REG - Inspirit Energy Hlds - Operational Update

Inspirit Energy HoldingsAnnouncement

14/08/2023 07:00

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RNS Number : 1386J  Inspirit Energy Holdings PLC  14 August 2023

14 August 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
from our internal testing that the unit could produce up to a 30% performance
enhancement on certain commercial engines, consequently reducing CO2
emissions.

After the successful Stage two build and testing was complete under varying
scenarios, each for a duration of approximately one hour, the unit provided
consistent performance with peak output reaching 97kw.

At our recent test visit to our facility in Poland, we identified external
manufacturing errors in one component part of the WHR system, this component
having been specially manufactured with new heat retaining coatings for the
drive that powers the Helix Accelerator, to deliver output of over 130kw.
 This item has a long lead time for delivery as it needs to be manufactured
and tested before installing and proceeding with the final testing of the WHR
unit. Although this has caused delays whilst we secured alternative sources to
manufacture this component, we are pleased to report that this component is
now in design with the manufacturer confirming with confidence that it will
meet the system requirements.   During this period the team have continued
to carry out longevity testing on stage one and two of the WHR system and it
is now projected that should be completed by the 1st quarter of 2024.

Inspirit has also attracted interest to retrofit the Inspirit WHR appliance to
a number of industrial engines for Combined Heat and Power (CHP) applications
such as CAT, Jenbacher or Guascor gas engines. These engines modules are
typically configured for the recovery of both electricity and heat via a
cogeneration configuration and it is anticipated that the Inspirit engine
could provide in excess of an additional 100kw of power from waste heat
recovery, outperforming current WHR alternatives available in the market.

The Company is in discussions with potential strategic technology partners
with experience in the CHP market and will announce any agreed collaboration
once we have finalised budgets and timings.

John Gunn, Chairman, commented: "The board of Inspirit has previously
mentioned and still have 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. The market for
industrial applications is another exciting market, with the growing pressure
for industrial groups to decarbonise operations and drive energy efficiency
whilst reducing the reliance on fossil fuels.

 

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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