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(Sharecast News) - Waste heat recovery technology specialist Inspirit Energy updated the market on its waste heat recovery unit on Monday, known as the 'Inspirit Charger', having identified a component defect after a number of successful tests.
The AIM-traded firm said the technology, designed for both marine and automotive applications, had shown promising results in preliminary testing.
According to internal assessments, the Inspirit Charger had the potential to boost the performance of certain commercial engines by up to 30%.
It said that enhancement in performance translated directly into a reduction in carbon dioxide emissions, marking a significant stride towards decarbonisation.
Following the completion of the second stage of building and testing under diverse conditions, the Inspirit Charger reportedly showcased its consistent performance in testing.
Each test, lasting about an hour, indicated that the unit could achieve a peak output of up to 97kw.
However, during a test visit to its Poland facility, Inspirit said an external manufacturing defect was identified in a key component of the waste heat recovery system.
The particular component, developed with new heat retaining coatings, drives the Helix Accelerator and was expected to deliver over 130kw output.
While the discovery of the error had led to some delays in the project, primarily due to the component's long manufacturing and testing lead time, the company confirmed that it had sourced alternative manufacturers.
The new component was currently being designed, and was expected to meet the system's requirements.
Despite the setbacks, Inspirit said it had continued its longevity tests on the first two stages of the waste heat recovery system.
Completion of the tests was expected by the first quarter of 2024.
Elsewhere, Inspirit said its waste heat recovery appliance had garnered attention for potential retrofitting on several industrial engines used in combined heat and power (CHP) applications, such as the CAT, Jenbacher, or Guascor gas engines.
It said those engines, typically designed for co-generating electricity and heat, could benefit from the Inspirit technology.
The company said it believed its engine could generate over 100kw of additional power through waste heat recovery, surpassing other alternatives currently available.
Inspirit said it was actively engaging in dialogues with potential strategic partners experienced in the CHP market.
The company said it was planning to make an official announcement regarding any resulting collaborations after finalising budgets and schedules.
"The board of Inspirit has previously mentioned and still have no doubt that the technology the company has developed could have a significant impact on applications within the automotive industry where manufacturers seek to enhance performance from the recovery and electrification of waste heat," said chairman John Gunn.
"The commercial potential would seem boundless and Inspirit is extremely optimistic about the commercial prospects for the business."
Gunn said that to the best of the firm's understanding, it remained unique in the space at a time where manufacturers of combustion engines were seeking to create more efficient engines for commercial vehicles.
"The market for industrial applications is another exciting market, with the growing pressure for industrial groups to decarbonise operations and drive energy efficiency whilst reducing the reliance on fossil fuels."
At 0939 BST, shares in Inspirit Energy Holdings were down 14.89% at 0.02p.
Reporting by Josh White for Sharecast.com.
