- Wednesday, October 16, 2024
Inspirit Energy Holdings has experienced a decline in shares following an announcement that a component of its Inspirit Charger, which was found to have external manufacturing errors, is now in the design phase.
As of 0801 GMT, shares have dropped by 19% to 0.02 pence.
The technology and engineering company, listed in London, explained that the particular component in question requires a significant amount of time for delivery, as it needs to undergo manufacturing and testing processes before installation. These delays occurred as the company sought alternative sources for manufacturing the component. However, it reassured investors that the manufacturer has confirmed its ability to meet system requirements.
The Inspirit Charger, specifically designed for waste heat recovery, serves applications in both marine and automotive fields. Internal testing reveals promising potential for the unit to provide up to a 30% performance enhancement for select commercial engines, ultimately leading to a reduction in CO2 emissions.
As reported, the team at Inspirit Energy Holdings has been diligently conducting longevity testing on stage one and two of the waste heat recovery system. The completion of these tests is projected to be finalized by the first quarter of 2024.
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