REG - Libertine Holdings - Trading Update

Libertine HoldingsAnnouncement

28/04/2022 07:00

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RNS Number : 5971J  Libertine Holdings PLC  28 April 2022

28 April 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 for the year ended 31 March 2022 ahead of the announcement of its
full year results.

 

Highlights

 

·     Delivered £3m of commercial and grant income contract milestones in
the financial period.

 

·     MAHLE Powertrain internal combustion systems design and
manufacture has been completed and is now ready for planned combustion testing
from Q1 of FY2022/23.

 

·     Awarded additional grant funding contract to support further
development with MAHLE Powertrain, including fuel system adaptations to
demonstrate Hydrogen and Compressed Natural Gas (CNG) fuel flexibility in
heavy duty hybrid powertrains.

 

·     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.

 

·     Funds raised at IPO utilised to continue strengthening of team
with appointment of additional Engineering and Technology development
personnel.

 

·     £6.7m of cash reserves at period end.

 

 

Outlook

The Company continues to deliver on its commercial and grant income contracts
and invest in the development of its technology platform. Libertine remains
focused on securing long-term Original Equipment Manufacturer (OEM)
relationships 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 both technical and commercial progress in
the period in line with our plans set out at IPO. Our fundraising and listing
on the London Stock Exchange's AIM market have enabled us to continue to
invest for growth and support the adoption of Libertine's technology by our
strategic partners.

Our focus remains on advancing our technology platform and delivering on
customer development milestones on the path to multiple product introductions.
We look forward to providing further updates on commercial and technical
progress in the coming months."

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
 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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