This
announcement contains inside information for the purposes of
Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
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 ending 31 March 2024
("FY24").
During the year, Libertine completed
its Phase 1 support for the KARNO™ linear generator
with Hyliion Holdings Corp. (NYSE: HYLN, "Hyliion"), and the KARNO
Hypertruck vehicle demonstrator was exhibited at the ACT Expo in
Anaheim, California in May 2023. In October 2023 Hyliion changed
its strategic focus to concentrate solely on stationary power
generation applications using the KARNO linear generator
technology.
As announced on 7 February 2024, in
January 2024 Libertine entered into a completion cost agreement
("CCA") with Hyliion on its existing Phase 1 statements of work
("SOWs"). Payment for the completion costs was received in February
2024 and extends Libertine's expected cash runway through to July
2024. Also in January 2024, the Company entered into an additional
SOW ("January SOW") to support continued testing of the HEXAGEN
linear e-machine and control sub-systems supplied by Libertine and
incorporated within Hyliion's KARNO generator.
Hyliion plans to build production
units for the entire linear generator system in-house, and the
January SOW extends the option period that Hyliion has to negotiate
IP licensing rights with Libertine to 31 July 2024 ("Hyliion option
period"), four months into the next financial year.
The Company remains committed to
developing its intelliGEN™ and HEXAGEN technology
platforms which the Company provides to its OEM customers for their
development of Linear Generator and Linear Motor products.
The Company has recently implemented
intelliGEN and HEXAGEN platform performance and durability
enhancements, which are planned to satisfy stage-gate performance
requirements for entry into OEM new product development programmes
expected to commence in 2024.
Whilst commercial interest in the
Company's technology platforms remains good, and the Company has
made both technical and business development progress in the year,
the extension of the Hyliion option period coupled with the timing
of business development and sales activities have impacted the
expected timing of new revenues, such that full year revenues for
FY24 are expected to be below market expectations, at c.£0.3m
(FY23: £0.9m).
As of 28 February 2024, the Group had cash
reserves of £0.9m, which provide the Group, absent any additional
revenues, with the funds required to maintain current operations
through to July 2024. The Company is currently reviewing options to
extend its funding position.
Sam
Cockerill, Chief Executive of Libertine,
commented: "We have made good
technical and business development progress in the year and recent
platform enhancements provide us with confidence that we can
commence further customer programmes in FY25.
Whilst automotive applications could
ultimately provide the majority of Libertine's addressable market
share, battery electric vehicle market evolution uncertainties are
feeding into customer product strategies and the timing of
automotive product development programmes.
The addressable market potential for
our technology continues to expand, with the emergence of
dispatchable power generation applications, informed by inbound
enquiry from multiple energy service businesses and engine OEMs
across a number of geographic regions. Linear Generator technology
is increasingly recognised as an important technology solution for
data centres and other behind-the-meter dispatchable power
generation applications.
We expect that the strategic
partnership agreement recently signed with BASEBATT will support
business development and pilot programme delivery in
FY25."
For
more information, please visit www.libertine.co.uk
or
contact:
Libertine Holdings PLC
|
via
Tavistock
|
Sam Cockerill, Chief Executive
Officer
|
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Gareth Hague, Chief Financial
Officer
|
|
|
|
|
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Panmure Gordon (NOMAD and Broker)
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+44 20
7886 2500
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James Sinclair-Ford
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Dougie McLeod
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Hugh Rich (Corporate
Broking)
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|
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Tavistock (Public Relations and Investor
Relations)
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+44 207
920 3150
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Rebecca Hislaire
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libertine@tavistock.co.uk
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Saskia Sizen
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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 HEXAGENTM
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.