TIDMLIB
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 GBP200-400k 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 cGBP0.8m 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 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 @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(TM) 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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END
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