TIDMLIB
RNS Number : 0242L
Libertine Holdings PLC
01 September 2023
1 September 2023
Libertine Holdings PLC
("Libertine" the "Company" or the "Group")
Trading Update
Libertine Holdings PLC (LSE AIM: LIB), a developer of Linear
Generator technology, today provides an update on trading and
operations.
Libertine's work on the grant funded development with MAHLE
Powertrain supported by the Department for Business, Energy and
Industrial Strategy ("BEIS") has completed, albeit later than
originally scheduled. During the programme Libertine has created a
fuel-flexible performance validation prototype Linear Generator
("LGN120-P1") and demonstrated initial combustion performance using
bioethanol. Further performance and durability developments are now
planned during Q3-Q4 2023 ahead of additional combustion testing on
a range of fuels during Q1 2024. The objective of this testing is
to demonstrate performance requirements for a number of OEM
development programmes from 2024. Given the supply chain
constraints experienced during 2022, Libertine has pre-funded the
build of a small number of prototype hardware units which are
intended to support multiple OEM development programmes once the
second phase of intelliGEN combustion performance validation is
complete.
Since the update provided to shareholders on 4 April 2023,
Libertine has completed Phase 1 of the engineering development with
Hyliion Holdings Corp. (NYSE: HYLN, "Hyliion") to support the
integration of Libertine's HEXAGEN linear generator technology
platform into the first prototype KARNO powertrain exhibited by
Hyliion at the ACT Expo in Anaheim, California during May 2023. As
of 1 September 2023 the contract has entered into a 6-month Option
Period during which time Hyliion has the option to negotiate IP
licensing rights with Libertine to exploit the HEXAGEN
technology.
A significant quantum of the Company's anticipated revenue for
the current financial year was projected to be derived from further
fees from Hyliion and should these not occur as originally
anticipated, the Company's outcome for the financial year would be
materially below current market expectations.
As of 31 August 2023, the Group had cash reserves of GBP1.2m, in
addition to outstanding debtors of GBP0.2m and inventories of
GBP0.6m. These cash reserves provide the Group, absent any
additional revenues, with the funds required to maintain current
operations, through to May 2024.
The Company remains committed to developing its technology
platforms for OEM customers and continues to receive commercial
interest from a number of customers across different applications
and markets.
Sam Cockerill, Chief Executive of Libertine, commented: "We are
pleased to have both intelliGEN and HEXAGEN platform hardware
generating positive test results on a number of programmes. The
time taken and costs incurred to reach this stage have been greater
than anticipated, and the timing of the second phase of combustion
testing at MAHLE Powertrain has been impacted by planned
developments to Linear Generator prototype hardware and test cell
infrastructure necessary for operation at higher power levels and
for longer durations in our next phase of combustion testing. These
developments are intended to meet the entry performance thresholds
for multiple OEM programmes expected to commence in 2024.
"Commercial interest in our intelliGEN technology for the
decarbonisation of heavy-duty vehicles and distributed power
generation continues to remain robust and we are making good
progress with a number of OEM and end product customers, who we
anticipate will support the further development of the
technology."
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 provides technology platform
solutions for Original Equipment Manufacturers ("OEMs"), enabling
efficient and clean power generation from renewable fuels, and more
effective energy storage devices and gas compressor systems.
Libertine was admitted to trading on the AIM market of the London
Stock Exchange in December 2021.
Libertine has created two technology platforms, each using the
same core technology elements, which the Company provides to its
OEM customers for their development of Linear Generator and Linear
Motor products:
- The intelliGEN(TM) platform enables the creation of clean,
highly efficient and fuel-flexible Linear Generator products
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.
- The HEXAGEN(TM) platform enables more effective energy
storage, thermal power generation, waste heat recovery and gas
compression products including:
-- Stirling Engine power generators and thermal energy storage systems;
-- Linear motor reciprocating compressor (LMRC) systems for hydrogen refuelling stations; and
-- Organic Rankine Cycle waste heat recovery systems.
These two platforms are a result of over a decade of development
and performance validation of Libertine's proprietary core
technology elements including its linear electrical machines,
controls and developer tools.
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, providing on-board
power generation to address the practical and economic barriers to
rapid adoption of clean electric propulsion using battery electric
powertrain technology alone.
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 generated since the Company's formation.
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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September 01, 2023 02:00 ET (06:00 GMT)
Libertine (LSE:LIB)
過去 株価チャート
から 4 2024 まで 5 2024
Libertine (LSE:LIB)
過去 株価チャート
から 5 2023 まで 5 2024