9 November 2023

Libertine Holdings PLC

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

Trading Update

Libertine Holdings PLC (LSE AIM: LIB), a developer of Linear Generator technology, is pleased to provide an update on trading and operations for the six months ended 30 September 2023 ahead of the Company's Annual General Meeting to be held at 11:00am today.

Highlights

·    Integration of Libertine's HEXAGEN? hermetic Linear Generator technology into Hyliion's KARNO? generator prototypes. Hyliion's KARNO? Hypertruck commercial vehicle demonstrator was exhibited at the ACT Expo in Anaheim, California in May 2023. In October 2023, a KARNO? generator using Libertine's HEXAGEN? technology successfully returned power to the grid in Ohio.

·    Phase 1 engineering development with Hyliion is complete, contract has entered 6-month Option Period for HEXAGEN? platform technology IP licensing.

·    Completion of design, manufacture and first phase of combustion testing of Libertine's intelliGEN? performance validation prototype for heavy-duty powertrain applications.

·    Ashok Leyland's Linear Generator collaboration with Libertine showcased alongside H2-ICE and Fuel Cell developments at Ashok Leyland's 75th anniversary event in Chennai.

·    intelliGEN^TM and HEXAGEN? platform performance and durability enhancements on track. These enhancements are intended to satisfy stage-gate performance requirements for entry into OEM new product development programmes expected to commence in 2024.

·    Libertine has pre-funded build of a small number of additional intelliGEN? prototype Linear Generators which are intended to support OEM new product development programmes.

·    Technical progress has generated OEM commercial interest in intelliGEN? and HEXAGEN? technology platforms for the decarbonisation of heavy-duty powertrain, distributed power generation and gas compression applications across several geographic regions. 

Outlook

As of 30 September 2023, 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 May 2024.

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 is presently engaged in commercial and technical dialogue under NDA with prospective OEM customers across a number of different applications and geographic regions.

Sam Cockerill, Chief Executive of Libertine, commented: "We are pleased to have completed work with Hyliion during the period which saw exhibition of their KARNO? Hypertruck commercial vehicle demonstrator at the ACT Expo in Anaheim CA in May 2023, and has since enabled a KARNO? generator to successfully return power to the grid in Ohio.

"We are on track with the implementation of further performance and durability enhancements to our intelliGEN? and HEXAGEN? platforms. These enhancements are intended to satisfy entry requirements for multiple OEM new product development programmes expected to commence in 2024.

"Commercial interest in our intelliGEN? and HEXAGEN? technology platforms for the decarbonisation of heavy-duty vehicles, distributed power generation and gas compression applications remains robust. We are making good progress with a number of OEM and end product customers who we anticipate will support the further development of the technology."

For more information, please visit www.libertine.co.uk or contact:

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? 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.