REG - Libertine Holdings - Libertine announce MOU with ASHOK LEYLAND LIMITED

Libertine HoldingsAnnouncement

09/09/2022 08:45

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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
(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
 John Prior
 Dougie McLeod
 Hugh Rich (Corporate Broking)

 Tavistock (Public Relations and Investor Relations)  +44 207 920 3150
 Simon Hudson                                         libertine (mailto:libertine@tavistock.co.uk) @tavistock.co.uk
                                                      (mailto: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™) 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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