Loan facilities

RNS Number : 3058Z

Inspirit Energy Holdings PLC

10 December 2014

 



10 December 2014

Inspirit Energy Holdings plc

("Inspirit Energy", "Inspirit" or the "Company")

Directors provide £500,000 debt facility

Inspirit (LSE AIM: INSP) is pleased to announce the John Gunn, the Company's CEO, and David Lenigas, the Company's Chairman, have committed to each providing Inspirit Energy with up £250,000 in loan funding over the next six months to continue with the commercialisation of the Inspirit mCHP appliance. The loans are unsecured and carry a coupon of 5% per annum.

John Gunn, The Company's CEO, commented;

"There are a number of exciting initiatives occurring at Inspirit Energy with the commercialisation of our highly efficient mCHP appliance and both David and I thought it more prudent to provide these loans rather than seeking alternative sources of funding at this critical juncture of the Company's growth."

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. 

For further information please contact:

Inspirit Energy Holdings plc	www.inspirit-energy.com
John Gunn, Executive Director	[phone]
Jubeenh Nazhat, Director/Company Secretary	[phone]
Westhouse Securities Limited
Antonio Bossi / David Coaten	[phone]
Beaufort Securities (Joint Broker)	[phone]
Jon Levinson / Saif Janjua
Public Relations:
Square1 Consulting
David Bick / Mark Longson	[phone]

 

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