Inspirit Energy Holdings has raised £250,000 via a placing at 2.2p a share.
The shares were issued at a 15.8% premium to the previous dayís closing price.
Inspirit is installing the first Inspirit mCHP boiler-generators in the residential homes of Caring Homes Group. These trial units should demonstrate that the boilers are economically viable. Caring could be a major customer if the trials are a success.
The trials should be up and running in the third quarter. Full scale commercial sales should commence by the end of the year.
Inspiritís appliance uses the Stirling engine-based electricity generation process and it uses natural gas to produce hot water and generate electricity. The main focus is the commercial market. Independent testing of the appliance suggests that it is capable of simultaneous generation of up to 15kW thermal and up to 3kW electrical output.
Inspirit has signed a manufacturing agreement with Malvern Boilers, which is experienced in manufacturing mCHP boilers. As volumes increase the cost of the boilers will fall.
At 1.93p a share, Inspirit is valued at £11.2m.
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