Invinity Energy Systems plc
Invinity Energy Systems plc manufactures and sells vanadium flow battery (VFB) energy storage systems, principally the Endurium and legacy VS3 products, together with associated installation, integration, warranty and licence/royalty services. It targets long-duration energy storage (LDES) applications for utilities, governments, and commercial & industrial customers, with manufacturing in Scotland, England and Canada and operations/partnerships extending into the USA, China and India. The Company is AIM-listed (ticker IES) and was formed from the 2020 merger of Avalon Battery Corp and redT Energy plc; it redomiciled its parent from Jersey to England & Wales in January 2025.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 29 May 2026 · 104 pages · Companies House
Invinity Energy Systems plc makes and sells vanadium flow batteries, which store electricity for long periods. Revenue rose to £8.2m in the year to 31 December 2025, from £5.0m the year before (+63.2%). The loss after tax widened to £24.1m from £22.8m.
The report says orders grew sharply after the launch of a new product, and the cost of making each battery fell. Government grants also helped, but the company still made a loss on its sales before overheads. Administrative costs rose to £21.9m as it spent on bringing products to market, certification and a new computer system.
Cash at the year end was £28.8m and the company has no borrowings. It raised £25.0m by issuing new shares, and there is no dividend. Management said its main challenge now is delivering at scale, cutting costs further and reaching the point where it no longer uses up cash. The directors expect to have enough cash until June 2027 without raising more, though expansion would need extra funding. The auditor's opinion was unqualified, meaning it raised no objections.
Growth in long-duration energy storage (LDES) demand driven by renewable curtailment costs and grid flexibility needs
UK spent ~£1.46bn on wind curtailment in 2025 (up from £1.23bn in 2024), forecast to reach £8bn by 2030; LDES market forecast 21% CAGR to 2030
page 6Endurium unit cost reduction programme (targeting 66% reduction vs VS3 within two years)
Gross margin improved from -70% to -35%, reducing gross loss from £3.5m (2024) to £2.9m (2025); cost reduction 18 months ahead of initial expectations
page 16By combining world-class flow battery technology, the highest standards of customer service and aggressive cost reduction, we are positioning Invinity to compete effectively, win more business and deliver long-term value for all stakeholders as the business grows and matures.
page 10The Directors have not recommended a dividend for the year (year ended 31 December 2024: £nil)
page 5011 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
45 figures restated in a later report
Every figure is read again from the following year’s report: 285 confirmed, 11 differ, 45 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
45 more figures were restated in FY2015 to FY2022, which a free account opens.