Late RNS!29 Dec 2021 17:51
Chairman's Statement
Inspirit Energy Holdings plc (Inspirit) has maintained its focus on the application of the Stirling engine in various sectors during the year, and during the last few months of the financial year ended 30 June 2021, COVID 19 restrictions eased and Inspirit had been working with its engineering partners on the fine details of the new Waste Heat Recovery (WHR) system for the application on the Volvo marine engine. Details on the electrical and the main mechanical systems are near completion, and it is hoped that by the end of 2021 all major items of the WHR system will be complete, with a view to having the designs for a full working prototype that can be put into testing and manufacture.
Despite the global slowdown and access to materials, the operating Board believe that the company has maintained a positive progress over the last year in the alternative applications of the Stirling engine and there is strong evidence of the need to refocus our strategic objectives towards these areas that include marine and waste heat recovery. We wait to assess the impact on government's ban on oil and gas boilers on new build property from 2025, but there is no clear outcome with existing households gas boiler heating. It should be noted that this is by no means an abandonment of our MicroCHP boiler technology as over 65% of the technology for the Inspirit charger is applicable to the marine and waste heat recovery applications. The Company is in discussion with an organisation that can modify and re-engineer the heater head that is potentially applicable in the rapidly emerging hydrogen market.
As per prior years, the board are continuing to assess funding options for the development and commercialisation of our products and will continue to demonstrate prudence in our approach to managing our current resources whilst pushing forward with our product development.
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