UK-based redT energy and US-based Avalon Battery Corporation have announced that they will merge, subject to shareholder approval, to become a global vanadium flow batteries firm.
The merger unites the companies under a new name, Invinity Energy Systems (Invinity), and combines the existing strengths of both companies with the scale and market presence to compete with the major players in a global energy storage market, forecast for £55bn of new investment by 2024.
Vanadium flow batteries are a form of heavy-duty, stationary energy storage, used primarily in high-utilisation applications such as being coupled with industrial scale solar generation for distributed, low-carbon energy projects. This sort of application requires daily, heavy use and is well suited to flow battery technology, which is expected to become a £3.5bn market by 2028.
Larry Zulch, CEO of Invinity said: “The merged company will be a world leader in flow batteries. This gives us the platform to compete head-to-head against incumbent lithium-ion giants, and in so doing prove that our robust, safe, non-degrading energy storage solutions are the best solution for delivering the world’s ambitious decarbonisation targets.
“Invinity combines the best of British and North American flow battery expertise. By uniting the strengths of the two businesses under one brand, we can realise the huge potential of this game-changing energy storage technology and unlock significant commercial opportunities worldwide.”
The merger will combine the engineering advancements of Avalon’s technology with redT’s commercial business models to unlock new markets and commercial opportunities across the world. Invinity will be headquartered in the UK and Canada, with regional presence in the USA, South Africa and China.