Inspirit Energy Holdings is raising £300,000 at 0.12p a share in order to finalise the .accreditation and manufacturing design of its microCHP boilers.
The share price has fallen below the fundraising price. Director John Gunn is taking up around one-third of the shares and he will own 31% of the enlarged share capital.
In May, £250,000 was raised at 0.125p a share. At the end of 2016, there was cash in the bank of £73,000 and borrowings of £120,000.
Improvements in design have enabled the boiler to produce peak output of more than 3.2kWh.
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