Invinity Energy Systems - Funded to Cash Generation and More

Re-issued to correct for typographical errors.Invinity’s major equity fundraising is targeting a minimum of £56m with £25m already committed by the UK Infrastructure Bank (UKIB). A second strategic investment of £3m has been committed by Korean Investment Partners.  The raise will see Invinity to net cash generation, with over £30m of the raise supporting the company’s scale up ahead of this year’s launch of the next generation Mistral flow battery. The raise will boost the balance sheet, reduci

Invinity Energy Systems; Tansformative Strategic Investment

Invinity Energy Systems (IES LN) develops Vanadium Flow Batteries (VFBs) for utility-scale grid storage. The Group’s next-generation Mistral VFB technology, jointly developed with Gamesa Electric, launches in H2 2024 to provide grid-scale longer-duration energy storage (LDES) as renewable generation increases globally. To capture this opportunity, the Group has today announced that it has raised £56.0m through a placing at 23p per share. It is now undertaking an Open Offer to raise up to £6.6m a

Zeus Building Products and Construction Round-Up - 3 May 2024

Market sentiment turned more cautious in the month of April, particularly regarding interest rates, with economic data producing mixed results. Despite housing transactions and net mortgage approvals continuing an upward trend, with the latter at an 18-month high and +20.1% YoY and +1.4% MoM to 61.3k (seasonally adjusted), Nationwide’s House Price Index dropped 0.4% MoM (seasonally adjusted) in April, below the +0.2% expected. This comes as mortgage lenders nudge rates up to factor in the potent

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

PROGRESSIVE: SDI Group: H1 24 – well-placed for the post-Covid normal

SDI has indicated that a slowdown in the life science / biotech market, and some resultant destocking, is likely to impact its expected FY24 revenue, leading the group to moderate current year guidance for both revenue and adjusted EBITDA. SDI notes that FY24 represents a short-term phenomenon, due to the over-ordering of the past three years caused by inflated Covid demand. However, we remain confident for the long term, given the strength of SDI’s ‘buy and build’ business model, with a number

SP Angel Morning View: Base metals rise ahead of US labour data

XP Power - Expecting better market conditions in 2024

XP Power closed FY23 with higher-than-expected revenue, benefiting from the delay to relocation of its California facility, which pulled shipments worth c £5m into Q423 and pushed c £12m capex into Q124. Q423 order intake was higher than we forecast, with upside from semiconductor equipment customers partially offset by weaker demand from healthcare and industrial customers. Timing issues and currency resulted in lower-than-expected gearing at end-FY23, although it is expected to rise in H124 be

REMA - Zoning in on Zonal Pricing

Zonal pricing is now under consideration for implementation in the GB power market. While this is very much not a given, this note summarises the key reports on its potential impacts. We find that while there is an overall reduction in revenues across generation, this may be less than originally predicted and new regional price differences and timing differences may favour storage in Scotland and delay new gas plant construction nationally. We think this later second order impact improves the en

Plant Health Care - China distribution with AMVAC

Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car

SP Angel Morning View: China further stimulates internal adoption of EVs as part of strategy develop global dominance

Cautious guidance for 2024

Morning Note – 1 May 2024

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Morning Note – 11 March 2024

Morning Note – 26 March 2024