Invinity Announces £25 Million Conditional Funding to Expand Battery Manufacturing
Key Facts
Invinity Energy Systems announced £25 million in conditional funding, led by a £12.2 million investment from the National Wealth Fund, to support the expansion and commercialization of vanadium flow battery manufacturing. According to the fund’s announcement in October 2026, the proceeds include expanding manufacturing capacity, investing in research and development, and providing working capital. Completion of the funding, including the fund’s investment, is subject to shareholder approval at a general meeting to be held in the weeks following the announcement. The proceeds therefore do not yet represent completed funding, contrary to the initial version of the report. The fund said its cornerstone investment “mobilised the funding Invinity needs to support manufacturing in Scotland, commercialise its technology, and turn it into a global source of British technology.”
The company intends to use the funds to increase its manufacturing capacity, finance research and development activities, and cover working capital needs, according to the fund. The announcement links these uses to delivering the company’s global sales pipeline, making production expansion part of its market-access plan alongside technology development. The announcement did not specify the funding’s numerical impact on shareholders’ stakes, although the transaction involves issuing new shares. Nor did it provide details on how the remaining funding would be allocated among institutions and retail investors. Shareholder approval remains the necessary step before the funding can be completed as announced.
The fund said its £12.2 million investment in October 2026 is intended to strengthen manufacturing capabilities and continue developing Invinity’s vanadium flow battery technology. The fund framed the investment against growing demand for flexible, high-flow energy storage solutions as artificial intelligence, electrification, and renewable energy expand. It said “the rapid growth of artificial intelligence, electrification and renewable energy is increasing demand for flexible, high-flow energy storage solutions.” These factors link the need for storage to changes in electricity demand and the expanding use of renewable energy. According to the announced uses, the funding is intended to increase production, finance development, and provide the working capital needed to deliver the sales pipeline.
The fund cited the company’s track record, saying it had delivered more than 2,000 batteries to more than 100 projects in 20 countries as of October 2026. It added that the installed fleet had enabled the delivery of more than 11 gigawatt-hours since 2022. This track record provides context for the technology’s reach beyond its home market, while the new funding focuses on manufacturing, development, and commercialization. The fund believes that supporting manufacturing in Scotland and commercialising the technology could help turn it into a British export. Its chief executive said the investment supports UK energy security and domestic clean energy, alongside manufacturing in Scotland.
The fund’s investment in Invinity dates back to May 2024, when it first invested £25 million in the company, according to the fund. The current funding represents a new round of the government body’s participation in supporting the company, with a stated focus on increasing production capacity and continuing the development of vanadium batteries. The plan combines funding for manufacturing, research and development, and working capital at a time when the fund points to rising demand for energy storage. The funding is due to be put to the company’s shareholders at a general meeting in the weeks following the announcement. Their approval remains a condition for completing the funding and investment.