Invinity Energy Systems plc announced that it has signed a non-binding Memorandum of Understanding ("MoU") with Dawsongroup Power Solutions Limited, part of Dawsongroup plc, a leading commercial asset rental business operating across the UK and EU, with the intention of appointing Dawsongroup as Invinity's exclusive partner for the UK equipment rental market. Dawsongroup has also purchased a 0.22 MWh Invinity VS3 battery which will be installed at the company's headquarters in Milton Keynes, UK later this year. The system will be used as a showcase project, providing Dawsongroup's corporate customers the opportunity to view Invinity's vanadium flow battery technology in operation.

Dawsongroup is one of Europe's leading asset rental, leasing and contract hire businesses and is the UK's in this sector, owning over 31,000 premium supply chain assets including transport, municipal services and cold storage which are rented to a broad customer base of large, reputable companies. The group is committed to reducing its environmental impact, through fleet electrification and using more renewable energy, that will allow its customers to accelerate their transition to net zero. With the MoU signed, both parties will now work to conclude a definitive partnership agreement that would see Dawsongroup procure battery storage products exclusively from Invinity and become Invinity's exclusive rental partner in the UK.

Both parties see strong potential for a rental market in the UK for vanadium flow batteries and expect to target customer commitments of more than 50 MWh over the next two years.