Shares of Inspirit Energy Holdings PLC (LON: INSP) today surged 177% after announcing that it has signed a letter of support with Volvo Penta to develop a Waste Heat Recovery (“WHR”) system using its proprietary engine technology.
The WHR system utilises Inspirit's proprietary ‘Sterling’ engine technology whose compact form allows it to be positioned in the exhaust system after the catalytic converters so as to transfer its energy directly as electrical output.
Inspirit noted that the letter of support followed a successful model design and application demonstration with Volvo Penta. 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.
The ‘Stirling’ Engine technology was invented by Robert Stirling in 1816 as an alternative to steam power and has since been used to power submarines among other uses. Inspirit has been working to commercialise the technology since 2011 in order to meet EU standards and get GAD certification.
Inspirit added that the WHR system can also significantly reduce engine noise.
Inspirit energy share price
Inspirit Energy shares today surged 177% to trade at 0.1388p having rallied from yesterday’s closing price of 0.05p.
People who read this also read:
- Our latest trending stories
- Trade shares CFDs with Pepperstone
- Here are the 7 best shares to buy in 2020