Operations Update

RNS Number : 1823P

Inspirit Energy Holdings PLC

08 June 2020

 

8 June 2020

Inspirit Energy Holdings PLC

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

Operations Update

Inspirit Energy Holdings PLC (AIM: INSP), the developer of micro Combined Heat and Power (microCHP) boilers is pleased to provide an update on its operations.

As previously announced, during these unprecedented times and given the actions that Global Governments took to control COVID-19,  our European partners assisting with our Inspirit charger went into lockdown and temporarily diversified their manufacturing into producing Personal Protection Equipment (PPE) due to the high demand over Europe and the World.  We have been advised that as the demand decreases for medical supplies and their supply chain for materials recover availability, they will be returning to their normal engineering manufacturing sector and will therefore be able to assist with the testing of our microCHP boiler technology again.  The board will provide further updates on timing in due course.

Again, as referred to in the Interims published on 30 March , our marine partner also went in lockdown mid-March 2020 and has recently opened operations in late May. Whilst both parties recover from lockdown, we continue with our discussions on how we can progress adapting our Inspirit Charger engine on two versions of their marine engines.  The board believe that the "Inspirit Charger " is over 50% compatible for the marine engine application and would reduce considerable time in research and development. The board will provide further updates in due course.

Commenting John Gunn Chairman:

"I am pleased to advise that the team at Inspirit were not furloughed during these unprecedented times and had been working on enhancing materials and efficiencies on the "Inspirit chargers' multiple applications for boiler and marine projects scheduled this year".

There are no additional matters to bring to Investor's attention at this stage.

End

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

More information on Inspirit Energy can be seen at: www.inspirit-energy.com

For further information please contact:

Inspirit Energy Holdings plc
John Gunn, Chairman and CEO	[phone]
Beaumont Cornish Limited  www.beaumontcornish.com (Nominated Advisor)
Roland Cornish / James Biddle	[phone]
Global Investment Strategy UK Ltd (Broker) Samantha Esqulant	[phone]

 

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