Libertine Holdings PLC Trading Update (5971J)
28 April 2022 - 4:00PM
UK Regulatory
TIDMLIB
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 GBP3m 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.
-- GBP6.7m 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 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 @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(TM)) 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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