National Wealth Fund leads successful £25m fundraise for Invinity Energy Systems to create global energy champion

The National Wealth Fund’s equity investment forms the cornerstone of Invinity's latest £25m fundraise, alongside £10m of equity funding from institutional investors and £2.8m from retail investors. Proceeds from the raise will be used to enhance Invinity’s manufacturing capacity, invest in R&D activities and provide working capital to deliver against its global sales pipeline.

Invinity is a leading manufacturer of vanadium flow battery technology, delivering flexible energy storage solutions which address the needs of customers operating in the grid-scale battery, commercial & industrial and AI datacentre sectors globally. To date, the Company has delivered more than 2,000 batteries for over 100 projects across 20 countries, with more than 11 GWh of energy delivered from its installed fleet since 2022. 

The Fund’s investment represents a deepening of support for Invinity at a time when the rapid growth of AI, electrification and renewable energy is increasing demand for flexible, high-throughput energy storage solutions. The transaction also supports the delivery of Invinity's global orderbook as well as the enhancement of the company’s manufacturing capabilities in Scotland and internationally. 

The National Wealth Fund made its first £25m investment in Invinity in May 2024, which enabled the company to significantly expand its UK operations, progress the commercialisation of its products, and secure key sales globally. The Fund's continued support for the company has helped establish market confidence in the business and its technology, catalysing further investment and transforming Invinity from a technology leader into a global exporter of British tech. 

Invinity’s fundraise, including the Fund's investment, is subject to the approval of the Company’s shareholders at a general meeting to be held in the coming weeks.

Oliver Holbourn, National Wealth Fund CEO, said:

“As it scales, Invinity’s vanadium flow technology will play an ever more important role in strengthening the UK’s energy security and unlocking more home-grown clean power – that’s why we are pleased to deepen our support for the company. Our cornerstone investment has mobilised the funding Invinity needs to back British manufacturing in Scotland, commercialise its technology and transform itself into a global exporter of UK tech.”

Neil O’Brien, Non-Executive Chair of Invinity, said:

“Invinity stands at a moment of real opportunity. The challenges of transitioning from technology pioneer to commercially scaling business are well understood, but I have never been more confident in the Company's potential: its technology is proven, product costs are falling and demand for Invinity's products continues to grow as transport, heating, industry and power grids become ever more electrified.”

The investment is strongly aligned with the government's focus on electrification, clean power delivery and energy system resilience. As the UK continues its transition to a more electrified energy system, energy storage remains a critical enabler of network flexibility and security of supply.