LONDON (Alliance News) - Inspirit Energy Holdings PLC Tuesday said that it has signed a more detailed manufacturing partnership agreement with Malvern Boilers Ltd, a move which will see the two companies working closer together to produce initial trial boilers for evaluation sites by the end of October.
Inspirit Energy is developing a heating boiler that simultaneously generates enough electricity to power the average home.
News of the closer partnership comes after a January agreement under which Malvern is to produce the initial volumes of its mCHP boilers.
On Tuesday, Inspirit said that Worcester-based Malvern will spearhead Inspirit's program to deliver the first of its pre-sales units to potential customers and develop a supply chain that will enable the product to be sold at a competitive price.
The date for full production will be finalised when the production of the initial round of boilers is completed and once Malvern evaluates the design for manufacturing so that the lead into full production can be completed in the most cost effective manner.
"This latest agreement with Malvern Boilers has cemented a key building block in the foundations of Inspirit realising its stated intention to launch a market changing product into the energy supply sector. Each customer can look forward to generating a significant amount of power locally and to break the strangle hold of the Big 6 supply companies in the UK," Chief Executive John Gunn said in a statement.
Inspirit shares were Tuesday quoted at 146.20 pence, down 2.2%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Inspirit Energy (INSP)