REG - Inspirit Energy Hlds - Operational Update

Inspirit Energy HoldingsAnnouncement

16/03/2023 07:00

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RNS Number : 1259T  Inspirit Energy Holdings PLC  16 March 2023

16 March 2023

 

Inspirit Energy Holdings Plc

("Inspirit" or "the Company")

Operational Update

 

Inspirit (LON: INSP), the waste heat recovery technology and decarbonisation
engineering solutions company, is pleased to provide the following operational
update on the Inspirit Charger that has been designed for Waste Heat Recovery
(WHR) for use in both Marine and Automotive applications. It is anticipated
that the unit could produce up to a 30% performance enhancement on certain
commercial engines, consequently reducing CO2 emissions.

Stage two build and testing should be complete by the end of April 2023 and to
date, a number of tests have been conducted under varying scenarios, each for
a duration of approximately one hour, with consistent performance with peak
output reaching 97kw.

Stage three build and testing should be complete by the end of May 2023, where
the unit is targeted to achieve its intended peak performance of 131kW.

While we have experienced minor delays, the result of extended delivery times
from suppliers of key components, the Inspirit WHR unit has met all our
expectations around reliability and performance.  Discussions are currently
ongoing with both a major automotive group and with an alternative combustion
manufacturer to potentially partner on exciting future developments relating
to the Charger.  In addition, the Inspirit team is also exploring
opportunities to collaborate with other automotive groups, where the potential
exists to achieve the same significant performance enhancements that we have
achieved to date with automotive combustions engines.

John Gunn, Chairman, commented: "The board of Inspirit has no doubt that the
technology the Company has developed could have a significant impact on
applications within the automotive industry where manufacturers seek to
enhance performance from the recovery and electrification of waste heat. The
commercial potential would seem boundless and Inspirit is extremely optimistic
about the commercial prospects for the business. To the best of our
understanding, we remain unique in this space at a time where manufactures of
combustion engines are seeking to create more efficient  engines for
commercial vehicles.

Furthermore, the industrial sector is another requiring urgent solutions for
waste recovery technologies where Inspirit could really apply its WHR
technology. The general consensus is that the world needs to decarbonise low
temperature industrial waste heat to achieve net-zero greenhouse gas emission
targets. Industrial waste heat production represents an opportunity for
reduction in the use of fossil fuels. Energy inefficient processes in addition
to increased emissions raises the cost of plant operation, -an undesirable
scenario for both industrial competitiveness and the environment. The quantity
and potential applications for recovered low temperature industrial waste heat
and the quantification and characterisation of the resource could provide the
needed impetus for the development and adoption of green technologies to help
achieve the 2050 Net-Zero target.  Significant opportunities exist in this
low temperature range for waste heat recovery actions at individual sites.
Research and Development (R&D) into alternative improved methods for waste
heat recovery, storage, and use technologies could also produce significant
positive environmental and industrial impact."

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

More information on Inspirit Energy can be seen at: www.inspirit-energy.com
(http://www.inspirit-energy.com/)

For further information please contact:

 Inspirit Energy Holdings plc
 John Gunn, Chairman and CEO        +44 (0) 207 048 9400

 Beaumont Cornish Limited

 www.beaumontcornish.com

 (Nominated Advisor)
 Roland Cornish / James Biddle      +44 (0) 207 628 3396

 Global Investment Strategy UK Ltd

 (Broker)

 Samantha Esqulant                  +44 (0) 207 048 9045

 

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