LONDON (Alliance News) - Inspirit Energy Holdings PLC Tuesday said it has raised GBP250,000 before expenses by issuing about 11.4 million shares through a placing, funds it will use to provide it with working capital as it moves closer to bringing its new boiler to the market.
The AIM-listed company, which is trying to develop a so-called mCHP boiler that will heat homes but could also produce enough electricity to power an average home, said it issued the shares at 2.2 pence each, a 15.8% premium to Monday's mid-market closing price.
"This placing provides additional working capital with minimum dilution to shareholders, with the aim of meeting our objectives of having substantive trials and UK and EU certification completed later in the year," David Lenigas, chairman, said in a statement.
The Inspirit micro Combined Heat and Power appliance, the size of a conventional washing machine, is capable of generating up to 15 kilowatts of thermal and up to 3kW of electrical output at the same time. Inspirit says this is about 3 times the electrical output of similar appliances available in the global marketplace.
On Monday, Inspirit said it has signed a strategic agreement with UK residential care provider the Caring Homes Group, which will install the first boiler-generators when trial units become available for key customer testing and verification around the third quarter of the year.
Last month, it appointed Malvern Boilers as the manufacturer of the boilers.
Inspirit shares were Tuesday quoted at 1.90 pence, flat.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Inspirit Energy (INSP)