Libertine Holdings PLC Libertine announce MOU with ASHOK LEYLAND LIMITED (9191Y)

TIDMLIB

RNS Number : 9191Y

Libertine Holdings PLC

09 September 2022

9 September 2022

Libertine Holdings PLC

("Libertine" the "Company" or the "Group")

Libertine announce Memorandum of Understanding with ASHOK LEYLAND LIMITED

Libertine Holdings PLC (LSE AIM: LIB), a developer of clean, highly efficient, and fuel-flexible Linear Generator technology, has entered into a Memorandum of Understanding (MOU) with Ashok Leyland to evaluate the use of Libertine's technology platform for its commercial vehicle powertrains.

Ashok Leyland is a US $ 4.5 billion vehicle manufacturing company with a footprint that extends across 50 countries and a diverse commercial vehicle product range from 1T GVW (Gross Vehicle Weight) to 55T GTW (Gross Trailer Weight) trucks. The Ashok Leyland product portfolio also includes engines for industrial, genset and marine applications. Ashok Leyland is the 2nd largest manufacturer of commercial vehicles in India, the 4th largest manufacturer of buses in the world, and the 19th largest manufacturers of trucks.

Under the terms of the MOU, Ashok Leyland will conduct due diligence on Libertine's technology and explore the scope for Linear Generator product development and demonstration within its commercial vehicle portfolio.

Sam Cockerill, Chief Executive of Libertine, commented: "Ashok Leyland is one of the world's leading manufacturers of commercial vehicles, as well as being a major producer of industrial engines, marine engines, and engines for gensets. We are delighted to support Ashok Leyland's evaluation of Libertine's technology to accelerate the transition to electric propulsion in its commercial vehicle portfolio."

Dr. Kanakasabapathi Subramanian, Senior VP and Head of Advanced Engineering at Ashok Leyland commented: "Libertine's technology is the logical evolution of an Internal Combustion Engine and could potentially allow for a software defined engine with true multi-fuel capability".

For more information, please visit www.libertine.co.uk or contact:

 
Libertine Holdings PLC                                  via Tavistock 
Sam Cockerill, Chief Executive Officer 
Gareth Hague, Chief Financial Officer 
 
Panmure Gordon (NOMAD and Broker)                    +44 20 7886 2500 
John Prior 
Dougie McLeod 
Hugh Rich (Corporate Broking) 
 
Tavistock (Public Relations and Investor 
 Relations)                                          +44 207 920 3150 
Simon Hudson                               libertine @tavistock.co.uk 
Rebecca Hislaire 
Nick Elwes

About Libertine

Founded in 2009, Libertine has developed a technology platform solution for powertrain Original Equipment Manufacturers ("OEMs"), enabling efficient and clean power generation from renewable fuels. Libertine was admitted to trading on the AIM market of the London Stock Exchange in December 2021. Libertine's linear electrical machines, controls and developer tools together form a technology platform (intelliGEN(TM)) which the Company provides to customers for the development of clean, highly efficient and fuel-flexible Linear Generator products. The platform is a result of over a decade of development of Linear Generator technology with multiple successful client-led programmes.

The potential market for Linear Generator products goes well beyond the distributed power generation applications where Linear Generators are already in commercial use today, complementing intermittent renewable power with clean, on-demand power generation. Linear Generators also have the potential to complement battery electrification in hybrid powertrains as range extenders, addressing the practical and economic barriers to rapid adoption of clean electric propulsion using battery electric powertrain technology alone. Linear Generator products using Libertine's technology could work alongside battery electrification in a wide range of hybrid systems including:

   --      Heavy-duty hybrid powertrains of trucks, buses, tractors, construction and mining equipment

-- Medium and light-duty hybrid powertrains of commercial vehicles operating over longer distances;

-- A proportion of the passenger automotive market where vehicle use and recharging constraints are a barrier to battery electrification; and

   --      A wide range of off-grid, portable power and distributed power generation applications.

Working with OEMs from an early stage in the development cycle ensures Libertine's technology is effectively integrated into OEM products, maximising the performance and economic benefits provided by Libertine's platform technology. Libertine has developed a portfolio of over 30 granted patents in addition to a significant body of technical know-how developed since the company's formation in 2009. The Company's senior management team and board includes executives with decades of deep technical experience in the automotive and energy industries.

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