Invinity Energy Systems (AIM:IES) announced plans to raise at least £20m in gross proceeds through a combination of a subscription, an institutional placing and a separate retail offer, all priced at 10p per new ordinary share.
The AIM-listed vanadium flow battery maker said it has already received strong indications of interest from existing shareholders and potential new investors to support the subscription and placing.
Invinity's shares entered a capital access window at 7.30am today, a voluntary trading pause permitted under the AIM Rules that is designed to help companies reach a broader investor base during a fundraise, with trading expected to resume once the fundraise concludes.
The company said it would announce the full terms and conditions of the proposed fundraise in due course. And completion is expected to be subject to shareholder approval at a general meeting, with notice of the meeting to be included in a circular posted to shareholders once the fundraise has been finalised.
The placing is being arranged by Canaccord Genuity, Panmure Liberum and VSA Capital as joint bookrunners.
Invinity enters the raise on the back of accelerating order momentum: customer orders for the six months to 30 June totalled 34.2 MWh, nearly three times the 11.7 MWh booked in the same period last year, while a post-period 43 MWh order from Dairyland Power Cooperative, its largest to date, took 2026 secured orders to 77.2 MWh.
Net cash stood at £10.5m at the end of June, against an overall first-half loss that widened 14% to £12.1m as the company increased research and development spending on its Endurium cost-reduction programme.