Libertine commercial revenue rises in first half

Fuel-flexible generator specialist Libertine said in a trading update on Thursday that it delivered £0.6m of commercial revenues in its first half, up from £0.1m year-on-year.

The AIM-traded company said the design and manufacture of its performance validation prototype was completed ahead of combustion testing with MAHLE Powertrain, starting from the third quarter.

It was also awarded an additional grant funding contract to support further development with MAHLE Powertrain, including fuel system adaptations to demonstrate the “clean combustion” of hydrogen, and fuel flexibility to use compressed natural gas (CNG) in heavy-duty hybrid powertrains.

A partnership with Italian engine developer Officina Moto Italia, meanwhile, would create downsized, power-dense linear generator products using renewable fuels.

The firm also entered into a memorandum of understanding with Ashok Leyland to evaluate the use of Libertine's technology platform for its commercial vehicle powertrains.

An agreement was meanwhile reached on the novation of a master consultancy services agreement with the General Electric Company to Hyliion Holdings.

Hyliion had engaged Libertine to support the development of the electrical linear generator for the Karno generator, to be deployed in Hyliion's Hypertruck powertrain platform.

Libertine formed a United States subsidiary, IntelliGEN, during the period, to support expanding customer interest and operations in North America.

Looking ahead, Libertine said it was focussed” on securing long-term relationships with original equipment manufacturers (OEMs), manufacturing and strategic development partners, and supporting OEM development programmes through engineering services ahead of licensing its technology for high volume manufacture.

“We are pleased to have delivered continued technical progress in the period with the completion of our performance validation prototype, which will now begin combustion testing with MAHLE Powertrain,” said chief executive officer Sam Cockerill.

“We are excited about demonstrating the performance benefits and bringing our technology to market.

“Over the period, we have continued to deliver on our commercial contracts, strengthen our team and enhance our relationships with OEMs and strategic partners.”

At 0846 GMT, shares in Libertine Holdings were up 113.21% at 15.85p.

Reporting by Josh White for Sharecast.com.