LONDON (Alliance News) - Inspirit Energy Holdings PLC has made a number of major improvements to its main product, it said on Friday.
Inspirit shares were 71% higher on Friday at a price of 0.051 pence each.
Inspirit is currently working on getting its micro combined heat and power boiler, or mCHP, into commercialisation.
In December, the UK government closed the feed-in tariff scheme for mCHP boiler from April 1, which provided a subsidy to developers. This did not affect Inspirit, but did affect new entrants to the market.
Inspirit thus decided to make improvements to its engine technology, and is currently moving its facility to Poland from Sheffield.
Work included simplifying the design, using 3D printing, lowering the use of welding, using a single structure for the unit's base and frame, and also using other composite materials.
This has led to cost savings, as well as a peak electrical output of 6.4 kilowatts against 3.0 kilowatts previously over a 2,000 hour running cycle. They have also reduced the size of the product by 20%.
Chair & Chief Executive John Gunn commented: "The development work of our engineers has been impressive achieving an electrical output of over 6 kilowatt without increasing the thermal output.
"Such a heat power ratio will significantly improve the potential for commercial success and possible diversification in multiple other applications."
Inspirit Energy (INSP)