Agreement with Enertek

RNS Number : 2271X

Inspirit Energy Holdings PLC

09 January 2014

 



9 January 2014

Inspirit Energy Holdings plc

("Inspirit" or the "Company")

Inspirit signs specification and certification deal with Enertek International

Inspirit's high efficiency-generating boiler on track for commercial production by year end

Inspirit (AIM: INSP), which is developing a heating boiler which also simultaneously generates enough electricity to power the average home, is pleased to announce that internationally renowned Enertek International Ltd ("Enertek") has been contracted to assist with  the final mass manufacturing specifications and designs for the boiler's key heating components. Enertek will also assist in obtaining the necessary certifications required to sell this unique appliance initially in the UK and European market places.

Highlights:

·      Deal signed with internationally recognised sector specialists, Enertek, to assist with the completion of mass manufacturing designs for the heating components of the Inspirit mCHP boiler.

·      Enertek, are also specialists in obtaining certification of gas appliances. Working together with Inspirit and its various component suppliers, Enertek will be assisting Inspirit in gaining the necessary certifications required to mass manufacture and sell the Inspirit mCHP boiler in the UK and Europe.

·      Negotiations are well advanced with an independent manufacturer in the boiler industry to produce the key boiler components and undertake the final assembly of the entire mCHP units ready for sale and export.

·      Inspirit expects to have trial units operating with key potential customers by mid-year and be in commercial production by the year end.

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.

Enertek

Enertek is an independent engineering consultancy which specialises in the design, development and certification of gas, oil, electrical and renewable appliances for a large number of global manufacturers.

Current progress and prospects

In October 2013, Inspirit announced that it had concluded an agreement with international technology and product developer, Sentec Ltd ("Sentec") to provide the appliances electrical controls package and the energy management systems for the Inspirit mCHP boiler. 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 every-day consumer products use and report the use of energy.

The Company also advises that it is at an advanced stage of negotiations with a major internationally recognised group to manufacture the key boiler components and manage the final assembly of the entire Inspirit mCHP boiler-generators and boxed ready for domestic and international sales.

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

David Lenigas, the Company's Chairman, commented:

"This agreement secures the resources of Enertek, the independent consultants, to support the design of the heating component of the mCHP boiler-generator and to assist Inspirit in the important approvals and certification process within the planned timescale of achieving full trial units by mid 2014 and commercialisation by the end of this year."

"Since the re-admission to AIM less than six months ago, the board has now successfully engaged with two highly respected internationally specialists in this sector and sees a substantial market for this British company's washing machine sized, high efficiency boiler-electricity generator technology not only in Europe but globally."

Paul Needley, Joint MD of Enertek, commented:

"We are delighted to enter into this agreement, continuing our relationship with Inspirit Energy, to deliver the heating element of their mCHP appliance.  Our business specialises in designing, developing and acquiring Certification for gas appliances and we view the mCHP market as an emerging technology with excellent potential for reducing carbon emissions whilst providing security of energy supply at periods of peak demand.

For further information please contact:

Contacts:
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	[phone]

Notes to the Editors:

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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