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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
Companies: Invinity Energy Systems PLC
VSA Capital
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
Longspur Clean Energy
Companies: ALB CS ALB GLEN MP
SP Angel
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
Companies: XP Power Ltd.
Edison
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
Companies: DRX NESF IES SAE
Companies: AVZ AAU ORR JAY CUSN SVML GMET PLL
Companies: ARV CLA SLP GAL 002466 GGP JAY KOD GRL MKA SVML GEMD ZIOC
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
Companies: TPT EPWN VANL NXR LIKE
Zeus Capital
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
Companies: Plant Health Care PLC
Cavendish
Companies: Ibstock Plc
Canaccord Genuity
We have taken a fresh look at the Xeros investment case, re-instated forecasts and set a new price target of 125p/share. The commercial and environmental benefits of the XOrb, XDrum and XFilter technology platforms remain as compelling as ever, while there is now real commercial momentum, especially in Domestic Laundry and XFilter. We now expect breakeven in FY2024E.
Companies: Xeros Technology Group Plc
Xeros has announced that it is in the process of raising £6m through a placing (and an open offer raising up to £1m). Further, the company has announced interim results highlighting a net cash position of £2.6m at the end of August. Cash burn, at £0.5m/month, is consistent with our forecasts and, coupled with the proposed fund raise, should fund the business to expected profitability in FY2024E. We adjust our forecasts for the fund raise, which includes rebasing our target price to 25p/share.
Xeros has released a trading update for FY22. The statement notes that commercial progress is continuing as expected with IFB and within its Filtration and Finish technologies. However, as a result of the timing of commercial milestone payments and minor restructuring costs incurred towards the end of the period, it now expects FY22 adj. EBITDA to be lower than previously guided. Consequently, we are reducing our FY22 revenue forecast from £0.4m to £0.2m, and our FY22 adj. EBITDA forecasts from
Companies: Bigblu Broadband plc (BBB:LON)Xeros Technology Group Plc (XSG:LON)
Companies: Xeros Technology Group Plc (XSG:LON)Hardide plc (HDD:LON)
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