Signing of Term Sheet with Azelio AB

RNS Number : 0765Q

Libertine Holdings PLC

16 February 2023

 

16 February 2023

Libertine Holdings PLC

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

Libertine announces signing of Term Sheet with Azelio AB

Libertine Holdings PLC (LSE AIM: LIB), a developer of Linear Generator technology, has signed a Term Sheet with Azelio AB ("Azelio") to jointly integrate and licence Libertine's HEXAGEN ^TM platform for energy storage applications.

Azelio is a cleantech company based in Gothenburg, Sweden, which has developed a long duration energy storage system, providing dispatchable electricity and usable heat with zero emissions. Azelio is listed on the Nasdaq Stockholm First North Stock Market.

Since 2020, Azelio has been working closely with Libertine to evaluate the use of Libertine's HEXAGEN ^TM platform to enhance the efficiency and effectiveness of Azelio's energy storage systems.

In accordance with the Term Sheet, Libertine and Azelio will work together to integrate Libertine's HEXAGEN^TM platform for use with Azelio's energy storage technology and to establish a licence agreement for the use of Libertine's HEXAGEN ^TM platform in Azelio's product development, demonstration, pilot and commercial sales of energy storage systems across the world.

Sam Cockerill, Chief Executive of Libertine, commented:  "This Term Sheet agreement further demonstrates the applicability of our technology solutions for OEMs and represents a continuation of our work with Azelio to integrate our platform technology into its energy storage systems. Long-duration energy storage is an enabler for increasing the share of renewable energy in power grids, and we are delighted to support Azelio's path to demonstration, pilot and commercialisation of its future products using Libertine's technology."

Torbjörn Lindquist, Chief Technology Officer of Azelio, commented:  "We have worked closely with the team at Libertine since 2020. We look forward demonstrating and launching future thermal energy storage systems using Libertine's proprietary HEXAGEN ^TM platform. This forms the start of an exciting development journey that I expect to bear fruit commercially in a few years' time."

For more information, please visit 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)	[phone]
John Prior
Dougie McLeod
Hugh Rich (Corporate Broking)
Tavistock (Public Relations and Investor Relations)	[phone]
Simon Hudson	libertine @tavistock.co.uk
Rebecca Hislaire
Charles Baister

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.

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.

About Azelio

Azelio specializes in energy storage with electricity and heat production. The technology is revolutionary in that renewable energy becomes dispatchable, making clean energy available around-the-clock. The energy is stored in recycled aluminium and converted into electricity and heat with a total efficiency of up to 90%. The solution is scalable, sustainable, and cost-efficient from 0.1 MW up to 20 MW. Azelio is headquartered in Gothenburg, Sweden. Production takes place in Uddevalla and the Company maintains development centers in Gothenburg and Åmål, has a presence in Stockholm, as well as Regional Directors for Australia, US, southern Africa and the MENA region. Azelio is listed on Nasdaq Stockholm First North Growth Market with FNCA Sweden AB as Certified Adviser.

 

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