Product Update: Development Target exceeded

RNS Number : 2486L

Inspirit Energy Holdings PLC

18 July 2017

 

18 July 2017

Inspirit Energy Holdings Plc

("Inspirit" or "the Company")

Product Update: Development target exceeded

Inspirit Energy Holdings PLC (AIM: INSP), the developer of micro Combined Heat and Power (microCHP) boilers, is pleased to announce that a key development target has been exceeded.

As set out in the Company's half year report, the Company has been working to advance its microCHP boiler towards commercialisation. To this end, improvements to the design of the Company's Stirling engine technology, including simplification as part of the 'design for manufacture' ("DFM") process, have resulted in a peak electrical output in excess of 3.2kW of electricity against the unit's benchmark output of 3.0kW, whilst maintaining the same fuel input and heat output.

In addition, the Inspirit Charger has a similar footprint to many existing microCHP products but more than double the electrical output, making it a more attractive proposition in its key launch market of commercial plant rooms.

Importantly, this has been achieved without compromising the Company's "Sealed for Life" philosophy which aims to give customers peace of mind and aligns maintenance requirements and skillsets with those of a standard natural gas condensing boiler.

The DFM process is the means by which the manufacturing cost of the technology is reduced through engineering improvements and through improved manufacturability. The DFM process has already yielded several engineering improvements and manufacturing cost reductions and more are expected. Improved manufacturability leverages volume based cost reductions which will be available once commercial production starts.

John Gunn Commented:

"We are very pleased with this latest proof of the performance capabilities of our Stirling engine technology and we look forward to continuing improvements as part of the DFM process. We expect our technology to be cost competitive with existing microCHP products in the market from commercial launch."

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

Contacts:
Inspirit Energy Holdings plc
John Gunn, Chairman and CEO	[phone]
Beaumont Cornish Limited  www.beaumontcornish.com (Nominated Advisor)
Roland Cornish / James Biddle	[phone]
Peterhouse Corporate Finance (Joint Broker)
Lucy Williams / Duncan Vasey	[phone]
SVS  Securities Plc (Joint Broker) Tom Curran	[phone]

About Inspirit Energy Holdings Plc

Inspirit Energy Holdings plc, is developing and commercialising a highly efficient micro combined heat and power (mCHP) boiler for commercial applications. The boiler is specifically designed to meet the challenge of a 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 license 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.

 

END

 

 

UPDSFLFSWFWSESW