TIDMLIB
RNS Number : 1414F
Libertine Holdings PLC
03 November 2022
3 November 2022
Libertine Holdings PLC
("Libertine" the "Company" or the "Group")
Trading Update
Libertine Holdings PLC (LSE AIM: LIB), a developer of clean,
highly efficient and fuel-flexible Linear Generator products, is
pleased to provide an update on trading and operations for the six
months ended 30 September 2022 ahead of the announcement of its
half year results.
Highlights
-- Delivered GBP0.6m (H1 FY2021/22: GBP0.1m) of commercial revenues in the period.
-- Performance validation prototype design and manufacture has
been completed ahead of combustion testing with MAHLE Powertrain
from Q3 of FY2022/23.
-- Awarded additional grant funding contract to support further
development with MAHLE Powertrain, including fuel system
adaptations to demonstrate clean combustion of Hydrogen and fuel
flexibility to use Compressed Natural Gas (CNG) in heavy duty
hybrid powertrains.
-- Partnership with Italian engine developer OFFICINA MOTO
ITALIA to create downsized, power dense Linear Generator products
using renewable fuels.
-- Memorandum of Understanding (MOU) entered into with Ashok
Leyland to evaluate the use of Libertine's technology platform for
its commercial vehicle powertrains.
-- Agreement of the novation of its Master Consultancy Services
Agreement with the General Electric Company to Hyliion Holdings
Corp. Hyliion has engaged Libertine to support the development of
the electrical linear generator for the KARNO generator, to be
deployed in Hyliion's Hypertruck powertrain platform.
-- Formation of US subsidiary IntelliGEN Inc, to support
expanding customer interest and operations in USA.
-- Continued strengthening of our team including the appointment
of Peter Wright as an independent Non-Executive Director.
-- Award of London Stock Exchange's Green Economy Mark,
recognising our contribution to the transition to Net Zero and the
essential role of our technology in the decarbonisation of 'hard to
electrify' transport applications.
Outlook
Libertine has continued to deliver engineering services to
customers across Europe and the US, with increasing engagement with
prospective OEM clients and manufacturing partners in the UK, US,
Europe and India. Libertine remains focused on securing long-term
relationships with Original Equipment Manufacturers (OEMs),
manufacturing and strategic development partners, and supporting
OEM development programmes via engineering services ahead of
licensing our technology for high volume manufacture.
Sam Cockerill, Chief Executive of Libertine, commented: "We are
pleased to have delivered continued technical progress in the
period with the completion of our performance validation prototype,
which will now begin combustion testing with MAHLE Powertrain. We
are excited about demonstrating the performance benefits and
bringing our technology to market.
"Over the period, we have continued to deliver on our commercial
contracts, strengthen our team and enhance our relationships with
OEMs and strategic partners. We look forward to providing further
updates on commercial and technical progress over the coming
months."
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
Charles Baister
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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END
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(END) Dow Jones Newswires
November 03, 2022 03:00 ET (07:00 GMT)
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