff costs

6,840

6,141

12,750

Research and development costs

1,029

811

1,868

Research and development recoveries, tax credits and grants

(145)

(853)

(1,949)

Professional fees

345

409

669

Sales and marketing costs

398

388

1,048

Facilities and office costs

277

222

232

Depreciation and amortisation

501

409

1,056

Other administrative costs

1,051

1,732

3,411

Total administrative expenses

10,296

9,259

19,085

 

 

7 Staff Costs

 


Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended 31 December 2023


£000

£000

£000


 



Wages and salaries

5,783

5,261

11,475

Employer payroll taxes

514

477

839

Contributions to defined contribution plans

69

57

123

Other benefits

577

346

977

Share-based payments

264

341

726

Total staff costs

7,207

6,482

14,140

 

 


Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended 31 December 2023


£000

£000

£000


 



Staff costs charged to cost of sales

367

340

1,390

Staff costs charged to cost of administrative expenses

6,840

6,141

12,750

Total staff costs

7,207

6,482

14,140

 

 

8 Other Items of Operating Income and Expense

 


Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended 31 December 2023


£000

£000

£000

(Income)/expenses

 



Gain on disposal of property, plant and equipment

-

-

(15)

Obsolete inventory

-

9

8

Impairment of inventory to net realisable value

43

-

151

Reversal of impairment of inventory

(60)

-

-

Loss on curtailment of right-of-use asset

-

-

205

Total other operating (income)/expenses (net)

(17)

9

349

 

 

9 Loss per Share

The weighted average number of shares used to calculate basic and diluted loss per share as presented in the consolidated statement of comprehensive loss was as follows:

 


Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended 31 December 2023






 



In issue at 1 January

191,067,464

119,007,846

119,007,846

Shares issued in the period - weighted average

52,091,369

42,978,571

57,431,223

Weighted average shares in issue at the end of the period

243,158,833

161,986,417

176,439,069

Effect of employee share options and warrants not exercised

1,324,728

3,104,440

1,476,768

Weighted average number of diluted shares at the period end

244,483,561

165,090,857

177,915,837

 

Additional potential shares used in the calculation of diluted earnings per share primarily relate to potential shares outstanding at 30 June 2024 that may be issued in satisfaction of 'in-the-money' employee share options. Potentially dilutive shares related to 'in-the-money' outstanding warrants to subscribe for ordinary shares in the Company are also included in calculating diluted earnings per share.

 

Where additional potential shares have an anti-dilutive impact on the calculation of loss per share calculation, such potential shares are excluded from the weighted average number of shares used in the calculation.

 

Additional potential shares are anti-dilutive where their inclusion in the calculation of loss per share results in a lower loss per share.

 

10 Cash Flows from Operating Activities

 


Six months ended

30 June 2024

Six months ended

30 June 2023

Year ended 31 December 2023


£000

£000

£000


 



Loss after income tax

(11,108)

(13,324)

(23,179)

Adjustments for:

 



Depreciation and amortisation

693

727

1,399

Loss on disposal of property, plant and equipment

-

-

(15)

Impairment of inventory

43

-

151

Reversal of impairment of inventory

(60)

-

-

Obsolete inventory

-

-

8

Share-based payments charge

264

341

726

Net finance (income)/costs

(277)

732

481

Gain/(loss) on unrealised foreign currency transactions

49

126

(71)


(10,396)

(11,398)

(20,500)

Changes in operating assets and liabilities

 



(Increase)/decrease in inventory

(1,174)

5,945

6,144

Increase in contract assets

(19)

(1,359)

(694)

Decrease/(increase) in trade receivables and other receivables

940

(2,559)

(796)

(Increase)/decrease in other assets and prepaid inventory

(3,441)

2,513

5,823

Increase in trade payables

1,190

(342)

(956)

Increase/(decrease) in warranty provision

7

(47)

(647)

Increase/(decrease) in onerous contract provision

143

(751)

(1,217)

Increase/(decrease) in contract liabilities

136

(4,230)

(6,814)


(2,218)

(830)

843

Cash used in operations

(12,614)

(12,228)

(19,657)

 

 

11 Goodwill and Intangible Assets

 


Goodwill

Patents and certifications

Software and domain names

Total


£000

£000

£000

£000

Cost





At 1 January 2024

23,944

203

34

24,181

Effects of movements in foreign exchange

-

-

(1)

(1)

At 30 June 2024

23,944

203

33

24,180






Accumulated amortisation





At 1 January 2024

-

(153)

(26)

(179)

Amortisation charge

-

(20)

(1)

(21)

At 30 June 2024

-

(173)

(27)

(200)






Net book value





At 1 January 2024

23,944

50

8

24,002

At 30 June 2024

23,944

30

6

23,980


Goodwill

Patents and certifications

 

Software and domain names

Total


£000

£000

£000

£000

Cost





At 1 January 2023

23,944

203

50

24,197

Effects of movements in foreign exchange

-

-

(2)

(2)

At 30 June 2023

23,944

203

48

24,195






Accumulated amortisation





At 1 January 2023

-

(112)

(35)

(147)

Amortisation charge

-

(20)

(4)

(24)

Effects of movements in foreign exchange

-

-

1

1

Amortisation at 30 June 2023

-

(132)

(38)

(170)






Net book value





At 1 January 2023

23,944

91

15

24,050

At 30 June 2023

23,944

71

10

24,025

 

 


Goodwill

Patents and certifications

Software
and domain names

Total


£000

£000

£000

£000

Cost





At 1 January 2023

23,944

203

50

24,197

Disposals

-

-

(15)

(15)

Effects of movements in foreign exchange

-

-

(1)

(1)

At 31 December 2023

23,944

203

34

24,181






Accumulated amortisation





At 1 January 2023

-

(112)

(35)

(147)

Amortisation charge

-

(41)

(7)

(48)

Disposals

-

-

15

15

Effects of movements in foreign exchange

-

-

1

1

Amortisation at 31 December 2023

-

(153)

(26)

(179)






Net book value





At 1 January 2023

23,944

91

15

24,050

At 31 December 2023

23,944

50

8

24,002

 

Goodwill

All goodwill is tested annually for impairment. At 31 December 2023, goodwill was tested for impairment using a fair value less costs of disposal methodology by reference to the Company's quoted market capitalisation using the price of 35.0 pence per share at that date. No impairment loss was identified in relation to goodwill.

 

The closing share price on 25 September 2024 was 9.25p, giving a market capitalisation of £40.53m which does not indicate impairment of goodwill.

 

Patents and Certifications

There have been no events or circumstances that would indicate that the carrying value of patents and certifications may be impaired at 30 June 2024.

 

12 Property, Plant and Equipment

 


Computer
and office equipment

Leasehold improvements

Vehicles and equipment

Total


£000

£000

£000

£000

Cost





At 1 January 2024

554

823

2,235

3,612

Additions

34

77

283

394

Disposals

-

-

(9)

(9)

Effects of movements in foreign exchange

(7)

(20)

(41)

(68)

At 30 June 2024

581

880

2,468

3,929






Accumulated Depreciation





At 1 January 2024

(465)

(424)

(1,024)

(1,913)

Depreciation charge

(23)

(112)

(172)

(307)

Disposals

-

-

9

9

Effects of movements in foreign exchange

5

10

16

31

Depreciation at 30 June 2024

(483)

(526)

(1,171)

(2,180)






Net book value





At 1 January 2024

89

399

1,211

1,699

At 30 June 2024

98

354

1,297

1,749

 


Computer
and office equipment

Leasehold improvements

Vehicles and equipment

Total


£000

£000

£000

£000

Cost





At 1 January 2023

699

1,119

1,402

3,220

Additions

-

9

182

191

Disposals

-

-

(44)

(44)

Effects of movements in foreign exchange

(6)

(16)

(27)

(49)

At 30 June 2023

693

1,112

1,513

3,318






Accumulated Depreciation





At 1 January 2023

(662)

(635)

(715)

(2,012)

Depreciation charge

(8)

(152)

(103)

(263)

Disposals

-

-

44

44

Effects of movements in foreign exchange

5

6

13

24

Depreciation at 30 June 2023

(665)

(781)

(761)

(2,207)






Net book value





At 1 January 2023

37

484

687

1,208

At 30 June 2023

28

331

752

1,111

 

 


Computer
and office equipment

Leasehold improvements

Vehicles and equipment

Total


£000

£000

£000

£000

Cost





At 1 January 2023

699

1,119

1,402

3,220

Additions

76

212

799

1,087

Disposals

(214)

(328)

(125)

(667)

Transfers

-

(161)

191

30

Foreign currency exchange differences

(7)

(19)

(32)

(58)

At 31 December 2023

554

823

2,235

3,612






Accumulated Depreciation





At 1 January 2023

(662)

(635)

(715)

(2,012)

Depreciation charge

(23)

(271)

(230)

(524)

Disposals

214

328

83

625

Transfers

-

147

(177)

(30)

Effects of movements in foreign exchange

6

7

15

28

Depreciation at 31 December 2023

(465)

(424)

(1,024)

(1,913)






Net book value





At 1 January 2023

37

484

687

1,208

At 31 December 2023

89

399

1,211

1,699

 

The Group has no assets pledged as security. No amounts of interest have been capitalised within property, plant and equipment at 30 June 2024 (2023: £nil).

 

13 Inventory

 


30 June 2024

30 June 2023

31 December 2023


£000

£000

£000


 



Raw materials and consumables

2,768

1,421

2,961

Work in progress

1,572

1,503

285

Finished goods

97

756

42

Total inventory

4,437

3,681

3,288

 

14 Other Current Assets

 


30 June 2024

30 June 2023

31 December 2023


£000

£000

£000


 



Prepayments and deposits

639

1,108

475

Prepaid inventory

1,960

3,136

1,073

Tax credits recoverable

425

1,179

719

Short-term investment

3,000

-

-

Other receivables

153

921

454

Total other current assets

6,177

6,344

2,721

 

Prepaid inventory is recognised on inventory payments where physical delivery of that inventory has not yet been taken by the Group and is stated at the lower of cost and net realisable value.

 

15 Contract Related Balances

 


30 June 2024

30 June 2023

31 December 2023


£000

£000

£000


 



Amounts due from customer contracts included in trade receivables

1,530

4,151

2,496

Contract assets (accrued income for work done not yet invoiced)

897

1,857

888

Non-current contract assets

304

-

304

Contract liabilities (deferred revenue related to advances on customer contracts)

(1,454)

(3,884)

(1,312)

Net position of sales contracts

1,277

(2,124)

2,376

 

The amount of revenue recognised in the period that was included in contract liabilities at the end of the prior year was £203,997 (2023: £8,097,770).

 

Provisions Related to Contracts with Customers

 


Warranty provision

Provision for contract losses

Total


£000

£000

£000


 



At 1 January 2024

602

333

935

Charges to profit or loss




§  Provided in period

258

151

409

§  Unused amounts reversed

-

(4)

(4)

Amounts used in period

(252)

(4)

(256)

Movement due to foreign exchange

(3)

(2)

(5)

At 30 June 2024

605

474

1,079

Current

584

371

955

Non-current

21

103

124

 


Warranty provision

Legacy
products provision

Provision for contract losses

Total


£000

£000

£000

£000


 

 



At 1 January 2023

284

1,016

1,607

2,907

Charges to profit or loss





§  Provided in period

75

63

-

138

§  Unused amounts reversed

-

-

(697)

(697)

Amounts used in period

(75)

(63)

-

(138)

Movement due to foreign exchange

(1)

(46)

(54)

(101)

At 30 June 2023

283

970

856

2,109

Current

283

970

856

2,109

Non-current

-

-

-

-

 

 


Warranty provision

Legacy
products provision

Provision for contract losses

Total


£000

£000

£000

£000


 

 



At 1 January 2023

284

1,016

1,607

2,907

Charges to profit or loss





§  Provided in year

552

15

332

899

§  Unused amounts reversed

(38)

(968)

(235)

(1,241)

Amounts used in year

(195)

(13)

(1,315)

(1,523)

Movement due to foreign exchange

(1)

(50)

(56)

(107)

At 31 December 2023

602

-

333

935

Current

586

-

226

812

Non-current

16

-

107

123

 

Warranty Provision

The warranty provision represents management's best estimate of the costs anticipated to be incurred related to warranty claims, both current and future, from customers in respect of goods and services sold that remain within their warranty period. The estimate of future warranty costs is updated periodically based on the Company's actual experience of warranty claims from customers.

 

The element of the provision related to potential future claims is based on management's experience and is judgmental in nature. As for any product warranty, there is an inherent uncertainty around the likelihood and timing of a fault occurring that would cause further work to be undertaken or the replacement of equipment parts.

 

A standard warranty of up to two years from the date of commissioning is generally provided to customers on goods and services sold and is included in the original cost of the product. Customers are also able to purchase extended warranties that extend the warranty period for up to a total of ten years.

 

Provision for Contract Losses

A provision is established for contract losses when it becomes known that a contract has become onerous. A contract is onerous when the unavoidable costs of fulfilling the Group's obligations under a contract are greater than the revenue that will be earned from it.

 

The unavoidable costs of fulfilling contract obligations will include both direct and indirect costs.

 

The creation of an additional provision is recognised immediately in profit and loss. The provision is used to offset subsequent costs incurred as the contract moves to completion.

 

16 Trade Receivables

 


30 June 2024

30 June 2023

31 December 2023


£000

£000

£000


 



Total trade receivables

1,530

4,151

2,496

 

All trade and other receivables relate to receivables arising from contracts with customers.

 

Trade receivables are amounts due from customers for sales of vanadium flow battery systems in the ordinary course of business. Trade receivables do not bear interest and generally have 30-day payment terms and therefore are all classified as current.

 

An allowance for potential credit losses of £nil (2023: £139,639) has been recognised.

 

17 Cash and Cash Equivalents

 


30 June 2024

30 June 2023

31 December 2023


£000

£000

£000


 



Cash at bank and in hand

5,243

3,929

5,014

Cash equivalents

41,000

9,000

-

Total cash and cash equivalents

46,243

12,929

5,014

 

Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition, are readily convertible to a known amount of cash and are subject to an insignificant amount of risk of change in value.

 

18 Trade and Other Payables

 


30 June 2024

30 June 2023

31 December 2023


£000

£000

£000


 



Trade payables

2,062

3,341

2,166

Other payables

17

89

29

Accrued liabilities

1,462

706

877

Accrued employee compensation

1,389

324

772

Government remittances payable

171

21

104

Total trade and other payables

5,101

4,481

3,948

 

Trade payables are unsecured and are usually paid within 30 days.

 

The carrying amounts of trade and other payables are the same as their fair values due to the short-term nature of the underlying obligation representing the liability to pay.

 

19 Derivative Financial Instruments

 


30 June 2024

30 June 2023

31 December 2023


£000

£000

£000


 



Derivative value of warrants issued

339

474

406

Total derivative financial instruments

339

474

406

 

20 Related Parties

The only related parties of the Company are the key management and close members of their family. Key management has been determined as the CEO and his direct reports.

 

There have been no related party transactions in the period.

 

21 Events Occurring After the Reporting Period

Motherwell Facility

On 23 July 2024 the Company formally launched its new manufacturing facility in Scotland which will increase the Company's assembly capacity to over 500 MWh per year.

 

Deferred A Shares

On 22 November 2022 the shareholders of Invinity approved a capital reorganisation, whereby the share capital of Invinity was split into Ordinary Shares, which are quoted on AIM and AQSE, and non-voting deferred A Shares ("Deferred A Shares"), which are not quoted.

 

On 29 August 2024 the Company announced the upcoming transfer of all Deferred A Shares from the holders to Invinity Energy Group Services Limited for nil consideration.

 

Board changes

On 6 September 2024 the Company announced Larry Zulch's retirement as the Company's Chief Executive Officer ("CEO") and member of the Board of Invinity, effective immediately.

 

Jonathan Marren, previously Chief Financial Officer ("CFO") and Chief Development Officer ("CDO"), has been appointed as CEO on a permanent basis. The recruitment of a new CFO commenced immediately.

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