(ShareCast News) - Inspirit Energy's full year losses narrowed as it made progress developing a micro combined heat and power (mCHP) boiler.The company is developing a boiler the meets the challenge of reduced carbon energy supply and is run on natural gas, LPG and bio fuels. So far a prototype of the appliance has been independently tested and has shown to be capable of generating up to 15 kilowatts of thermal and up to 3 kilowatts of electrical output.For the year ended 30 September the company, which is pre-revenue, reported that its loss after tax narrowed by nearly 20% to £458,000, compared to last year.Net asset value increased 34% to £2.5m, while its market capitalisation rose 6% to £3.55m.During the year it made an application in the UK and in the EU to trademark the product name Inspirit Charger and tested its first Inspirit Charger microchip appliance for field use.It said that it recognises the risks and uncertainties with early stage product development and has made investments in opportunities in the renewable energy sector.The company raised £365,000 through the issue of 77.6m shares at 0.47p each and raised £790,000 through 158m shares at 0.5p each, which it said is sufficient for operating forecasts, but further funding would be needed to expedite the commercialisation of the micro co-generation boiler.At 30 June the company had a cash balance of £250,000, net current liabilities of £178,000 and net assets of £2.26m.Chairman and chief executive John Gunn said: "The progress over the last year has been extremely positive. We are well positioned at the forefront of mCHP boiler technology and I firmly believe we will continue to make great progress in 2017 and beyond, in achieving our goal of technological commercialisation."Shares in Inspirit Energy were down 15.74% to 0.160p at 0911 GMT.
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