Agreement with Caring Homes Group

RNS Number : 6918A

Inspirit Energy Holdings PLC

24 February 2014

 



24 February 2014

Inspirit Energy Holdings plc

("Inspirit" or the "Company")

Caring Homes the first to install trial units of the Inspirit mCHP boiler-generator

Inspirit (AIM: INSP) announces it has signed a strategic agreement with one of the largest residential care providers in the UK, the Caring Homes Group, to install the first Inspirit mCHP boiler-generators when the trial units become available for key customer testing and verification around the third quarter of the year.

The Company anticipates that successful trials of the appliance with the Caring Homes Group will demonstrate the economic viability of this appliance and potentially lead to significant orders into their extensive network of care homes throughout the UK.

John Gunn, the Company's Chief Executive Officer, commented:

"Inspirit Energy is pleased that Caring Homes have decided to be amongst the first commercial groups to trial our highly efficient mCHP boiler-generator. Care homes are ideal sites for this appliance due to the amount of continual hot water required for their facilities and the power consumed in day to day operations."

"The Company is at an advanced stage of negotiating with other major groups in the UK to trial the Inspirit boiler-generator and we expect to announce further news in this respect shortly."

Emma Charlton, Marketing Director at Caring Homes Group, commented:

"We are delighted to enter into this agreement with Inspirit. The credentials of this boiler ideally suit a business like ours where the financial benefits of localised power generation are allied with a substantial environmental contribution through a significant reduction in carbon emissions."

"Caring Homes is one of the most respected, care home operators in the United Kingdom. Through a national network, Caring Homes provides quality accredited, award winning residential, nursing and specialist dementia care to elderly people and through their brand Consensus, provide support services to adults with learning disabilities and associated complex needs."

"At Caring Homes our ethos is corporate strength underpinned by family values. This philosophy is at the heart of everything that we do and simply reflects our vision and principles of our founders Craig Griffin, Paul and Helena Jeffery."

The Inspirit mCHP boiler-generator:

Inspirit has developed a high efficiency boiler suitable for large domestic and small commercial and enterprise use capable of simultaneous generation of up to 15kW thermal and up to 3kW electrical output. This uniquely represents about 3 times the electrical output compared to similar appliances available in the global marketplace.

Current progress and prospects

Earlier this month, Inspirit signed a manufacturing agreement with global boiler manufacturer Malvern Boilers Ltd to produce the initial volumes of its unique and highly efficient mCHP boilers.

 Enertek International Ltd have been contracted to assist with the final mass manufacturing specifications and designs for the boiler's key heating components and assist in obtaining the necessary certifications required to sell this unique appliance initially in the UK and European market places.

In October 2013, Inspirit signed up international technology and product developer, Sentec Ltd to provide the appliances electrical controls package and the energy management systems for the Inspirit mCHP boiler.

Inspirit is on track to have a number of its mCHP boiler-generators installed with key potential customers by the third quarter of this year and is working with its consultants and engineers on preparing for full scale commercialisation by year end.

For further information please contact:

Inspirit Energy Holdings plc	www.inspirit-energy.com
David Lenigas, Chairman John Gunn, Executive Director	[phone] [phone]
Jubeenh Nazhat, Director/Company Secretary	[phone]
Westhouse Securities Limited
Antonio Bossi / Paul Gillam	[phone]
Peterhouse Corporate Finance	[phone]
Jon Levinson / Lucy Williams
Public Relations:
Square1 Consulting
David Bick/Mark Longson	[phone]

Notes to the Editors:

About the Caring Homes Group

Founded in 1984 by Craig Griffin, Paul Jeffery and Helena Jeffery the Caring Homes Group is one of the largest independent health and social care operators in the United Kingdom.

The Caring Homes Group has achieved ISO 9001:2000 quality management assurance accreditation.

 Caring Homes has also achieved the Hospitality Assurance accreditation.

This Standard for Service and Business Excellence in the Hospitality Industry is normally associated with the highest levels of the hotel industry and demonstrates Caring Homes' commitment to delivering the highest standards of living environment.

 Consensus is the largest independent provider of specialist learning disability support services in the United Kingdom.

Group Chief Executive Officer Paul Jeffery has twice been voted 'One of the Most Influential People in Social Care' in Caring Business's annual 'Power 50' guides.

About Malvern Boilers

Malvern is a privately owned manufacturing company specialising in the production of certified gas, oil and electrical appliances.  Located in the Midlands and founded in 1991, the company pioneered condensing technology with its own range of high efficiency domestic boilers.  Since then, Malvern has built on its heritage introducing market leading products into both the Commercial and Leisure sectors. Malvern offers a bespoke solution to its clients for the design, approval, testing, productionisation and manufacturing of their appliances.

About Enertek International Ltd:

Enertek International Ltd is an independent engineering consultancy specialising in the design, development and certification of gas, oil, electrical and renewable appliances. The company is based in Kingston upon Hull and serves clients worldwide.

In addition to providing consultancy and contract R & D services Enertek actively participates in industry and government backed groups to expand the availability of knowledge and expertise in the mCHP sector and has laboratory facilities capable of carrying out development and certification tests in accordance with European and American Standards.

About Sentec Ltd:

Sentec Ltd ("Sentec") is an innovation, technology, and product development company. Sentec specialise in the energy and cleantech sectors inventing, innovating, and developing technology & products on behalf of our clients. We bring our sensing, actuation, data-analytics, and communications skills to products which deliver greater intelligence and control, to the management of energy.

Sentec applies its energy industry expertise and experience in three main fields; Smart Grid & Metering - where Sentec has its technology embedded in over 12million field-deployed units; Smart Buildings - where Sentec enables the homeowner and the buildings/site manager to have clear understanding and control over their energy management; and Consumer products - where Sentec is helping revolutionise how our every-day consumer products use and report the use of energy.

About Inspirit Energy Holdings plc:

Inspirit Energy Holdings plc, is developing and commercialising a highly efficient micro combined heat and power (mCHP) boiler for the commercial and residential markets. The boiler is specifically designed to meet the challenge of reduced carbon energy supply and is capable of running on natural gas, LPG and Bio Fuels. The appliance produces hot water (for tap water or central heating) and electrical output simultaneously. The installation can be of single or multiple configuration and its high operating efficiency together with the off-set of electricity costs provides a very attractive investment payback proposition.

Inspirit intends to explore opportunities to licence out the underlying technology and the Directors believe that in some instances, the patents owned by Inspirit may be also used in the development of products other than a mCHP appliance. A prototype of the appliance has been independently tested and shown to be capable of simultaneous generation of up to 15kW thermal and up to 3kW electrical output. Once development of the appliance has been completed and commercialised, the Directors expect that the appliance will initially be marketed in the UK and Europe and eventually worldwide. Additional revenue streams may be possible through product licensing, sales of warranties and further development of the product. 

 

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