Invinity Energy Systems (AIM:IES), the AIM-listed vanadium flow battery maker, has confirmed that National Wealth Fund, which holds approximately 19% of its issued share capital, is expected to participate in its proposed fundraise.
The statement follows Invinity's earlierr announcement of a proposed fundraise, opening a Capital Access Window on the London Stock Exchange, and comes after what the company described as recent market commentary.
Invinity said it intends to use the (minimum) gross proceeds of approximately £20 million in three parts: around £10 million to accelerate development and product cost reduction, approximately £8 million for working capital, and £2 million to invest in manufacturing capacity in the UK and United States.
The planned investment in cost reduction sits alongside Invinity's Endurium programme, which the company has been accelerating toward a target of at least a 66% cut in product cost per kWh versus its VS3 platform by late 2026.
Volker Beckers CBE, currently a non-executive director, has been selected to succeed Neil O'Brien as non-executive chair, with the appointment expected to take effect once the fundraise completes.O'Brien, who announced his intention to retire after ten years on the board at Invinity's interim results last month, has also indicated he will participate in the fundraise.
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