Inspirit Energy Holdings PLC (LSE:INSP), the cleantech company, saw its shares surge 50% on Tuesday after it secured a new commercial contract to supply its waste heat recovery (WHR) engine.
As part of the contract, Inspirit will receive £150,000 from EQTEC PLC (AIM:EQT), the sustainable energy firm, in return for one unit of its WHR engine, WHR002.
WHR002 holds the ability to create 130 kWH in renewable energy, reducing EQTEC’s carbon output, while reducing the time required for appliances to return on their investment.
Should EQTEC favour the WHR002 unit, it has an option within the next three years to purchase a further 10 for £150,000 each.
Payment for the initial unit will be separated into two instalments, the first being an immediate £95,000 before the balance is paid six months later.
Proceeds will help Inspirit with final testing, continued development and delivery of the unit, which is expected to occur between the first and second quarter of next year.
John Gunn, chairman of Inspirit Energy, said: "We are delighted with this endorsement of our technology, and it goes to demonstrate that the Inspirit WHR appliance is suitable for marine, automotive, and light industrial engines, where it can be retrofitted.”