(Alliance News) - Shares in Inspirit Energy Holdings PLC jumped on Monday, as it said that its waste heat recovery system has achieved record output in the first stage build test period.
Shares in the London-based heat and power appliances manufacturer were up 40% to 0.041 pence each in London on Monday morning.
The waste heat recovery system is a major component in the application for the Volvo Marine engine. The unit, which is being built and tested in Poland, recycles waste heat exhausts and converts it to energy.
Back in March, Inspirit said that given its proximity to Ukraine, it was experiencing some import/export challenges in relation to shipping equipment and components. This caused a delay in the Volvo Marine application.
On Monday, Inspirit said that the unit has provided the highest recorded output of over 30 kilowatt in the first stage build test period. The company marked this as "a remarkable achievement in Inspirit's history."
Design & Development Director Paul Booker said: "This is truly ground breaking technology and the application can be applied to marine, waste heat recycling from energy generation, refrigerated transport that uses diesel engines and many more applications."
By Sophie Rose; sophierose@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Inspirit Energy (INSP)