Update on product application and the mCHP Boiler

RNS Number : 1847T

Inspirit Energy Holdings PLC

13 November 2019

 

13 November 2019

Inspirit Energy Holdings Plc

("Inspirit" or "the Company")

Update on new product application and the mCHP Boiler.

Inspirit Energy Holdings Plc (AIM: INSP), the developer of micro Combined Heat and Power ("microCHP" or "mCHP") boilers, is pleased to update shareholders on the following progress of the Company.

MARINE DEVELOPMENT

Further to the market update on 26^th April 2019, the Company is pleased to announce that it has taken further steps in applying the Stirling engine application, as developed by the Company for its mCHP boilers, in diversified sectors. To this end, the Company has been invited to demonstrate its Stirling technology to a large scale Swedish Marine engine manufacturer with a view to initiating the successful design, development and testing to produce a unit application for the marine and shipping industry; if successful, such application could generate a significant contact for the Company. To assist in achieving this, the Inspirit team will be demonstrating a 3D model of the redesigned engine and application during January 2020.

POLISH PARTNER COLLABORATION

In addition to the above, the Company has also been in discussions with other parties for the application of the Stirling engine technology and these sectors including solar, renewable and refrigeration and this is a reflection on the wealth of expertise within the Company in relation to the Sterling engine technology.

Regarding the next stage in the manufacturing process of the 6.4kW mCHP with a 15kW thermal output boiler,  the Company has continued with focusing on the improvements to the design of the Company's Inspirit Charger that incorporates the Stirling engine technology; accordingly we have successfully created a smaller prototype of the Stirling engine casting using modern 3 D printing methods with our partners in Poland. This has passed PD 5500/2018 and as a result, has provided a favourable outcome at reduced cost and greater efficiencies.   In 2020 we expect to produce our first unit with the assistance of our engineering partner in Poland. The success of the unit will allow us to have a unit ready for batch production. 

Paul Booker -Design & Development Director comments as follows:

"Inspirit Energy is at a pivotal point in its direction as an R&D company. The development of the Charger with an output of over 6 kW has been a long journey but has been well worth the effort. In the development of the charger, the Inspirit team identified a large range of applications and industry's where our core technology could transpose into and this makes the next phase of Inspirit's development very exciting to be a part off.

The journey with Inspirit has not been as straight forward as we would have liked, but we have learned so much and developed a technology which has many diverse applications. Its core attributes are that it can run on many different fuel types and be incorporated into a variety of applications and industries"

The Company will provide a further update as developments progress.

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]
Global Investment Strategy UK Ltd (Broker) Samantha Esqulant	[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 Biofuels. 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.

 

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