Energy efficiency innovator Inspirit Energy Holdings Plc (AIM:INSP) saw its stocks surge on Tuesday. This has announced that it has agreed to a letter of support for the development of a waste heat recovery system using Volvo Penta (STO: VOL-B).
The news followed a successful model design and application demonstration with Swedish marine and industrial power solutions suppliers. And we’ll talk about support for Inspirit Energy WHR System, Volvo’s product development SVP. Peter Glankvist’s plans and purchase commented:
Inspirit said the WHR system utilizes the company’s proprietary Stirling Engine Technology. Its compact nature allows it to be placed after the catalytic converter of the exhaust system, and energy is directly transferred as an electrical output.
During the demonstration, the company added that the thermal recycling process increased engine efficiency by waste heat engines from models such as the Volvo Penta D13 series by approximately 20%. In addition to reducing heat, the group adds that it expects the WHR system to significantly reduce noise.
Inspirit Energy said the letter of support highlights its ability to validate its technology and take advantage of the demand for environmentally friendly cost-saving products. The statement concluded, stating that if the product continues to be successful, it could lead to testing the Volvo engine system and confirm its efficiency and power.
In response to the positive update, John Gunn, chairman of Inspirit Group PLC, commented.
“We are pleased to have the opportunity to work with the Volvo Penta team on developing a waste heat recovery system using Inspirit Sterling engine technology and team knowledge and technical expertise. We believe this technology will provide applications to a wide range of other sectors, including commercial and performance automobiles, marine and solar, and we hope that this project will provide a gateway for Volvo Group to tackle future projects.
Following the news, Inspirit Energy stock rose by around 140% on Tuesday, November 20th, to 0.12p. This is the company’s highest level since November 2019, but it has not reached the historic 2.83p in September 2013.
