(Alliance News) - Inspirit Energy Holdings PLC saw shares surge on Wednesday, as it said further testing of the heat recovery system in Poland using its new technology resulted in near doubling in the power output.
Shares in the London-based heat and power appliances manufacturer were up 52% to 0.046 pence each in London on Wednesday morning.
Inspirit said the use of its technology, the Helix Accelerator, resulted in a near doubling in the power production achieved to 64 kilowatts, using the same automotive engine as the phase one trial. Regularly, the automotive engine generates a power output of over just 34 kilowatts during the testing weeks.
Inspirit said further testing and development in Poland is planned before the end of this year, with the aim of adding additional enhancements to the waste heat recovery, or WHR, system as part of its proposed phase three trial programme.
It added that the performance of the WHR system and its robustness to date have exceeded the company's internal expectations.
"The board of Inspirit are very pleased with the team's achievements and the progress that has been made to date, particularly with the introduction of the company's Helix Accelerator. The board remains confident that further significant improvements can be achieved," Inspirit said.
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.
Inspirit added: "Thereafter, Inspirit will seek to enter into a trial phase with Volvo Marine. The board are also actively pursuing commercial discussions with other parties that are active in the commercial automotive sector."
By Xindi Wei; xindiwei@alliancenews.com
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Inspirit Energy (INSP)