REG - Libertine Holdings - Completion of support and license to Hyliion

Libertine HoldingsAnnouncement

07/02/2024 18:45

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RNS Number : 4037C  Libertine Holdings PLC  07 February 2024

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR").

7 February 2024

Libertine Holdings PLC

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

Libertine announces completion of Phase 1 support and Motion Control API
license to Hyliion

Libertine Holdings PLC (LSE AIM: LIB), a developer of Linear Generator
technology, today announces the completion of its Phase 1 support for the
KARNO™ linear generator with Hyliion Holdings Corp. (NYSE: HYLN, "Hyliion")
and the licensing of its Motion Control Application Programming Interface
software feature.

 

Hyliion acquired the KARNO generator technology from GE Additive in August
2022 to employ as a fuel-agnostic power system on its Hypertruck platform,
which was revealed as a demonstration vehicle at the Advanced Clean
Transportation (ACT) Expo in Anaheim, California, in May 2023. Hyliion changed
its strategic focus in October 2023 to concentrate solely on stationary power
generation applications using the KARNO linear generator technology.

 

Hyliion engaged Libertine to support the integration of Libertine's HEXAGEN™
technology platform into the first prototype KARNO linear generator
demonstrated in the Hypertruck KARNO vehicle at ACT Expo.  Libertine has
completed a series of Statements of Work ("SOW") with Hyliion, pursuant to the
Master Consultancy Services Agreement ("MCSA") originally agreed with General
Electric Company in August 2021, and novated to Hyliion in September 2022.

 

On 18 January 2024, Libertine entered into a completion cost agreement ("CCA")
with Hyliion on its existing Phase 1 SOWs, in respect of any and all
outstanding invoices or monies otherwise due to Libertine. The completion
costs under the CCA, once received, are expected to extend Libertine's cash
runway through to July 2024. The Company expects to receive such completion
costs in February 2024.

 

On 18 January 2024, the Company also entered into an additional SOW ("January
SOW") to provide additional prototype hardware, test data and a license to use
Libertine's Motion Control Application Programming Interface software feature.
The January SOW supports continued testing of the HEXAGEN linear e-machine and
control sub-systems supplied by Libertine and incorporated within Hyliion's
current system. Hyliion plans to build production units for the entire linear
generator system in-house. Further to the Company's announcement on 19
December 2023, the January SOW (pursuant to the terms of the MCSA) extends the
option period that Hyliion has to negotiate IP licensing rights with Libertine
to 31 July 2024.

 

Sam Cockerill, Chief Executive of Libertine, commented: "We are pleased to
have completed the Phase 1 statements of work with Hyliion which saw
exhibition of their KARNO Hypertruck commercial vehicle demonstrator at the
ACT Expo in Anaheim CA in May 2023, and has since enabled a KARNO generator to
successfully return power to the grid in Ohio.

 

"The HEXAGEN platform advances that have been demonstrated on the KARNO
generator have led to continued commercial interest in this platform for gas
compression and energy storage applications, and form the basis of new
intellectual property that underpins both HEXAGEN and intelliGEN platforms.

 

"Commercial interest in our intelliGEN and HEXAGEN technology platforms
remains strong, supported by the technical progress demonstrated in 2023.
Prospective customer applications span distributed power generation,
heavy-duty vehicles, and gas compression. We are making good progress with a
number of OEM and end product customers in the US, Europe, Middle East and
India who we anticipate will incorporate our platform technology into their
product development and demonstration programmes."

 

 

For more information, please visit www.libertine.co.uk
(http://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
 James Sinclair-Ford
 Dougie McLeod
 Hugh Rich (Corporate Broking)

 Tavistock (Public Relations and Investor Relations)  +44 207 920 3150
 Rebecca Hislaire                                     libertine@tavistock.co.uk
 Saskia Sizen

 

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™ 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™ 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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