Inspirit Energy Holdings PLC Operations Update (1219R)
02 Novembre 2021 - 6:08PM
UK Regulatory
TIDMINSP
RNS Number : 1219R
Inspirit Energy Holdings PLC
02 November 2021
2 November 2021
Inspirit Energy Holdings Plc
("Inspirit" or "the Company")
Operations Update
The Board notes the recent share price movement and whilst there
is no price sensitive information to update investors on per se,
the Company takes this opportunity to provide the following
operational update.
Further to the announcement of 14 June 2021, the team at
Inspirit have just returned from a successful visit to our
manufacturing partners in Poland, where the team met with our
suppliers to finalise the manufacture of the components to build
our waste heat recovery system (WHR) for the Volvo marine engine
application. We are confident that we should have a prototype in
the first quarter of 2022 having all major items of the WHR system
complete by the end of 2021.
As global economies move closer in reducing our reliance on
fossil fuels, Inspirit Energy are also looking to play an active
role in this and believe that the Inspirit Charger, which is
currently designed for natural gas, still has an important place as
the market evolves. Making the system reverse compatible to run on
Hydrogen and generating an electrical source would be an important
breakthrough. As Inspirit Energy move forward with its technology,
designing and being adaptable is integral to our success, therefore
developing solutions using zero carbon fuel is something we intend
to explore.
With the above in mind, Inspirit are in early-stage discussions
with a view to entering into an agreement with a British
certification company Enertek International Ltd. ("Enertek
International"). Enertek International have won several development
contracts from the government (BEIS) and have gained a vast
knowledge in developing backward compatible Hydrogen products such
as: domestic and commercial cookers, domestic and commercial
heating systems etc. They have now gained the knowledge which could
be very beneficial to Inspirit in developing a Hydrogen product,
with a view of also looking at our existing products to make them
hydrogen powered backwards compatible. Investors should note that
these are early-stage discussions in relation to the Inspirit
Charger which the Company is still working to finalise a commercial
prototype of and whilst it is hoped an agreement can be reached,
there is no guarantee of such.
Statement from Paul Booker, Design & Development
Director:
"It has been very challenging these last few years as it has
been with everyone else in the current Covid recovery climate. We
at Inspirit Energy have taken this time to further develop our
technology in the fields of waste heat recovery. As we look to
reduce our carbon footprint and diversify the way we generate
electrical energy, we at Inspirit Energy will explore a variety of
systems which produce a waste heat source as an opportunity to take
this heat source and turn into a usable electrical source. "
Paul Needley MD Enertek International said:
"We look forward to the prospect of working with Inspirit Energy
on their exciting and innovative use of zero carbon fuel to
generate zero carbon electricity. Their technology offers many
advantages over traditional methods of generating electricity
locally, both in fixed and mobile applications. When coupled with
zero carbon heat or fuel, the advantages of local generation are
clear and offer considerable possibilities for deployment in many
different fields including both transport and buildings, two major
sectors where decarbonisation is necessary."
Enertek International Ltd. is an international research and
development company specialising in the design, development and
certification of domestic and commercial low carbon heating,
cooling and catering appliances. The company is based in Kingston
upon Hull, East Yorkshire, and has over 30 years' experience and a
fully equipped laboratory for test and development work.
Enertek International have been heavily involved in the
Department for Business, Energy and Industrial Strategy (BEIS)
Hy4Heat programme ( www.hy4heat.info ) to demonstrate that it is
technically possible, safe and convenient to replace natural gas
(methane) with hydrogen in residential and commercial buildings and
gas appliances. The publicly available conclusions from the Hy4heat
programme provide a good incentive and opportunity for Inspirit
Energy to build upon their technology previously developed for
natural gas and develop a zero carbon hydrogen powered model.
The company will provide further updates in due course.
More information on Inspirit Energy can be seen at:
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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