Member Info for observer842

Oh, and look - gas prices down: electricity prices up: "No excuse for energy price rises, says Ofgem" (19 January 2017) http://www.bbc.co.uk/news/business-38681378 === EDF cut gas prices by 5.2% on 6 January but will raise electricity prices by 8.4% on 1 March. ===

Come on INSP - those are great articles which I want to see more of! Better publicity needed though - I'd pretty much forgotten about them until searching for whether we could run on Hydrogen - of course we can! ;-) Ob.

Well worth a (re)read of our 5 "Inspirit Uncovered" blogs: http://www.inspirit-energy.com/story/blog-inspirit-uncovered "Why would anyone want a combined heat and power boiler?" (September 08, 2015) http://www.inspirit-energy.com/article/3042222-why-would-anyone-want-a-combined === But, I hear you say, why would anyone want a CHP boiler anyway, if modern boilers are already so efficient? The answer is very simple – it’s all about the electricity. === "A building block of the ‘smart city’" (January 13, 2016) http://www.inspirit-energy.com/article/3051461-a-building-block-of-the-smart === The Inspirit Charger, in common with other microCHP appliances, generates in response to heat, which is easy to store. The timing of peak heat demand tends to reflect peak electricity demand, making the electricity from an Inspirit Charger much more valuable than electricity from solar PV panels. This means that, with some intelligent controls, microCHP can respond to peaks in demand for electricity and help to keep those peak costs low. Sometimes that demand will be limited to the business or building in which the Inspirit Charger is installed, whereas at other times being part of a wider community will be more advantageous. === "MicroCHP and battery storage – a powerful combo?" (March 14, 2016) http://www.inspirit-energy.com/article/3108600-microchp-and-battery-storage-a === The Inspirit Charger generates electricity at the same time as heat. The overall efficiency is in excess of 90%. This means that the cost of the electricity, assuming all the heat is used, is only around 10% more than the cost of gas. Given that gas can be purchased domestically now for as little as 2.25p/kWh, this means that the cost of electricity produced by the Inspirit Charger is just 2.5p/kWh in terms of gas use, more than four times cheaper than electricity from the grid. Once installed, it makes perfect sense to ‘refuel’ a Tesla with an Inspirit Charger, particularly since the Inspirit Charger can run overnight, which is just when the Tesla is likely to be charging. === "The Future Of Gas" (April 08, 2016) http://www.inspirit-energy.com/article/3138700-the-future-of-gas === In the longer term, Stirling engines are supremely fuel flexible, as they are powered by heat and not directly by gas. That means that any fuel which produces heat can be used to drive a Stirling engine. === "What does ‘Brexit’ mean for Inspirit Energy?" (July 08, 2016) http://www.inspirit-energy.com/article/3261186-what-does-brexit-mean-for-inspirit === Even better, the fall in the value of sterling makes our products more financially attractive abroad in markets such as Europe and North America. === Come on INSP - those are great articles which I want to see more of! Better publicity needed though - I'd pretty much forgotten about them until searching for

Nice find @stag1974. I was just about to congratulate you on a very good summary of the paper, until I got to the end and realised it was their summary! ;-) Since that paper (June 2011) hydrogen has started to take centre-stage re de-carbonising the gas networks. e.g. the Leeds pilot: "Leeds City Gate" (July 2016) http://www.northerngasnetworks.co.uk/wp-content/uploads/2016/07/H21-Executive-Summary-Interactive-PDF-July-2016-V2.pdf === The H21 Leeds City Gate project is a study with the aim of determining the feasibility, from both a technical and economic viewpoint, of converting the existing natural gas network in Leeds, one of the largest UK cities, to 100% hydrogen. The project has been designed to minimise disruption for existing customers, and to deliver heat at the same cost as current natural gas to customers. The project has shown that: - The gas network has the correct capacity for such a conversion - It can be converted incrementally with minimal disruption to customers - Minimal new energy infrastructure will be required compared to alternatives - The existing heat demand for Leeds can be met via steam methane reforming and salt cavern storage using technology in use around the world today === and more recently Scotland's draft climate change plan: "DRAFT CLIMATE CHANGE PLAN: The draft third report on policies and proposals 2017-2032" (January 2017) http://www.gov.scot/Resource/0051/00513102.pdf === 1.3.4 Some of these alternative energy sources may, for example, have the potential to reduce both the cost and the delivery barriers of policies or proposals in the current draft Plan, such as the replacement of natural gas by 100% pure hydrogen for space heating in some areas of the gas network. === The Leeds report is very thorough regarding the pro's and con's of hydrogen vs natural gas. Section 5.6.3 of the full report covers generating electricity from Hydrogen via fuel cells - but no mention in all of its 382 pages of Stirling Engines or batteries - which, as far as I can see, make this approach a more attractive, efficient, proposition than fuel cells alone which are about 60% efficient at producing electricity + 20% heat (likely wasted) ~ 80% total. Compared to our 90% useful total. I think it's the ability to store the energy in batteries with a round trip efficiency of around 5-10% (or used immediately or sold back to the grid), which most analysts aren't factoring in when considering the total cost of ownership benefits of Stirling Engines. They will... And of course - our Stirling Engine can run on Hydrogen: "The Future Of Gas" http://www.inspirit-energy.com/article/3138700-the-future-of-gas === If projects such as the Leeds city gate hydrogen project take off, then our Stirling engine could be adapted to run on hydrogen. === We are very well placed IMHO! ;-) Ob.

Some more research on renewable power to seasonal gas storage: "Power-to-gas: The other storage solution" (September 2, 2016) http://energydesk.greenpeace.org/2016/09/02/power-gas-storage-solution/ === Essentially, power-to-gas is about making the most of renewable energy. “Sometimes it’s hard to take that electricity – especially from renewables like solar and wind – down wires that are already full,” Professor Nigel Brandon, Director at the Sustainable Gas Institute at Imperial College, told Energydesk. “It is an option, therefore, to turn that power into gas and carry it down pipes instead.” === Lots of other interesting titbits in that article. A recent paper on improving the efficiency might also be of interest: "Renewable Energy Storage System Based on a Power-to-Gas Conversion Process" (November 2016) http://www.sciencedirect.com/science/article/pii/S1876610216313170 === The increasing penetration of renewable energy generation in the electric energy market is currently posing new critical issues, related to the generation prediction and scheduling, due to the mismatch between power production and utilization. In order to cope with these issues, the implementation of new large scale storage units on the electric network is foreseen as a key mitigation strategy. Among large scale technologies for the electric energy storage, the Power-to-Gas solution can be regarded as a long-term viable option, provided that the conversion efficiency is improved and aligned with other more conventional storage alternatives. In this study, a Power-to-Gas storage system is investigated, including as main components a high-temperature electrolyzer for hydrogen generation and a Sabatier reactor for methane production. === The point is that despite the increased production/harnessing of energy from renewable sources, it's quite likely, as JG predicted, that mCHP could play a large part in the solution of the next decade! Why the silence from the board? Place your bets... ;-)

Whilst I'm thinking about it... According to: "Gas Ten Year Statement" (November 2016) http://www2.nationalgrid.com/UK/Industry-information/Future-of-Energy/Gas-Ten-Year-Statement/ === Storage Many new storage sites have been proposed over the last ten years and there are currently plans for nearly 9 bcm of space, both for medium-range fast-cycle facilities and for long-range seasonal storage. ... Table 5.4A: Existing UK Storage: 4.7bcm Table 5.4B: Proposed Storage: 8.7bcm (This list is in no way exhaustive; other storage projects at times have been detailed in the press.) === bcm = Billion Cubic Metres, and equates to 3.9*10^16 Joules or: 10.8TWhr To put this into context from Table 5.3A the existing UK import infrastructure is 152bcm/y. According to: "Power to Gas" https://en.wikipedia.org/wiki/Power_to_gas turning (excess) electricity into gas for (primarily seasonal) storage isn't *currently* particularly efficient (~50%), but if the energy can't find a more economically productive home to be used or stored, then the stated efficiency doesn't really matter: if the energy would go to waste, then surprising as it may sound, even 10% could be economically acceptable if the total cost of ownership of the project worked out to be better than the alternatives. For example, even at seemingly ridiculously small conversion efficiencies, it could be that gas which has been created this way (from the Carbon in the air and Hydrogen in water) might find its way into the existing gas storage infrastructure in *preference* to imported gas - this would be a nice tick in the Green box to boot! ;-) At 50% efficient I suspect that long term seasonal energy storage will eventually be batteries at ~95% efficient, but then again, gas can be stored in "empty" space, whereas for batteries... TCO vs TCO - it could be a close one! Just musing - happy to elaborate on any points if I'm going too fast... ;-) Ob

Energy independence and the security and cost benefits this affords, enabled by local generation, micro-grids and smart metering is the name of the game. The solution will be country specific, but during the multi-decade transition period for countries with existing national gas networks - gas will very likely continue to play a large role: the sunk cost is just too large for a beefed up electrical grid to compete with: it's about the "transmission costs". Put simply: during the transition period it will pay to locally generate and store electricity, optionally selling it on to the micro-grid when price is highest. Eventually - several decades from now, batteries will have very high energy densities and low cost, and Solar will be so cheap that pretty much all countries can spec for the winter months: the excess energy in the summer months will find a home - that I am sure of! Before then, and perhaps even then, it could very well make sense to convert excess energy into gas and store that "locally" (city/county), for use in the winter months: *currently* much cheaper than big batteries. In summary - we've got a couple of decades window to get this technology onto the market and sold to all existing large buildings with gas: newer buildings are much less likely to have gas installations in the near future for various reasons. If we can get to market - it *should* be in pretty much all gas consumer's interests to buy. Should! Now come on INSP - get a move on! ;-) Ob.

That's certainly the intention @Scratch_Golfer! Inspirit *charger* ;-) Perhaps that point hasn't been spelt out sufficiently enough? I understood why it was called a *charger* straight away, and had a little smile at the time, but your question makes me wonder if everyone else did? Just one more reason which makes what we have quite attractive, and further lowers the total cost of ownership and break-even payback times! I'm pretty sure the CIBSE report will factor this advantage in - where batteries weren't considered in the carbon trust's report in 2011 (from what I remember!) In case it isn't obvious - locally generated electricity from gas is pretty much a perfect accompaniment to locally generated electricity from Solar. In the winter months and at night when it is colder with little or no Sun, more gas is required for heating purposes. i.e. EV and stationary batteries will be predominantly charged by the Sun when Sunny - and by gas when not. That's my view at least! ;-) Ob

Either way, with around 30m shares he stands to gain significantly if we can get back into the single, then double digit pennies! ;-) @10p = £3m. And warrants @0.5p? Ob.

Absolutely @Scratch_Golfer. *If* we can raise the necessary funds to get this to market, this could be lucrative $$$. @DavidLenigas 9:43 am - 4 Jan 2017 === I predict this will be the year for Inspirit Energy @inspiritenergy and it changing the world to a much better greener place. Less CO2. === Personally I wouldn't want to bet against those in the know and more than capable of arranging the necessary funds if they have a vested interest and believe we are onto a winner. Now, remind me again how many shares DL has...?: I believe 6,000,000 whilst he was a director. And then from this year's annual report: === During the year the related party short term loan owing to David Lenigas, the former Chairman of £50,000 was settled by the issue of shares in July 2015. In addition a further £75,000 was provided by Mr Lenigas during the year and settled by the issue of shares in May 2016. === "Placing and director deals" (17 July 2015) http://www.inspirit-energy.com/investors/rns-news-detail.html?id=13275432 === Inspirit Energy Holdings plc, the AIM listed developer of micro combined heat and power boilers, is pleased to announce that it has raised £365,000 through the placing (the "Placing") of 77,659,570 ordinary shares of 0.1 pence each in the share capital of the Company ("Ordinary Shares") at 0.47 pence per Ordinary Share (the "Placing Shares"). ... David Lenigas will also participate in the placing by converting an existing loan of £50,000 into Placing Shares. === So about 10.6million from that and: "Placing and director deals" (17 May 2016) http://www.inspirit-energy.com/investors/rns-news-detail.html?id=13372300 === Inspirit Energy Holdings plc, the AIM listed developer of micro combined heat and power boilers, is pleased to announce that it has raised £750,000 through the placing (the "Placing") of 150,000,000 ordinary shares of 0.1 pence each in the share capital of the Company ("Ordinary Shares") at 0.5 pence per Ordinary Share (the "Placing Shares"). For every two Placing Shares they subscribed to, placees will also receive one warrant over Ordinary Shares ("Warrant") valid for 12 months from the date of issue exercisable at 0.5p per Ordinary Share. === 15 million from that - for a grand total of around: 6 + 10.6 + 15 = 31.6million. According to: "Number of Securities" (7 Dec 2016) http://www.inspirit-energy.com/uploads/results_reports_presentations/1483098697-a75cfa2fb6552ea57/AIM%20Rule%2026%20Capital%20Structure%207th%20December%202016.pdf === 936,806,859 ordinary shares === 31.6/936.8 = 3.37% Since his name isn't listed for those who hold more than 3% we can conclude he must have sold some shares to take his holding below 3%. or he's forgotten to notify the market... Either way, with around 30m shares he stands to gain significantly if we can get back in

@Scratch_Golfer: I meant to address this concern of yours earlier: "I would say the only sticking point in my mind would be the upfront cost of this type of boiler as oppose to a standard one" The answer is quite obvious if you think about it ;-), and has already been mentioned here: "On the cusp of cogeneration commercialisation & trading at a fraction of replacement IP cost" (13th June 2016) http://www.alignresearch.co.uk/wp-content/uploads/2016/06/Inspirit-Energy-Align-Research-13th-June-2016-Final.pdf === The offering of lease finance in the future is an important aspect as it removes the payback period analysis for customers and could offer them immediate savings. === The key word above is *immediate* savings. That is crazy if you think about it. Why *wouldn't* you want a product which pays for itself within 5 years, and then continues to save you money over it's life time? ;-) e.g. pessimistic case of small commercial no FiTs: === Electricity output:: 3kW First year saving: £2,082 Installed price: £11,500 Payback (years): 4.9 === Say you arrange to borrow £11,500, with a payback of £1800 per year over 7 years (total: £12,600). Each and every year, the machine would pay for itself (~£300 a year), and after you have paid the load off after 7 years you are saving ~£2000 per year for the remainder of the boilers life. In practice it would be more economically sound to go for a shorter payback (4 or 5 years), but I thought I'd make the point... ;-) Ob.

Those who are generally concerned with comments like 'Inspirit and its predecessor have been trying to flog this boiler technology for almost a decade' should take a read of the company history, where I've swiped the last decade or so: "Our History: The story behind how we developed our micro combined heat and power solution" http://www.inspirit-energy.com/who-we-are/our-history === 2003 - First Trial Stage Technology acquired by Disenco UK for development for the UK market for domestic and commercial building applications. Through collaboration with leading UK engineering partners, including Prodrive, Enertek and Sentec, the product reaches the first trial stage. 2006 - Trial Stage Successfully Completed The product is successfully trialled over a 15 month period in association with The Carbon Trust. 2011 - Inspirit Energy plc is formed Inspirit Energy plc is formed to complete product commercialisation and certification to GAD and other EU product standards. === The 2006-2009 TSX sedar news announcements from Disenco make interesting reading: http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00023999 The Carbon Trust MCHP report which "we" took part in is at: "Micro-CHP Accelerator: Final report – March 2011" https://www.carbontrust.com/media/77260/ctc788_micro-chp_accelerator.pdf?CommunityId=6733 === The Carbon Trust’s Micro-CHP Accelerator has demonstrated that this technology can achieve significant carbon savings against alternative heating systems in both domestic and non-domestic buildings, particularly when the demand for heat is high and consistent. But a number of challenges remain, including reducing costs, increasing efficiency and optimising installation and controls. === Now this is the important point: the *current* iteration of our product significantly addresses several issues identified in the report: === Increasing electrical efficiency The economics of micro-CHP systems can be improved further by increasing the amount of electricity generated for a given amount of gas burned, as electricity has a higher value than heat. For example, a realistic increase in the electrical efficiency of a typical Stirling engine micro-CHP system from 6% to 9% would roughly halve the payback period === The current Inspirit Charger has been demonstrated to have an electrical efficiency of 16%! Additionally, the "Sealed for life" nature of the engine (warranted for 6 years), significantly reduces maintenance costs. The report concluded the payback times for most MCHP were likely in the decades - we are now looking at less than 5 years - *without* feed-in tariffs, and potentially as low as 3 with. http://www.alignresearch.co.uk/wp-content/uploads/2016/06/Inspirit-Energy-Align-Research-13th-June-2016-Final.pdf So I ask again - what is not to like about this company? On the cusp of something great I say! Probably... ;-) Ob.

I missed this first time through the annual reports: "Audited results for the year ended 30 June 2016 and Notice of AGM" (30 December 2016) http://www.inspirit-energy.com/investors/rns-news-detail.html?id=13506887 === During the year the related party short term loan owing to David Lenigas, the former Chairman of £50,000 was settled by the issue of shares in July 2015. In addition a further £75,000 was provided by Mr Lenigas during the year and settled by the issue of shares in May 2016. The implied interest rate on the loan is zero per cent. Mr Lenigas also invoiced the Company, £30,000 during the year for consultancy services. The amount owed to Mr Lenigas at the year end was £nil. === So clearly DL does know more than us still being in the service of the company, but whether he still owns any shares I doubt we can know. I wonder if he managed to get his hands on any of the warrants since: "Placing and director deals" (17 May 2016) http://www.inspirit-energy.com/investors/rns-news-detail.html?id=13372300 === For every two Placing Shares they subscribed to, placees will also receive one warrant over Ordinary Shares ("Warrant") valid for 12 months from the date of issue exercisable at 0.5p per Ordinary Share. === I think it's going to be an interesting month - a gamble to be sure: is it game over for INSP (rinse and repeat in another company?), or do we get to take this product to market in INSP without significant loss of value to existing shareholders? Place your bets! Oh, and I almost forgot I spotted this in the annual report: === COMMUNICATIONS WITH SHAREHOLDERS Communications with shareholders are given a high priority. In addition to the publication of an annual report and an interim report, there is regular dialogue with shareholders and analysts. The Annual General Meeting is viewed as a forum for communicating with shareholders, particularly private investors. Shareholders may question the Executive Chairman and other members of the Board at the Annual General Meeting. === Ob.

Good spot @RABGBR: I thought I'd check out that thread on twitter (I believe nothing until seen with my own eyes...): and you'll be pleased to know I found these tweets from DL - in chronological order 9:43 am - 4 Jan 2017 === I predict this will be the year for Inspirit Energy @inspiritenergy and it changing the world to a much better greener place. Less CO2. === 9:57 am - 4 Jan 2017 === @DMacMe2007 @inspiritenergy I'm meeting John Gunn in 10 mins. === 12:29 pm - 4 Jan 2017 === @brighouserecord @DMacMe2007 @inspiritenergy John Gunn and I know this is going where we originally planned. Change the world. === Other people also contributed to the thread. Check it out if it's your thing. Of course, the weight one puts in these comments is completely subjective - but I'd say it's *some* communication from those in the know, and DL certainly *was* in the know, not sure how much he is involved and knows about INSP now, but probably more than all of us put together! ;-) Cheers again. Ob

@steven49 - as part of my due diligence in one of the other companies I'm invested in, I have done significant research into current and likely future energy markets - listen to the most recent talk by Tony Seba to get a feel for what is *very* likely to happen over the coming two decades (IMHO). Think solar + batteries + electric vehicles. I'm invested here because I see a very likely synergy with future energy demands/supplies and what INSP brings to the table: I'll likely go into the details at some point when I have more time, but briefly: in countries with an existing gas network it will very likely be attractive to season shift excess summer sun generation to the winter months by storing it as gas. Then in (predominantly) winter months, this gas is fed through the existing gas network and turned back into heating and electricity - which is immediately used or charges local batteries. It's a multi-page post if I get going, especially if I get my calculator out! - I'll do it at some point... The point is, I don't believe the existing gas infrastructure, which has an inherent sunk value, will be discarded any time soon *because* of the seasonal nature of solar - well, not in the next few decades. Oh, and if there are any REM holders reading this - of course I still believe batteries, and all that lovely Lithium, will be used for minute/hourly/daily/weekly load shifting! Ob.

@James_cleeve73 === 'Inspirit and its predecessor have been trying to flog this boiler technology for almost a decade' === We haven't been trying to flog anything for almost a decade: as mentioned in recent RNS's "A prototype of the appliance has been independently tested and shown to be capable of simultaneous generation of up to 15kW thermal and up to 3kW electrical output." - you can't flog a prototype. Well you can, but... Of course in some sense you are correct - there are certain patented aspects of the technology that we could "flog" (well licence) - from the bottom of recent RNS's: === Inspirit intends to explore opportunities to license out the underlying technology and the Directors believe that, in some instances, the patents owned by Inspirit may be also used in the development of products other than a mCHP appliance. === that is quite exciting in itself, but what I'm focussing on here is the commercialisation of the Inspirit Charger, which is, or at least should be, just around the corner. You may read silence as nothing is happening, I read it as those getting on with doing what they said they would do. Admittedly we were aiming for commercialisation in 2016, but what's a few weeks, ahem, months, (or perhaps a little longer!), in the grand scheme of things? ;-) Ob.

@Scratch_Golfer: I couldn't agree more about engagement. I get the impression there was a big push early summer, and then nothing since, a bit strange really: perhaps we didn't engage with *them* sufficiently!? Apologies if so. I'm prepared to engage now if that helps...! ;-) In terms of news though - I suppose they have just released the annual report which contained a nice summary of the year's progress, and a few clarifications (for me at least!) And although you have to take positivity from any Chairman with a pinch of salt - I have no reason not to believe the following: " FOR THE YEAR ENDED 30 JUNE 2016" (30 December 2016) http://www.inspirit-energy.com/investors/results-reports-presentations http://www.inspirit-energy.com/investors/rns-news-detail.html?id=13506887 === This has been another progressive year for the Company where our mCHP boiler is getting closer to commercialisation. The Company has during the period widened sales and marketing as part of the process of ensuring that our distribution partners are in place ahead of commercial launch. ... The progress over the last year has been extremely positive. We are well positioned at the forefront of mCHP boiler technology and I firmly believe we will continue to make great progress in 2017 and beyond, in achieving our goal of technological commercialisation. === In fact, I don't think I've read much particularly negative from INSP at all - obviously there have been implied delays, but this is usual for a company trying to bring new tech to market. I've got a few niggles and questions I'll get round to asking at some point if I'm not beaten first - go on: let's get negative - perhaps they're nothing; trivial; or easily explained, and we'll all feel better for airing them! ;-) Ob

One step at a time @Scratch_Golfer! ;-) I believe the plan is to focus on the SME market first with the Inspirit Charger 3.0: 15kW of thermal; 3kW of electric! With an efficiency of 92% (76% thermal + 16% electrical) this product should be a very attractive proposition in countries with existing gas networks - and If we can get the 3.0 out into the market and ramp up production of that, economies of scale should kick in to drive down the break-even pay back number of years by the time the 2.0 is launched and ramping up production: sky truly is the limit then! ;-) Of course it would be nice if we got a tweet or two, letting us know everything was broadly on track! For anyone wanting to find out more about payback times, especially compared to rival ICE systems: take a look at page 6 and 7 of: "On the cusp of cogeneration commercialisation & trading at a fraction of replacement IP cost" (13th June 2016) http://www.alignresearch.co.uk/wp-content/uploads/2016/06/Inspirit-Energy-Align-Research-13th-June-2016-Final.pdf === The Inspirit Charger is expected to have a faster payback period compared to rival Internal Combustion Engine (ICE) based mCHP systems. This is largely because ICE appliance s require specialist engineers for their installation and thus incur additional costs. ... The Inspirit Charger has been designed for volume manufacture so o ver time, as manufacturing is scaled up, the purchase price of the Charger is expected to fall, thus improving the economics of purchase and shortening the payback period. === Have you any other niggles - let's get everything out in the open, and hopefully if we can't address them on here - the company might be able to address them: I'll be surprised if at least someone doesn't read the board every so often: very little excuse with such a low volume board! and for all we know they might be as baffled as I am as to why this company isn't attracting more shareholder engagement and attention. Come on: what's on everyone's mind? I've got a few remaining niggles/questions, but I'll let others have a go first. ;-) Ob.

@Theanalyzer === No - it is almost out of cash so a dilutive placing is on the way === There is a difference in magnitude between keeping the company funding as a going concern whilst the technology is demonstrated in the field, and raising funds to take it to production. @Theanalyzer === Register with a bucket shop or two to buy cheap at placing if you want to get in cheap === When it comes to raising funds for commercialisation - I'm behind Align Research's sentiments: "On the cusp of cogeneration commercialisation & trading at a fraction of replacement IP cost" (13th June 2016) http://www.alignresearch.co.uk/wp-content/uploads/2016/06/Inspirit-Energy-Align-Research-13th-June-2016-Final.pdf === Shares trade at a large discount to costs required to develop the mCHP technology Inspirit's current market capitalisation of £3.89 million represents just a fraction of the money spent on developing the technology over three decades. Competitors have spent sums in the tens to hundreds of million pounds on their technologies, which gives some idea of the cost of development from scratch (and not considering the time involved). Consequently, we believe that the company may be attractive to competitors given this commercial consideration. As John Gunn holds a major stake he has influence to extract a decent price and we doubt it is anywhere near the current valuation. === And please bear in mind that assessment was made at 0.41p! ;-) @Theanalyzer === Inspirit and its predecessor have been trying to flog this boiler technology for almost a decade === Must be close to cracking it this time...! ;-) What makes you think they haven't cracked it this time, given all the information provided over the past year? Seriously - I do have some unanswered questions, but nothing you have said has convinced me that at this price this share might be a good "gamble"! - and besides, you can say what you said at any share price - it's a bit... vacuous: I'd appreciate some serious engagement and analyse on here. Silence is my biggest concern at the moment - although I suppose they have just said quite a lot in the annual report... but I want more - and more frequent! ;-) Ob

So if we go with the estimate of 20,000 units sold in 2020/21 with a revenue of £88m and Gross profit of £34m - using an earnings based multiplier of somewhere between 5 and 10, we get a valuation of the company of somewhere between £170m and £340m. It's likely we'll have more shares in issue by then, unless we are able to get an appropriately sized loan to fund the growth of the business to production of course. Assuming we do have the same number of shares in issue (936,806,859) this is a potential share price of between 18 and 36p. And 20,000 units a year is just for starters in an addressable market size of around 1m units a year (from the investor presentation) out of a total market size of around 9 million in Europe: "SHAREHOLDER EVENING" (Tuesday 14 June 2016) http://www.inspirit-energy.com/uploads/results_reports_presentations/1466771713-8fa65337e2bde322e/Inspirit%20Energy%20Plc%20-%20Investor%20Presentation%2014%20June%2016.pdf I can now see why John was getting quite excited towards the end of the youtube video I linked to yesterday: "CEO Interview: Inspirit Energy’s game changing appliance for markets" (26 Jul 2016) https://www.youtube.com/watch?v=KTMYDUJnflE - he must be quite frustrated with the development of the share price since - unless he's planning on buying more, or a low share price suits his plans to bring the product to production... Ahem. Forever a cynic. Regardless, even a significant dilution at these prices would still enable a multibagger from here. If you believe we've got a product the world (well, Europe at least) wants that is! I do... ;-) Come on John, let's be having you. What's going on!? Ob.