August 16 (Renewables Now) - Invinity Energy Systems Plc (LON:IES) on Tuesday said it has signed a non-binding memorandum of understanding (MoU) with US Vanadium LLC to form a US-based joint venture (JV) to produce and sell vanadium flow batteries in the US to capture growing demand.
The JV will be equally owned by the companies and will bring together Invinity's flow battery expertise with US Vanadium’s production of vanadium and vanadium electrolyte in Arkansas.
Invinity said that the Bipartisan Infrastructure Bill, enacted last year, the Inflation Reduction Act of 2022, which is expected to be signed into law this week, create a favourable environment for investment in energy transition infrastructure with an emphasis on US manufacturing and domestic content. The planned JV is expected to take advantage of US national, state and local incentives to produce and sell energy storage products.
As part of the agreement, US Vanadium will contribute up to USD 500,000 (EUR 490,000) to help fund external costs in search for applicable US local, state and federal support along with other sources of industrial and commercial support.
(USD 1 = EUR 0.981)