REG - Libertine Holdings - Libertine awarded UK grant to advance project

Libertine HoldingsAnnouncement

07/06/2022 07:00

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RNS Number : 8717N  Libertine Holdings PLC  07 June 2022

7 June 2022

Libertine Holdings PLC

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

Libertine awarded £423,260 UK grant funding to advance project with MAHLE
Powertrain

Libertine Holdings PLC (LSE AIM: LIB), a developer of clean, highly efficient
and fuel-flexible Linear Generator products, has been awarded £423,260 grant
funding by the Department for Business, Energy & Industrial Strategy
(BEIS) as part of the first phase of its Red Diesel Replacement Competition.
Funding will be used to support further development with MAHLE Powertrain on
the decarbonisation of heavy-duty vehicle powertrains, and will finance fuel
system adaptations to demonstrate Hydrogen (H2) and Compressed Natural
Gas (CNG) fuel flexibility.

The 11-month project focuses on the modification of an existing 2-cylinder
opposed free piston Linear Generator, already developed by Libertine and MAHLE
Powertrain as part of the UK Government funded Small Business Research
Initiative (SBRI) Phase 2 programme, through which Libertine was awarded
£2.1m in funding last year. The planned modifications will demonstrate the
flexibility of Linear Generators, adapting the technology to allow it to run
on blends of CNG and H2 ranging from 100% CNG to 100% H2, moving towards the
replacement of red diesel in the mining and construction sectors.

A linear generator sub-system capable of operating on 100% H2 could enable the
decarbonisation of construction and mining equipment, in the UK and globally,
where full battery electrification is not practical. Compatibility with CNG
fuel, already in widespread use, has the potential to accelerate the adoption
of such powertrains in advance of deployment of a hydrogen refuelling
infrastructure. Through demonstrating fuel flexibility from CNG through to H2,
the Linear Generator has the potential to shorten the path towards net-zero
and beyond, establishing it as a long-term solution for transitioning to clean
energy as fuel sources evolve.

Furthermore, the ability to utilise lower purity H2 and H2/CNG blends, whilst
delivering ultra-low NOX performance, de-risks technology adoption for
end-users and reduces the barriers towards full H2 adoption. These
characteristics have major benefits across UK off-highway sectors, allowing
for a faster, lower investment transition to net-zero, but importantly also
offer a major advantage in export markets where grid and H2 re-fuelling
infrastructure is less mature.

Sam Cockerill, Chief Executive of Libertine, commented:

"We are delighted to have been awarded further funding to continue to build
on our work with MAHLE Powertrain. We believe Libertine's technology will
play an essential role on the path to Net Zero for heavy duty
powertrains, complementing battery electrification with clean power from
renewable fuels. We are grateful to the UK government for their support
and look forward to delivering this exciting project."

For further 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
 Ailsa Macmaster
 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

Notes to editors

Founded in 2009, Libertine has developed a technology 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 OEM
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
development programmes.

Linear Generators have the potential to complement battery electrification
within hybrid powertrains as range extenders, addressing a number of
significant practical and economic barriers to the rapid adoption of clean
electric propulsion using battery electric powertrain technology alone.

The potential market for Linear Generator products goes well beyond the
distributed power generation applications where Linear Generators are already
in commercial use today to supplement energy storage. The addressable market
for Linear Generators also includes over 12 million heavy-duty and light duty
commercial vehicles, off-grid and waste-to-energy applications, as well as
more than 1 million distributed power generator sets for energy storage, which
alone is estimated to be worth between $12-20 billion by 2025.

Linear Generator products using Libertine's technology could work alongside
battery electrification in hybrid systems to accelerate the decarbonisation of
'hard to electrify' applications, including:

 * Heavy-duty and off highway powertrains;

 * Medium and light-duty commercial hybrid vehicles;

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

 * A range of distributed power generation applications.

Libertine receives engineering fees by providing linear e-machine hardware,
controls and developer tools. Working with OEMs ensures Libertine's technology
platform is effectively integrated into OEM partner product development
programmes from an early stage in the development cycle, 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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