Senior Management Appointment

RNS Number : 8456N

Inspirit Energy Holdings PLC

21 May 2015

 

21 May 2015

Inspirit Energy Holdings plc

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

Appointment of Paddy Thompson as Sales Director

Inspirit Energy (LSE AIM: INSP) is pleased to announce the addition of Paddy Thompson to the senior management team in the role of Sales Director of Inspirit Energy Limited, Inspirit Energy Holdings plc's 100% owned operating Company.

Paddy joins Inspirit from his previous position as General Manager Business Development with Ceramic Fuel Cells Ltd where he was responsible for the introduction of a leading technology to new markets across multiple geographical regions. Paddy will consolidate Inspirit's approach to gaining a market presence initially in the UK and Europe and develop a strategy for expanding the opportunity into other routes to market by establishing a team of sales professionals and agents to represent the Company in Global territories.  

Paddy has worked in energy for over 10 years including in the mCHP sector for more than 5 years, gaining sales and project related accounts throughout the UK and Europe for CFCL with the BlueGEN product. He has also represented both the business and the industry in influencing the decision making of the UK Government with regard to support for mCHP from the Department of Energy and Climate Change (DECC) under the Feed in Tariff (FiT). During this time Paddy was also a key negotiator with the Building Research Establishment (BRE) for acceptance of the product to SAP (a requirement for the new build market).

Paddy holds ICAEW qualifications as a Corporate Financier and a Charted Accountant while pursuing a career working in the financial sector for James Cowper, Numerica/Vantis and Ernst & Young.

John Gunn, the Company's CEO, commented:

"We are pleased that we are able to secure the services of Paddy who brings a wealth of market and commercial experience in the mCHP sector to Inspirit Energy. He has spearheaded the successful introduction of a recognisable brand into the UK and Europe and built relationships with many of our potential commercial partners. Following the recent appointment of Nick Stevenson as Marketing Director for Inspirit Energy Ltd, the addition of Paddy to the senior management team will form the basis of a concerted effort to maximise the opportunities that the commercial development of the "New Generation" boiler will offer. I am looking forward to working with both Paddy and Nick to share their experience and knowledge of the mCHP industry and the SME sector in particular and I am confident that we can now make significant progress in our efforts to establish Inspirit as a major player in our target markets of the UK, Europe and North America.

Paddy Thompson commented:

"I am delighted to join the team at Inspirit Energy in its key transitional stage to market deployment.   I am looking forward to working with customers and channel partners and to helping Inpirit Energy become a leading force in the market shift towards distributed energy. Inspirit's technology represents a solid platform for exciting opportunities for future sales across all compatible markets. I look forward to being part of the team as we develop and exploit the commercial potential of the Company."

For further information please contact:

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

 

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