Replacement - £350,000 Micro-Placing

RNS Number : 5075E

Inspirit Energy Holdings PLC

10 February 2015

 

10 February 2015



The following replaces the announcement released earlier today at 7.00am (RNS Number: 4668E). The contact details for the Company's Joint Broker have been updated. All other information remains unchanged. The full amended text appears below.

Inspirit Energy Holdings plc

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

Inspirit completes £350,000 Micro-Placing

Inspirit (AIM: INSP) announces that it has successfully completed a £350,000 micro-financing in order to maintain the Company's current momentum and objectives of having our highly efficient Inspirit mCHP boiler (15 kW thermal & 3 kW electrical) ready for extensive field trials next month with a number of key Utilities and SMEs in the UK.

This funding will support the Company's working capital needs, whilst Inspirit negotiates with a major global multi national contract manufacturing services company that will hopefully lead to a significant manufacturing agreement being finalized during this quarter, as announced on 9 February 2014.

Inspirit has raised £350,000 (gross) through the issue of 38,888,889 new ordinary shares of 0.1p each in the Company ("Placing Shares") at a price of 0.9 pence per Placing Share via direct subscriptions with the Company (the "Placing").

The Placing Shares will rank pari passu with the Company's existing issued ordinary shares and application will be made for the Placing Shares to be admitted to trading on AIM, which is expected to become effective on 16 February 2015 ("Admission").

Total voting rights:

Following Admission of the Placing Shares, the Company's enlarged issued share capital will comprise 697,847,289 ordinary shares of 0.1 pence each ("Ordinary shares"). The Company does not hold any ordinary Shares in treasury. This figure of 697,847,289 Ordinary Shares represents the total number of voting rights of the Company and may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

John Gunn, the Company's CEO, commented:

"Although the Company is mindful of shareholder dilution through placings, the Inspirit board felt it necessary to complete a micro-financing of this magnitude to enable the production plans of our mCHP to proceed unhindered whilst we negotiate with a very major manufacturing service company over the coming months."

The Inspirit mCHP micro co-generation boiler:

Inspirit Energy's new mCHP micro co-generation boiler is one of the industry's most powerful and energy efficient mCHP appliances for its size with simultaneous generation of up to 15 kilowatts of thermal output and up to 3 kilowatts of electrical output. The appliance's patented engine will take the waste heat from the boiler and convert it efficiently in to electricity; first supplying the installed property and then feeding surplus electricity into the national grid. The appliance to be commercialised will have the flowing specifications:

Table 1: Appliance Data.

Engine drive for electrical	Sterling Engine. Engine has a power piston and a displacement piston running within the same cylinder.
Electrical Power Output	Generates a maximum of 3kW of electricity with 16% net efficiency at 20kW total gas input.
Thermal Output	Up to 15kW at 76% net efficiency with a gas input of 20kW.
Heat to Power Ratio	5:1
Noise Level	50dBA at a distance of 1m.
Weight	Less than 120kg.
Dimensions	650x650x900mm
Water Temp Output	Water temperature output of 45-85oC depending on installation.
Installation	One person installation (gas safe) and electrical connection.
Service	Service interval recommended 12 months in a domestic installation.
CO2 Emissions	Estimated CO2 reduction of 4 tonnes per year per appliance
Current Patents	3 Registered and 5 Patents Pending.

Inspirit's Development Partners:

The Inspirit mCHP appliance consists of 4 key systems, each of which has been designed with the help of engineering partners:

•       Adigo has been instrumental in advising on the remodelling of the original heaterhead and regenerator components of the Stirling Engine design (Inspirits proven prototype) for the final appliance.

•       GE Precision are a key partner in developing the internals of the Stirling Engine with FEA analysis of the Crankcase, Piston and Rhombic Drive Assembly that converts the heat energy into the motion required to generate the electrical output. This is the driving force of Inspirit's mCHP appliance.

•       Sentec have designed the control system including the user interface, diagnostics and management of the supply back into the Grid.

•       Enertek have designed the gas combustion system, heat recovery system and will assist Inspirit in gaining the required approvals certification.

Manufacturing Partners:

•       Malvern Boilers have been chosen as Inspirit's manufacturing partner to build the initial trial units and to bring the product to market when fully commercialized. Malvern's experience in building small batch gas products and their groups of subcontractors are ideal for Inspirit's requirements and they will be in control of the product introduction process and supply chain management.

For further information please contact:

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

 

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