Inspirit Energy Holdings PLC Operational Update (1259T)
16 March 2023 - 6:00PM
UK Regulatory
TIDMINSP
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
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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END
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