RE: 10 BAGGER INSP!!11 Jul 2024 12:26
Inspirit Energy Holdings plc, the AIM listed developer of micro combined heat and power boilers and waste heat recovery, is pleased announce that is has secured an order to develop and sell an Inspirit Waste Heat Recovery ("WHR") engine ("WHR002") to EQTEC plc, a technology innovator and licensor of waste-to-value solutions.
The contract is to supply one initial unit for £150,000 and an option for a further 10 units at £150,000 each from three years of the date of the agreement. EQTEC is evaluating offering these units as part of its industrial decarbonising solutions for combined heat and power (CHP) to industrial clients and utility companies.
EQTEC plc (AIM: EQT), is a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation. The WHR002 unit is expected to generate up to 130 kWH and would lead to energy efficiency, reduction in carbon output as well as reduction in payback time for the initial appliance investment.
The initial payment will be a non-refundable amount of £95,000 and the balance after 6 months, and these proceeds will go towards the final testing, continuing development and delivery of the unit.
The team at Inspirit are pleased to have received this first commercial interest, and a lot will depend on the performance of the first delivered unit when operating in a commercial, but non-automotive environment. The unit is expected to be delivered to the purchaser by between 1st and 2nd quarter in 2025. The Company will continue to explore further opportunities, particularly within the automotive sector.
David Palumbo CEO of EQTEC commented:
"Industrial decarbonisation technologies, which already have real commercial applications, are critical to achieve the reduction on emissions the world so urgently needs. We see a lot of potential synergies integrating Inspirit's heat recovery technologies in projects that are brought to us inside our client base."
John Gunn- Chairman of Inspirit Energy Holdings Plc commented:
"We are delighted with this endorsement of our technology, and it goes to demonstrate that the Inspirit WHR appliance is suitable for marine, automotive, and light industrial engines, where it can be retrofitted. We look forward to updating you with further developments in due course."