REG - Libertine Holdings - Trading Update

Libertine HoldingsAnnouncement

04/04/2023 07:00

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RNS Number : 2358V  Libertine Holdings PLC  04 April 2023

4 April 2023

Libertine Holdings PLC

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

Trading Update

Libertine Holdings PLC (LSE AIM: LIB), a developer of Linear Generator
technology, today provides an update on trading and operations for the year
ended 31 March 2023.

During the year, Libertine has continued to support the integration of its
electrical linear generator technology with Hyliion Holdings Corp. (NYSE:
HYLN, "Hyliion") and develop its technology platform through grant funded
operations with the Department for Business, Energy and Industrial Strategy
("BEIS"), alongside a number of other commercial projects. Whilst good
technical progress has been made in the year with a number of these projects
now in dyno testing, development to reach this stage has taken longer than
previously expected impacting the timing of follow-on revenues, such that full
year revenues are expected to be between £200-400k below the current
guidance, dependent on agreement in relation to certain revenues for work
completed in the year ended 31 March 2023. Delays in the delivery of
development milestones with key customers have also resulted in cash receipts
of c£0.8m now expected to fall into the first quarter of the following
financial period.

The contracted work with Hyliion is continuing and management expect to enter
a second phase agreement with Hyliion, in-line with their multi-phase Joint
Development Framework Agreement. The Company remains committed to developing
its technology platform for OEM customers and continues to receive interest
from a number of customers across different applications.

Management remain of the view that the Company has sufficient funding to
continue its operations broadly in-line with the plans set out at IPO and are
focused on partnering with OEMs to support the development of its technology.

Sam Cockerill, Chief Executive of Libertine, commented: "We have made good
technical and commercial progress in the year, but the time taken to deliver
on our commercial and grant funded projects has been longer than expected."

"Commercial interest in our technology for the decarbonisation of heavy-duty
vehicles and distributed power remains strong, as demonstrated by
announcements made in the period. Our funding position is expected to be
improved by cash receipts in Q1 2023/24 and we have aligned our technology
investment and operational scale up plans with the pace of our commercial
progress."

 

 

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 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(TM) 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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