LONDON, UK: Libertine Holdings has announced £10 million worth of new shares sale, and seek admission of the entire issued and to be issued share capital of the company to trading on the AIM market of the London Stock Exchange.
Founded in 2009, the Libertine Holdings has developed a technology solution for powertrain Original Equipment Manufacturers (OEMs), enabling efficient and clean power generation from renewable fuels.
Company intends to raise £10 million by way of a placing of new ordinary shares on admission, which is expected to take place in December 2021.
The net proceeds of the Libertine Holdings shares sale being used to increase headcount to support business development and commercial project delivery; enhance the technical readiness of the Group’s platform technology and integration into customer products; and expand the Group’s operating facilities to provide further testing and prototype build facilities.
Sam Cockerill, Chief Executive of Libertine, commented: “We are establishing a position as valued partner for OEMs developing clean power technology for renewable fuels. Truck manufacturers need fossil free powertrain solutions that are economically attractive to transport operators.
Our Linear Generator technology platform offers the possibility of hybridising battery electric trucks so that they can use grid power whenever that’s practical, and renewable fuels such as green hydrogen at other times.
“We believe that admission to AIM and the fundraise through Libertine Holdings shares sale will give us both welcome additional visibility and the resources we need, using our capital-light business model, to fund technology and business development costs through to profitability.”
Libertine’s linear electrical machines, controls and developer tools together form a technology platform (intelliGENTM) which the Group provides to OEM customers for the development of clean, highly efficient and fuel-flexible Linear Generator products.
The Group provides engineering services and prototype hardware to support OEM customer evaluation of its technology, and incorporation of this technology into customer-led Linear Generator development programmes.
Manufacturers of heavy-duty commercial vehicles have pledged to go ‘fossil free’ by 2040 through a mix of powertrain technologies that includes battery electrification, green hydrogen, renewable biofuels and synthetic low carbon ‘e-fuels’.
Delivering on this pledge will require the rapid deployment of fossil-free capable trucks by 2030. Electric propulsion using battery storage of renewable grid power is likely to play a key role where vehicle recharging is practical and economic.
Linear Generators have the potential to complement battery electrification within hybrid powertrains, addressing a number of significant economic barriers to the rapid adoption of clean electric propulsion using battery electric powertrain technology alone.
As such, the Linear Generator category has the potential to play an important role alongside more widespread battery electrification of heavy-duty vehicles to help reach clean energy targets such as Net Zero emissions by 2050.
The addressable market for Linear Generators is significant, including over 12 million heavy-duty and light duty commercial vehicles, and more than 1 million distributed power generator sets for energy storage, off-grid and waste-to-energy applications.
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