Invinity’s update shows progress on the Endurium cost reduction programme and strong operational performance of the company’s flow batteries with over 8.7GWh of energy discharged to date. However, a delivery setback in Hungary and more conservatism has pushed back revenue expectations in the short-term although this is offset by more optimism in the medium-term connected with the UK Cap and Floor mechanism. We have adjusted forecasts to reflect these changes and our central valuation falls to 54p from 58p.
