Invinity Energy Systems has launched a £25 million conditional fundraising that includes a £12.2 million direct subscription by the National Wealth Fund, a £10 million oversubscribed placing and a £2.8 million retail offer. The fundraising is conditional on shareholder resolutions being passed at a general meeting on 11 November 2026.

The National Wealth Fund subscription covers 121,976,365 new ordinary shares at 10 pence per share. The placing comprises 100,000,000 new ordinary shares at 10 pence per share via an accelerated bookbuild, while the retail offer covers 28,023,635 new ordinary shares at 10 pence per share through the Winterflood Retail Access Platform.

Use of proceeds

Invinity said the fundraising will enable it to progress product cost reduction plans, build on margin improvements reported in its H1 2026 results, and strengthen its working capital position as it delivers against key commercial and corporate milestones. The company has also said proceeds are intended to expand manufacturing, fund research and development and provide working capital.

Blake Morgan's Equity Capital Markets team advised AIM-quoted Invinity on the raise. The law firm described the company as a global leader in vanadium flow battery technology.

Why the raise matters for LDES

The capital injection lands alongside several commercial and policy catalysts. Invinity recently released an upgraded Endurium module with 50% more energy capacity and 33% more peak power, and it has delivered 20.7 MWh of flow batteries to the Copwood energy hub in East Sussex, where a 3 MW solar array will charge the batteries for evening and overnight use.

The company is also awaiting Ofgem's final decision on its cap-and-floor long-duration storage scheme. In June, the regulator provisionally selected 16 projects, including Frontier Legacy, which uses Invinity technology. A revenue floor can ease project financing, though owners still bear charging and maintenance costs over years of operation.

For a scale-up manufacturer, working capital is often as critical as technology. The National Wealth Fund's participation gives the raise a public-policy anchor, but the shareholder vote and the pace of order conversion will determine how far the £25 million carries the company.

This article was assisted by AI analysis. Please refer to the original source for official information.