IES

Invinity Energy Systems PLC

Industrial Goods and Services First-pass screen £100m

270/1000 Overall fit

AI beneficiary 35% 15

Operating leverage 25% 35

Valuation 25% 30

Downside protection 15% 35

First-pass take

Vanadium flow battery manufacturer with no explicit AI exposure, negative gross margins (£3.2m revenue vs £6.6m COGS), and £23m annual cash burn. Material going-concern uncertainty dependent on LODES contract win by Q2 2023 or fresh funding.

Flags

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