Invinity delivers £17m for 2025 and signs 20 MWh of new Hungarian sales
Invinity Energy Systems has kicked off 2026 by confirming approximately £17m of 2025 revenue and project grant income, alongside its largest combined sales agreements to date: two Endurium vanadium flow battery systems totalling 20 MWh for Ideona in Hungary. The update blends solid execution in 2025 with a growing 2026 order book and a shot at much larger UK opportunities later this year and next.
If you’re new to the story: Invinity manufactures vanadium flow batteries (VFBs) – long-duration energy storage designed to run hard, with no degradation, for decades. “Endurium” is the company’s latest platform. Today’s RNS is heavy on delivery, costs coming down, and a broadening product range, which all matter for margins and competitiveness.
Key numbers investors should know
| 2025 revenue and project grant income | Approximately £17m |
| 2026 signed order book | £17m (c. £8m committed, c. £9m uncommitted) |
| New Hungary sales (Ideona) | 20 MWh Endurium (8 MWh Veszkény, 12 MWh Dunaföldvár) |
| Recent announced sales (late 2025) | PNNL 12 MWh; Charles Murgat 3.5 MWh; STS 10.8 MWh; Ideona 4 MWh (VS3); Copwood 20.7 MWh (VS3) |
| UK Cap & Floor bids in play | Up to 16.7 GWh across 21 projects |
What stands out in the 2025 trading update
Delivery came through. Invinity says shipments to HITT, STS and Ideona were completed, and the Copwood VFB Energy Hub (20.7 MWh) advanced well enough to claim most of its grant funding. That supported approximately £17m of 2025 revenue and grant income.
Cost-down is ahead of target. Management has been laser-focused on reducing Endurium product costs, and says progress is “ahead of targets”. That, plus the September launch of Endurium Enterprise aimed at commercial and industrial customers (the behind-the-meter market), should widen the addressable market and help margins, though exact margin data is not disclosed.
20 MWh of repeat sales in Hungary – why this matters
Invinity signed two new Endurium systems totalling 20 MWh for Ideona’s subsidiary Central European Vanadium Storage Kft: 8 MWh at Veszkény and 12 MWh at Dunaföldvár. Both will sit alongside solar PV to shift energy and provide grid regulation, with partial funding from the Hungarian government.
These are repeat orders – Ideona previously bought 4 MWh of VS3 in September 2025 and was part of a 1.5 MWh purchase in 2023. Repeat business in a new EU market is a strong marker that the tech is working for customers. The caveat: both deals are conditional on Notice to Proceed (NTP), expected in H1 2026 once Ideona reaches financial close. Deliveries are slated to begin in H1 2026 if NTPs land on time. Until NTP, treat them as signed but not locked in.
Order book for 2026: £17m signed, but quality matters
Invinity enters 2026 with a £17m signed order book, split into approximately £8m committed and approximately £9m uncommitted. “Uncommitted” here means the customer still needs to issue NTP – typically delayed by permits, site readiness or financing. The licence fee from UESNT is not included and remains a 2026 swing factor.
Positively, the order book already equals the revenue and grant income expected for all of 2025. That gives a decent base for the year. The watch-out is execution on those uncommitted items – any slippage in NTPs will push revenue recognition out.
Operational delivery and manufacturing footprint are scaling
The company highlights a semi-automated stack line in Scotland, which can be replicated for relatively low capex, and a transfer of initial balance-of-system manufacturing to Baojia in China. Invinity can now ship Endurium from the UK, Canada and China, and says it is primed to scale further in the U.S. and India with partner Atri.
On deployments, the 10 MWh Viejas Resort and Casino project with Indian Energy has completed commissioning. The 4 MWh PowerFlex project on the Rincon Band of Luiseño Indians’ lands has all batteries installed with commissioning expected in January 2026. Meanwhile, the Copwood VFB Energy Hub is progressing towards full operation in H1 2026, with Enel X managing dispatch and revenue optimisation – useful for creating recurring revenue once online.
LDES Cap & Floor: 16.7 GWh of potential, but competition is fierce
In the UK, Invinity and its partners have bids covering up to 16.7 GWh across 21 projects under Ofgem’s Long Duration Energy Storage Cap & Floor programme. Submissions in Q4 2025 focused on cost-benefit analysis for the grid and consumers. Ofgem’s final determination is guided for summer 2026.
Management is clear: there is no guarantee any, and highly unlikely that all, bids will succeed. Still, even partial success would be highly material given the scale involved. For now, treat this as a significant but uncertain upside.
Commercial momentum: more than just a quarter-end rush
Beyond Hungary, late-2025 sales included 12 MWh to PNNL, 10.8 MWh to STS, 3.5 MWh to Charles Murgat (the first Endurium Enterprise sale), 4 MWh of VS3 to Ideona, and confirmation that the 20.7 MWh Copwood project proceeds. The company points to four agreements announced over the last seven business days, suggesting momentum rather than a single one-off deal.
The expanded product range – Endurium for utility-scale and Endurium Enterprise for behind-the-meter – helps Invinity play across multiple segments as long-duration storage gains traction in solar-plus-storage, especially in Europe and North America.
My take: balanced progress with clear catalysts ahead
- Positives: delivery improved enough to support approximately £17m of 2025 revenue and grant income; cost-down progress ahead of targets; repeat EU sales of 20 MWh; a £17m signed 2026 order book; manufacturing footprint that can scale across the UK, Canada and China.
- Negatives and risks: new Hungary deals are conditional on NTP; approximately £9m of the 2026 order book is uncommitted; no licence fee from UESNT booked yet; LDES outcomes are competitive and uncertain.
In short, Invinity looks operationally tighter, commercially busier and better positioned on cost than a year ago. The next leg likely depends on converting uncommitted orders, hitting NTP milestones on schedule, bringing Copwood into operation for recurring revenue, and – if fortune favours – landing a slice of the Cap & Floor awards in summer 2026.
What to watch next
- NTPs for the 20 MWh Ideona projects in H1 2026 and associated delivery schedules.
- Conversion of the approximately £9m uncommitted portion of the 2026 order book.
- Commissioning of the 4 MWh Rincon project and full operation of Copwood in H1 2026.
- Updates on cost-reduction progress and any replication of the Scottish semi-automated line.
- Ofgem’s LDES Cap & Floor determinations in summer 2026.
On balance, this is a constructive update: revenue delivered, repeat sales signed, costs moving the right way, and manufacturing set up to scale. Execution on NTPs and Cap & Floor will determine how quickly that momentum translates into materially higher revenues.
