Energy storage manufacturer Invinity announced success in a test-and-validation programme with Korea’s Hyosung Heavy Industries on Friday, and the subsequent signing of a non-binding memorandum of understanding for a “global partnership”, with an exclusive relationship in Korea.
The AIM-traded firm described Hyosung Heavy Industries as one of Korea’s “foremost suppliers” of heavy electrical equipment, and one of the region’s largest energy storage and renewable energy project developers, with around 2 GWh of operational projects globally.
Hyosung “comprehensively tested” a 200 kWh Invinity energy storage system purchased in 2020, with the system – which has been operational since late 2020 – now validated as suitable for addition to Hyosung’s growing portfolio of projects globally.
The two companies had now signed a memorandum of understanding expressing their mutual intent to establish Hyosung as Invinity’s exclusive representative for its ‘VS3’ products in Korea, with further non-exclusive rights to sell the products in Hyosung’s other markets.
Invinity said the memorandum would specifically target large-scale public procurement tenders, and anticipated the possibility of Hyosung manufacturing elements of Invinity’s VS3 products.
The two companies would now develop, and expected to execute, a definitive agreement consistent with the memorandum, while continuing to “vigorously pursue” a number of commercial opportunities.
“Hyosung’s deep global expertise in large-scale electrical infrastructure complements Invinity’s focus on providing the best alternative to lithium batteries for stationary energy storage,” said chief executive officer Larry Zulch.
“We are thrilled to be developing a close relationship with Hyosung that has the potential to span supply, support, and even manufacturing in South Korea and other markets around the world.
“This new relationship supports our corporate strategy of building exclusive relationships with strong partners in important markets where we do not currently have a presence.”