Inspirit Energy (AIM: INSP ) said it has agreed a letter of support for the development of a Waste Heat Recovery ("WHR") system which utilises its proprietary engine technology.
The company, which is positioned in the new microgeneration energy sector, said the support follows a successful model design and application demonstration with Volvo Penta, a world-leading supplier of power solutions for marine and industrial applications.
The WHR system utilises Inspirit's proprietary ‘Sterling’ engine technology. The company has highlighted that its compact nature enables it to be positioned in the exhaust system after the catalytic converters with the energy being directly transferred as an electrical output.
The Stirling Engine is a technology originally invented by Robert Stirling in 1816 as an alternative to steam power. It has since been applied to a number of applications, including submarine power, while it has also been considered by NASA for extended space missions.
In 2003 the technology was moved to the UK and further refined to a production ready design in collaboration with leading engineering partners. Since 2011, Inspirit has worked on its product commercialisation and certification to GAD and other EU product standards.
During the demonstration to Volvo Penta, the three-stage heat recycling process increased engine efficiency by around 20%, driven by waste heat from a Volvo Penta D13 series engine.
In addition to the efficiency improvement and heat reduction, the company said the WHR system is also expected to have the ‘additional significant benefit’ of reducing noise.
Shares in Inspirit Energy Holdings skyrocketed 120% this morning to 0.11p following the announcement.
The letter of support not only validates Inspirit's technology but underlines the company's ability ‘to capitalise on the ever-changing market and greater demand from consumers for environmentally friendly, energy efficient and cost saving products,’ the group noted.
Inspirit’s technology will be tested over the next 12 months and, if successful, could potentially lead to a test of the system in a Volvo engine in order to confirm the efficiency and output.
Peter Granqvist, Senior Vice President of product development of Planning and Purchasing at Volvo said Inspirit’s technology aligns with Volva’s aims of increasing the efficiency of the engines it manufactures in support of the group’s Agenda 2030 sustainability objectives.
He added, “On success of the application, we believe this proposal will enhance the development of innovative solutions that will unlock new market opportunities for us particularly for generator sets and marine engines."
“We believe the technology will have applications in a wide range of other sectors including commercial and performance automotive, marine and solar and we are hopeful that this project will provide a gateway to working on future projects with the Volvo Group,” added John Gunn, Chairman, Inspirit Group.
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