(Alliance News) - Inspirit Energy Holdings PLC on Thursday said it plans to refocus its business on new business sectors, including marine applications of its Stirling engine technology and waste heat recovery.
The London-based company is developing and commercialising micro combined heat and power boilers.
It said its loss narrowed to GBP240,000 in the financial year to the end of June, compared to the GBP264,000 loss reported a year earlier, amid reduction in operating expenses. It reported no revenue in either year.
During the recent year, Inspirit Energy said it has maintained its focus on the application of the Stirling engine in various sectors as well as progressing the commercialisation efforts of its micro combined heat and power boilers, amidst the backdrop of the challenges posed by the Covid-19-pandemic.
Despite market headwinds, the Inspirit Energy said it has achieved a number of significant milestones, including the signing of a letter of support with marine engine manufacturer Volvo Penta for the development of a waste heat recovery system, as well as entering discussions with an undisclosed gasification technology company regarding a possible collaboration.
Looking ahead, Inspirit Energy said the positive progress over the last financial year in the alternative applications of the Stirling technology in the marine and waste heat recovery sectors is strong evidence of the need to refocus its strategic objectives towards these areas.
AIM-listed Inspirit Energy shares were trading down 14% in London on Thursday at 0.060 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Inspirit Energy (INSP)