REG - Libertine Holdings - Financing Update

Libertine HoldingsAnnouncement

20/06/2024 16:45

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RNS Number : 2811T  Libertine Holdings PLC  20 June 2024

20 June 2024

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")

Financing Update

The board of directors of Libertine Holdings PLC (LSE AIM: LIB), a developer
of Linear Generator technology, provides an update regarding the Proposed
Investment further to its announcement on 13 June 2024 ("Announcement").

 

As detailed in the Announcement, the Company has received an indicative,
non-binding, conditional investment offer from potential strategic investors
based in India and United Arab Emirates ("Equity Investors") of £2.0 million
at 2.1 pence per ordinary share in the Company (the "Proposed Investment").
Each of the Equity Investors has proposed a £1.0 million tranche.

 

The due diligence processes by both the Company and the Equity Investors are
still on-going and remains subject to the conditions set out in the
Announcement however, further to such Announcement, in the absence of further
developments by the end of June 2024 giving the Board confidence that either
(a) some or all of the Proposed Investment is forthcoming in the required
timeframe; or (b) sufficient additional capital could be raised from
investors, the Board may seek cancellation of admission of the Company's
ordinary shares to trading on AIM and re-registration as a private limited
company in order to attempt to undertake a solvent wind down of the Company,
before reaching the end of its cash runway in mid-July 2024. A further
announcement will be made in due course.

 

Defined terms in this announcement bear the same meanings as in the
announcement published by the Company on 13 June 2024 unless otherwise
indicated.

 

For more information, please visit www.libertine.co.uk
(http://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
 James Sinclair-Ford
 Dougie McLeod
 Hugh Rich (Corporate Broking)
 Rauf Munir
 Tavistock (Public Relations and Investor Relations)  +44 207 920 3150
 Rebecca Hislaire                                     libertine@tavistock.co.uk
 Saskia Sizen

 

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(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, and
are protected by a broad international portfolio of over 40 granted patents,
with multiple further patents pending protecting recent developments.

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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