In late 2023 ENG8 successfully completed a £2m investment round, by 350PPM.co.uk and AIN. This fundraising resulted in a significant increase in share value, with the initial shareholders experiencing a growth from £2/share to £14. The newly acquired funds were strategically allocated to business, operational and technology development.
On the Corporate side, a key decision was made to relocate ENG8’s legal domicile and headquarters from its current base in Gibraltar to Singapore during 2025. This move aligns with the company’s broader internation growth strategy and aims to position ENG8 in a jurisdiction more favourable for its future operations.
Commercially, once the EnergiCells’ power generating systems become self-powering, the margin is expected to exceed 100% with energy production cost anticipated to be around £10 per MWh.
As part of their due diligence a potential strategic investor commissioned an independent report on the EnergiCell technology, which demonstrated that the net power out of the complete EnergiCell system exceeds three. That is, the output power minus the input power is three times the input power.
The exit temperatures are over 250oC, making the EnergiCell ideal for most commercial heating applications.
Several industrial customers have expressed interest, with requirements ranging from 8 megawatt to 3 gigawatt.
On the technical front, an automation system has been developed for the automatic operation of EnergiCell test rigs, which will be integrated into future power generators. The net power out per EnergiCell system was increased from 3 to over 10x, with one system now capable of being self-powered.
An independent validation on Wednesday 9th October 2024 showed that an EnergiCell system can be self-powering and export net electricity.
On a broader scale 2024 is proving to be a significant year in the development of LENR technology, as lab-based R&D matures and leading companies begin the commercialisation process, transitioning from science into engineering.
The hot and cold fusion investor space is currently “hot” with around fifty companies and government laboratories in the race to come up with a solution to deliver a new low-pollution and low-cost energy system. On the “cold” side of fusion several companies are making substantial progress, including; www.cleanplanet.co.jp, https://brillouinenergy.com, https://aureon.ca, https://www.ecat.tech, https://www.prometheusreactor.com/, https://brilliantlightpower.com/, etc.