[Ferro-Alloys.com] Energy storage firm Invinity Energy Systems has signed a non-binding Memorandum of Understanding (MoU) for an exclusive relationship with Hyosung Heavy Industries following successful tests of its vanadium flow battery technology.

The MoU specifically targets large-scale public procurement tenders and anticipates the possibility of Hyosung manufacturing elements of Invinity’s VS3 vanadium battery products.

Tests and a validation program were conducted on a 200kWh system purchased in 2020 by Korea’s Hyosung Heavy Industries, the Power & Industrial Systems Group of Hyosung Corporation.

The system, which has been operational since late 2020, was found to be a suitable addition to Hyosung’s portfolio of around 2GWh of operational projects globally.

The MoU expressed the companies’ intent to establish Hyosung as the exclusive representative for Invinity’s VS3 products in Korea, with further non-exclusive rights to sell the latter’s products in Hyosung’s other global markets.

Hyosung and Invinity will now develop, and expect to execute, a definitive agreement consistent with the MoU while continuing to pursue a number of commercial opportunities.

• [Editor:tianyawei]