Investment in Inspirit Limited
23 8월 2010 - 3:00PM
UK Regulatory
TIDMKSI
RNS Number : 4175R
Kleenair Systems International PLC
23 August 2010
KLEENAIR SYSTEMS INTERNATIONAL PLC
(AIM: KSI)
Investment in Inspirit Limited
Kleenair Systems International plc ("KSI" or "the Company") is pleased to
announce an investment in Inspirit Limited ("Inspirit") which the directors
believe should transform the Company's prospects and establish the Company as an
investor in the Clean Tech and Renewables sector, in accordance with its
investing policy, details of which were included in the circular to shareholders
dated 9 July 2010 and approved by shareholders on 3 August 2010.
Inspirit owns an option to call for the grant of a perpetual licence to
manufacture and distribute a micro combined heat and power appliance, the m-CHP,
which it is believed will compete with as well as complement conventional boiler
technology.
The appliance generates electricity for household and small business consumption
and for sale to the national grid, thereby helping to reduce CO2 emissions. The
appliance is currently powered by natural gas or LPG and is designed to produce
hot water, central heating and electrical output simultaneously and not
individually. The simultaneous outputs of the appliance are 15kW thermal energy
and 3kW electrical energy from around 20kW input of either natural gas or LPG.
This gives a total unit efficiency of 92%, split 77% thermal efficiency and 15%
electrical efficiency. The appliance uses a Stirling engine and therefore
benefits from low noise and vibration characteristics, making it suitable for
installation in a SME and domestic property. The size of the appliance is
800(h)*600(w)*600(d) mm. The appliance is designed to be installed by one
person, and installation is similar to that of a floor standing boiler.
The directors believe there are three main paybacks associated by having the
appliance installed:
- the value of electricity generated by the appliance (the generation
tariff).
- the value of the electricity exported to the grid (the export tariff); and
- the value of a reduction in the electrical bill of the premises by the
electricity used.
These collectively form the Feed in Tariff (FIT) introduced in April 2010. The
directors also believe that small businesses could benefit from the Renewables
Obligation (RO) regime There is also the value of the carbon saved by generating
electricity locally as opposed to at a power station.
The directors consider that the product has significant scope for development in
the areas of renewable energy power, grid independence, air conditioning and
tandem or dual supply units in a wide range of capacities and sizes.
The directors believe the m-CHP will have a significant impact in the area of
micro generation though the reduction of carbon emissions and improvement in
overall efficiencies in local and national generation and distribution of power
and that this will be perceived as a disruptive technology for which they expect
a significant market will develop as demand for cheaper and more sustainable
energy increases.
The technology has undergone an extensive and rigorous development process over
the course of the last four years with Inspirit's commercial partners, Prodrive
Automotive Technology Limited (Stirling engine), Enertek International Limited
(combustion system) and Sentec Limited (control system and power electronics)
and the Carbon Trust. The m-CHP has built on twelve years of development and
investment by Sigma Electronik of Norway, who in turn based their technology
development of the prototype appliance, using a176b Stirling engine, on a number
of Swedish patents resulting from R&D investment into the Stirling technology by
Kockums and Lund University of Sweden.
The commercialisation programme is one year into its time frame and it is
anticipated to be completed with full production sign off and release in June
2011. Key areas of testing are the engine, condensing gas burner and control
electronics and user interface. Initial production appliances are expected to
become available during the course of 2011 to start the field trial programme.
KSI has agreed to subscribe GBP300,000 for the issue of 1,300,000 shares in
Inspirit, representing approximately 81.5 per cent of the existing issued share
capital. The investment will enable Inspirit to complete its due diligence prior
to the proposed exercise of the option which will require the issue of 11m new
ordinary shares in Inspirit to Somemore Limited, the owner of the intellectual
property rights to the m-CHP appliance, following which the Company's investment
will represent approximately 10.55 per cent of Inspirit's enlarged issued share
capital.
Inspirit is beneficially owned and controlled by John Gunn who is a substantial
shareholder in KSI. The directors, having consulted WH Ireland Limited, the
company's nominated adviser, consider that the terms of the transaction are fair
and reasonable insofar as its shareholders are concerned.
+--------------------------------+---------------------------------+
| Contacts: | |
+--------------------------------+---------------------------------+
| | |
+--------------------------------+---------------------------------+
| Kleenair Systems International | www.kleenair-systems.com |
| plc | |
+--------------------------------+---------------------------------+
| Sarah Pozner, Company | +44 (0) 207 736 3498 |
| Secretary | |
+--------------------------------+---------------------------------+
| | |
+--------------------------------+---------------------------------+
| Biddicks | www.biddicks.co.uk |
+--------------------------------+---------------------------------+
| Zoë Biddick | +44 (0) 20 7448 1000 |
+--------------------------------+---------------------------------+
| | |
+--------------------------------+---------------------------------+
| WH Ireland Limited | www.wh-ireland.co.uk |
+--------------------------------+---------------------------------+
| JN Wakefield / Marc Davies | +44 (0) 117 945 3470 |
+--------------------------------+---------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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