Last checked at 1 Apr 2015 07:00
1 April 2015
Inspirit Energy Holdings PLC
(AIM: INSP)
Trading Update
Inspirit Energy is happy to announce progress on several fronts which represents significant advance for the business towards its goal of the commercialisation of its Kinematic Stirling Engine-based micro-combined heat and power (mCHP) technology.
The new appliance control and power electronics set for the 2kWe and 3kWe variants have been delivered and commissioned at our Sheffield laboratories by Sentec (our controls development partner). This will allow the delivery of our first production appliance to a major utility shortly. Additionally we will have a demonstration appliance installed in our Sheffield facility for demonstration purposes and further deliveries will continue thereafter to our selected customers.
Manufacturing contracts for production quantities for the control and power electronic set are currently being negotiated and it is anticipated these will become available starting in June 2015.
Non Disclosure Agreements have been signed and there are on-going discussions with several manufacturing partners and a major European utility to explore roll out across Europe and the USA.
We have agreed terms for the appointment of a Sales and Marketing director, who will spearhead our growth in to other territories. We are also in discussion with potential installation partners to provide UK wide coverage for the installation and support of the micro-CHP unit and Heat and Power server packages, which incorporate the micro-CHP unit.
John Gunn, Chief Executive Officer commented: " This news release indicates the substantial commercial and technical progress that Inspirit Energy has made over the last few months and substantiates the exciting prospect of moving to significant Sales, Production and Installations over the coming months"
For further information please contact:
Inspirit Energy Holdings plc www.inspirit-energy.com
David Lenigas, Chairman +44 (0) 207 440 0640
John Gunn, Executive Director +44 (0) 207 048 9400
Nilesh Jagatia, CFO +44 (0) 207 048 9400
Westhouse Securities Limited
( Nominated Advisor and Joint Broker)
Antonio Bossi / David Coaten +44 (0) 207 601 6100
Beaufort Securities
(Joint Broker)
Jon Levinson / Saif Janua / Elliot Hance +44 (0) 207 382 8300
Square1 Consulting
David Bick / Mark Longson +44 (0) 207 929 5599
About Inspirit Energy Holdings Plc
Inspirit Energy Holdings plc, is developing and commercialising a highlyefficient micro combined heat and power (micro-CHP) boiler for thecommercial and residential markets. The boiler is specifically designedto meet the challenge of reduced carbon energy supply and is capable ofrunning on natural gas, LPG and Bio Fuels. The appliance produces hotwater (for tap water or central heating) and electrical outputsimultaneously. The installation can be of single or multipleconfiguration and its high operating efficiency together with the offsetof electricity costs provides a very attractive investment paybackproposition.Inspirit intends to explore opportunities to licence out the underlyingtechnology and the Directors believe that in some instances, the patentsowned by Inspirit may be also used in the development of products otherthan a micro-CHP appliance. A prototype of the appliance has beenindependently tested and shown to be capable of simultaneous generationof up to 15kW thermal and up to 3kW electrical output. Once developmentof the appliance has been completed and commercialised, the Directorsexpect that the appliance will initially be marketed in the UK andEurope and eventually worldwide. Additional revenue streams may bepossible through product licensing, sales of warranties and furtherdevelopment of the product