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Inspirit Energy Hlds (INSP)

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Thursday 17 December, 2015

Inspirit Energy Hlds

Successful completion of internal testing

RNS Number : 3399J
Inspirit Energy Holdings PLC
17 December 2015
 

 

Inspirit Energy Holdings plc 

("Inspirit" or the "Company")

 

Successful completion of internal testing on Inspirit Charger

 

Inspirit, the London AIM (Ticker:INSP) quoted developer of 2 & 3kW electrical, 15kW thermal micro combined heat and power boilers, is pleased to announce the successful conclusion of operational testing on its first Inspirit Charger microCHP appliance for field trial use.

Our first Inspirit Charger has completed more than 1,500 hours of rigorous testing at our Sheffield facility. During this period of testing the Company has sought to demonstrate that the appliance not only meets market requirements but also our quality objective of creating a product that is "sealed for life". "Sealed for life" means that the Stirling engine requires no maintenance during its lifetime and that the appliance as a whole requires no more servicing than is required on a standard modern gas condensing boiler.

Testing proved the performance of the smart electronic controls system, the dry gearbox, the robustness of the helium seals, the simultaneous production of heat and power, the suitability for real world field trials and the overall efficiency achieved which was in excess of 90%. One of our key engineering successes has been the development of a dry (non oil-based) gearbox for our Stirling engine which prevents the leakage of lubrication oil into the main cylinder and greatly extends product lifetime.

The board is delighted to report that the appliance has met or exceeded all internal quality requirements for safety, reliability and durability. This is the successful culmination of many months of hard work by our engineering team. In recognition of this success and commitment, the board has promoted Paul Booker to the senior management team in the role of Design & Development Director of Inspirit Energy Ltd, our wholly owned subsidiary.

The significance of concluding this test phase should not be underestimated given the superior performance of the Inspirit Charger versus the current competition. This coupled with the balanced drive, low noise levels, low maintenance and enhanced durability make this a unique and world-leading product.

The applicable market for this technology is global, either as a boiler replacement product or as an add-on to an existing system. In the UK there are in excess of 20 million gas boilers installed and more than 1.6 million new and replacement domestic gas boilers are installed each year. This is in addition to almost 300,000 commercial boiler installations each year. The whole European boiler market is approximately 10 million installations per year. These are the markets to which our technology is applicable.

At this juncture the company has agreed with Enertek International ("Enertek"), which is based in Hull and is one of only two engineering laboratories capable of fully testing microCHP appliances in the UK, that the appliance will be delivered to them in the second half of January 2016 for independent third party testing. This will allow Enertek to acquire certification for field trial use in real world installations such as commercial plant rooms and domestic properties.

Enertek will complete safety and performance testing during January and February prior to EC Certification via BSI Certification which involves testing the appliance to European Standards covering gas safety, electrical safety and thermal/electrical efficiency. Once certified to the relevant European Directives the Inspirit Charger will be released for field trials.

Prior to commercial production, the Inspirit Charger will be submitted for MCS Certification enabling it to qualify for the UK Government's Feed in Tariff (FiT). Although the appliance is designed to be commercially viable in production without subsidy, the FiT will greatly help the development of the microCHP market sector in the short to medium term. Testing of the first Inspirit Charger at Enertek will take approximately six weeks. Once testing at Enertek is complete, this unit will then be installed with the first of our field trial partners to prove real world performance.

Our Sheffield based facility, along with our design and development partners, will now accelerate the assembly process for a further nine pre-acquired units which will form the remainder of our field trial programme.

Inspirit is also pleased to announce that it has launched a new redesigned website which includes new product images, an enhanced interface and a regular blog alongside shareholder and company information. Any parties interested in being exemplar customers subsequent to the completion of the field trial should register on our website. The website address remains unchanged at www.inspirit-energy.com 

 

John Gunn, CEO, commented:

"This is not just a fantastic achievement for Inspirit, but also an achievement for British engineering.

 

I have to thank our committed engineering team as well as our engineering partners for their work in developing this generation of the appliance, which will shortly go into field trials and commercial production thereafter.

 

The worldwide boiler sales market is in excess of 20 million per year, with the UK being in excess of 1.6 million and Europe in excess of 10 million. I am sure that the Inspirit Charger, which generates both hot water and electricity simultaneously, will make a significant contribution to the industry as it moves beyond traditional boiler technology.

 

With declining gas prices and our appliance's electrical efficiency the Inspirit Charger will create another compelling argument for electricity companies to move away from carbon hungry coal-fired power stations and more towards supporting sustainable and controllable localised microgeneration, suitable for integration into the smart grids and smart cities of the future.

 

Having achieved our goal of creating a product fit for purpose, we now look forward to delivering commercial sales. Our current board have all the expertise to deliver and we look forward to the challenges ahead.

 

I hope in the New Year to provide you with further updates."

 

David Lenigas, Chairman, commented:

"It is fantastic to see John and his team delivering on the promises made to shareholders. This announcement is a key step forward in the Company's business plan and we will continue to push ahead to commercial sales and financial success."

 

Paul Needley, joint MD, Enertek International commented:

"Enertek International look forward to receiving the latest Inspirit Charger in January and to acquiring EC certification via BSI certification services. Enertek are very enthusiastic about the developing mCHP market because these appliances produce relatively low carbon and cost effective electricity at times of peak demand. We are very pleased to be associated with Inspirit Energy".

 

ENDS

 



Inspirit Energy Holdings plc

www.inspirit-energy.com

David Lenigas, Chairman

John Gunn, Executive Director

Nilesh Jagatia, CFO

+44 (0) 207 440 0640

+44 (0) 207 048 9400

+44 (0) 207 048 9405



Westhouse Securities Limited


Antonio Bossi / David Coaten

+44 (0) 207 601 6100





Public Relations:


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 highly efficient micro combined heat and power (mCHP) boiler for the commercial and residential markets. The boiler is specifically designed to meet the challenge of reduced carbon energy supply and is capable of running on natural gas, LPG and Bio Fuels. The appliance produces hot water (for tap water or central heating) and electrical output simultaneously. The installation can be of single or multiple configuration and its high operating efficiency together with the off-set of electricity costs provides a very attractive investment payback proposition.  

Inspirit intends to explore opportunities to licence 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. 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. Once development of the appliance has been completed and commercialised, the Directors expect that the appliance will initially be marketed in the UK and Europe and eventually worldwide. Additional revenue streams may be possible through product licensing, sales of warranties and further development of the product. 


This information is provided by RNS

The company news service from the London Stock Exchange


This information is provided by RNS
The company news service from the London Stock Exchange
 
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