REG - Libertine Holdings - Trading Update

Libertine HoldingsAnnouncement

03/11/2022 07:00

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RNS Number : 1414F  Libertine Holdings PLC  03 November 2022

3 November 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 and operations for the six months ended 30 September 2022 ahead of
the announcement of its half year results.

 

Highlights

 

·      Delivered £0.6m (H1 FY2021/22: £0.1m) of commercial revenues in
the period.

 

·    Performance validation prototype design and manufacture has been
completed ahead of combustion testing with MAHLE Powertrain from Q3 of
FY2022/23.

 

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

 

·   Partnership with Italian engine developer OFFICINA MOTO ITALIA to create
downsized, power dense Linear Generator products using renewable fuels.

 

·   Memorandum of Understanding (MOU) entered into with Ashok Leyland to
evaluate the use of Libertine's technology platform for its commercial vehicle
powertrains.

 

·    Agreement of the novation of its Master Consultancy Services Agreement
with the General Electric Company to Hyliion Holdings Corp. Hyliion has
engaged Libertine to support the development of the electrical linear
generator for the KARNO generator, to be deployed in Hyliion's Hypertruck
powertrain platform.

 

·      Formation of US subsidiary IntelliGEN Inc, to support expanding
customer interest and operations in USA.

 

·      Continued strengthening of our team including the appointment
of Peter Wright as an independent Non-Executive Director.

 

·      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.

 

Outlook

Libertine has continued to deliver engineering services to customers across
Europe and the US, with increasing engagement with prospective OEM clients and
manufacturing partners in the UK, US, Europe and India. Libertine remains
focused on securing long-term relationships with Original Equipment
Manufacturers (OEMs), manufacturing and strategic development partners, 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 continued technical progress in the period with the completion
of our performance validation prototype, which will now begin combustion
testing with MAHLE Powertrain. We are excited about demonstrating the
performance benefits and bringing our technology to market.

 

"Over the period, we have continued to deliver on our commercial contracts,
strengthen our team and enhance our relationships with OEMs and strategic
partners. We look forward to providing further updates on commercial and
technical progress over 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
 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
 Charles Baister

 

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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