30th Mar 2020 17:15
(Alliance News) - Inspirit Energy Holdings PLC on Monday reported a narrowed interim loss but expects further delays in the certification of its boiler technology.
Shares in the AIM-listed developer of micro combined heat and power boilers closed 16% lower in London on Monday at 0.018 pence each.
In the six months to December 31, Inspirit recorded a pretax loss of GBP189,000 compared to a GBP214,000 loss in the same period the year before.
The company's administrative expenses in the first half rose to GBP188,000 from GBP213,000 the year before.
Inspirit did not generate any revenue in either period.
Chair & Chief Executive John Gunn said: "During the period, the group continued to advance its microCHP boiler and marine engine application with its European partners.
"To this end, improvements to the design of the group's Stirling engine technology, including output of 6.4 kilowatts, progressed further with the simplification as part of the 'design for manufacture' process and meeting the challenges in new technology development, sourcing cheaper materials and efficiency re-redesign. All these factors resulted in further delays to the certification process although we hope to progress forward with a higher output and cheaper cost base product later his year."
Inspirit said it has continued discussions with a European company "that may carry out the certification process, with the new cheaper but robust material employed in the latest model, and advanced manufacturing processes as and when the product is approved for production."
By Paul McGowan; [email protected]
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