Product Update

RNS Number : 1662X

Inspirit Energy Holdings PLC

26 April 2019

 

26 April 2019

Inspirit Energy Holdings Plc

("Inspirit" or "the Company")

Product Update

Inspirit Energy Holdings PLC (AIM: INSP), the developer of micro Combined Heat and Power ("microCHP" or "mCHP") boilers, is pleased to update shareholders following a strategic review of operation and product development.

As set out in the Company's half year report, the Company has been working to advance its microCHP boiler towards commercialisation.

In December 2018, the UK Government introduced legislation which will close the Feed-in Tariff (FIT) scheme to new applicants from 1 April 2019.  The FIT would have provided a subsidy to mCHP boilers and although not applicable to our Charger, this would have had an industry impact on new entrants to the mCHP market.

To this end, the company has been focusing on improvements to the design of the Company's Stirling engine technology and creating a strategic plan for future operations, cost efficiencies and product diversification.

The Company is in the process of moving its facility from Sheffield to Głogów małopolskiin Poland, in collaboration with a European engineering group. We have further been in collaboration with a UK based University, working in conjunction with their technology department to expand the possible applications for the Stirling technology.

Improvements to the current charger includes:

●    Further simplification as part of the 'design for manufacture' ("DFM") process,

●    Enhanced manufacturing processes used in the further development of the Charger, in particular the new casting which was developed using the 3D printing method. Where possible, welding has been removed to reduce welding failure,

●    Unit base & support frame is made from a single bio-degradable plastic composite,

●    Other new composite materials that are awaiting classification, will be used in the manufacturing process.

The above improvements have attributed to:

●    Cost savings achieved across all elements of the charger unit.

●    Electronics will use more cost-effective systems

●    The drive system will consist of a single offset crank, leading to less components and more cost efficiencies,

●    Materials - steel, composite plastic and metal derivatives.

●    Single interface on the boiler that will provide greater ease of use

●    Non electricity grid start reliant that can use a 12 volt start option

The above improvements and efficiencies have provided the Charger with peak electrical output in excess of 6.4kW of electricity during a running cycle of 2,000 hours against the unit's previous output of 3.0kW, whist maintaining 15kW thermal output and a 20% reduction in the size of the appliance to below 800mm.

The Company has also embarked multiple applications for the Stirling technology and have developed schematics for the following projects 

●    Inspirit Marine - currently in discussion with a large car/marine engine manufacturer to develop a unit for the shipping industry with current output of 11.68kw.

●    Inspirit Solar - In-house design, incorporating the new development of our Stirling engine

●    Inspirit Cooler - Refrigeration system

●    Inspirit Motor/ Generator - designed in line with the Inspirit Charger to start the unit & convert electrical output to the grid.

John Gunn CEO and Chairman commented.
"The development work of our engineers has been impressive achieving an electrical output of over 6kw without increasing the thermal output. Such a heat power ratio will significantly improve the potential for commercial success and possible diversification in multiple other applications."

The Company will provide a further update in due course.

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

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]
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 tested and shown to be capable of simultaneous generation of up to 15kW thermal and up to 6.4kW 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

 

 

MSCDELFLKZFLBBB