Invinity Energy Systems Accelerates Cost Reduction and Provides 2026-2028 Revenue Outlook

Operational progress looks solid, with Copwood giving Invinity a useful shop window

Invinity also highlighted operational and technical progress, and this part reads well. It has manufactured or delivered over 40 MWh of products to project sites so far this year, and says its batteries have now discharged more than 8.7 GWh of energy in customer service. That growing field record is important because buyers of utility-scale storage care about proof, not just promises.

The standout project is the Invinity Copwood VFB Energy Hub in East Sussex. At 20.7 MWh, it is expected to be fully delivered later this week and, once commissioned, would be the largest vanadium flow battery project in Europe.

There is still one caveat. Invinity expects the battery to connect to the UK grid and begin generating revenue in H2 2026, subject to final confirmation from the local Distribution Network Operator. So the asset is close, but not fully over the line yet.

The company also says it is progressing initiatives to scale manufacturing globally, including setting up a US manufacturing facility later this year. That looks strategically sensible, especially given the North American opportunity, but the RNS does not disclose cost, capacity, or financial impact.

Invinity 2026 to 2028 revenue outlook: encouraging growth, but investors should read the small print

Invinity has laid out a commercial revenue and project grant income outlook for 2026 to 2028. The headline numbers are £14 million for 2026, £49 million for 2027, and £234 million for 2028. Those figures sound exciting, particularly the jump by 2028, but the mix matters.

Revenue category	2026	2027	2028
Backlog	£8 million	–	–
Near-term contracts	£6 million	£27 million	£9 million
Development pipeline (risk weighted)	–	£22 million	£225 million
Total	£14 million	£49 million	£234 million

The important phrase here is “risk weighted”. That means the development pipeline numbers are adjusted for the chance that projects convert, but they are still not signed revenue. In 2028 especially, the outlook depends overwhelmingly on that development pipeline becoming real orders.

So yes, the growth opportunity looks substantial. But no, investors should not treat £234 million as locked in. It is better viewed as evidence of commercial ambition and market opportunity than guaranteed turnover.

Hungary project delay is the main negative in this Invinity RNS

The weak spot in the update is Hungary. Back in January 2026, Invinity said it was awaiting final Notice to Proceed, or NTP, for two solar-plus-storage projects with Ideona Group. NTP is the formal go-ahead that lets a project move into execution.

Those contracts still exist, but Invinity now says NTP is unlikely to be received and management no longer expects those projects to contribute to 2026 revenue. That is plainly negative for this year. It does not mean the business is losing the relationship, but it does mean timing has slipped.

There is a partial offset. Ideona has amended the contract so the batteries can instead be deployed at an alternative site under development. That keeps the strategic relationship alive, but from an investor’s perspective, delayed revenue is still delayed revenue.

US DOE project progress is real, but it also shows how slow these contracts can move

Invinity uses US Department of Energy-funded projects as another example of why revenue timing is hard to predict. A 12 MWh PNNL project announced in December 2025 is now expected to be delivered in 2026 rather than earlier expectations for delivery in 2025.

That is frustrating, but there is some good news. Invinity says a further 3 projects have now completed the DOE award contracting process and can move into final contract negotiations, with delivery expected to begin in 2027.

This tells you two things. First, these opportunities are real. Second, they can take much longer than investors might hope.

What Invinity shareholders should watch next after this trading and commercial update

The next six months look important. Management says it is focused on converting the growing pipeline into significant contract wins, and it is looking ahead to decisions under the UK long-duration energy storage, or LDES, Cap and Floor scheme as well as tenders in Canada and India.

I think this update is more positive than negative overall. The cost story is stronger, the operational evidence is improving, and the commercial pipeline is clearly broadening across Europe, North America and Asia. But the market is likely to stay cautious until more of that pipeline turns into firm, revenue-bearing contracts.

One final housekeeping point: the audit for the year ended 30 December 2025 is said to be well advanced, and Invinity remains on track to publish its 2025 Annual Report and Financial Statements before 30 June 2026. No surprises there, but it is useful confirmation.

Bottom line: Invinity looks like a company getting better at the hard industrial stuff – product cost, manufacturing efficiency and technical delivery. That is exactly what it needed to show. Now it needs the commercial side to catch up quickly enough for investors to see the benefit in reported revenue.