The California Energy Commission is very proud to support this milestone of clean energy innovation - it not only advances California's decarbonization goals, but also strengthens a crucial domestic industry. Invinity's long-duration and multi-functional vanadium flow battery will support the operational efficiency and resilience of steel mills, and optimize the use of clean renewable energy by the factories. 

-- Jonah Steinbuck, Director of Energy Research and Development at the California Energy Commission 

Solar energy steelmaking benefits from long-term energy storage. 

This battery system will be integrated with a 40MWp solar power generation facility to provide a reliable and on-demand supply of renewable energy for this new steel manufacturing plant. 

The Mojave mini-steel plant of Pacific Steel Group aims to recycle approximately 500,000 tons of scrap metal each year and transform it into earthquake-resistant steel bars. It reduces the carbon intensity of steel production by utilizing renewable energy and recycled materials. 

Invinity's long-term energy storage technology will help manage solar power generation and provide energy when needed, supporting continuous industrial operations while reducing reliance on traditional energy sources. 

The US manufacturing industry's expansion is supported by large orders. 

The company plans to manufacture battery systems within the United States and is expected to start delivering them in early 2027. The revenue related to the contract is expected to be recognized upon the start of delivery. 

The management believes that this project will support the expansion of Invinity's manufacturing capacity in the United States, and at the same time strengthen its position in the rapidly growing industrial-scale energy storage solution market. 

This contract also indicates that long-term energy storage technology is being increasingly adopted in energy-intensive industries that are striving to reduce emissions and enhance energy resilience. 

Strategic Opportunities in Industrial Decarbonization 

The Mojave micro-steel plant project highlights the increasingly significant role of advanced battery technology in supporting industrial decarbonization initiatives. 

By combining renewable energy generation with long-term energy storage, this project aims to provide a low-carbon alternative for steel production while maintaining the reliability required for large-scale industrial processes. 

Invinity believes that as enterprises seek to integrate more renewable energy into their operations, the demand for such solutions will continue to grow. 

The financial situation remains a crucial consideration factor. 

Despite obtaining significant business opportunities, the company is still operating in a situation of continuous losses and requiring substantial cash investment for business expansion. 

Although the leverage ratio remains relatively conservative, and the recent updates have highlighted progress in reducing costs, expanding partnerships, and maintaining financing flexibility, profitability has not yet been achieved. 

Due to the strong trend of the stock price over a long period, the technical indicators remain generally positive. However, the high momentum reading indicates that the stock may be prone to short-term fluctuations. 

Regarding Invinity Energy Systems 

Invinity Energy Systems is an energy storage company listed on the AIM (Alternative Investment Market of the London Stock Exchange), specializing in all-vanadium liquid flow battery technology for utility-scale and industrial applications. 

The Endurium VFB system is manufactured in factories in the UK and Canada, aiming to provide safe long-term energy storage as an alternative to lithium-ion batteries. This technology is targeted at applications that require high utilization rates, long operating life, and enhanced safety features. 

The system design of Invinity has an operational lifespan of up to 30 years. It is dedicated to promoting the wider application of renewable energy by providing scalable energy storage solutions to global grid operators, commercial users, and industrial customers. 

Regarding Pacific Steel Group 

Pacific Steel Group (“PSG”), one of the leading steel processors in the United States, has chosen Invinity's technology for its Mojave micro-steel plant located in Kern County, California. PSG expects that this new steel plant in the state, which is the first of its kind built in 50 years, will become one of the cleanest factories in the United States, mass-producing world-class, low-emission American steel. 

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