Libertine Holdings PLC (AIM:LIB) has announced its half-year results for the six months ended 30 September 2022, showing the business has continued to deliver operational milestones across revenue and grant contracts and is gaining commercial traction and increased interest from Original Equipment Manufacturers (OEMs).
During the period, the developer of clean, highly efficient and fuel-flexible Linear Generator products delivered £0.87mln of commercial revenue and grant income. Commercial revenues of £0.65mln were delivered through the ongoing work with GE/Hyliion on project KARNO. The grant income of £0.22mln was in relation to further development of the LGN120 performance validation prototype for heavy-duty powertrains.
The manufacture and pre-acceptance testing on this project has been completed, Libertine said, and the system is in the test cell of its strategic partner, MAHLE Powertrain, ahead of combustion testing.
In line with the plans set out at its IPO in December 2021, Libertine said investment in core technology development during the six-month period increased to £0.7mln (FY2021/22: £0.2mln). The focus of development for the period has been on hardening the LGN-120 platform and its partnership with OFFICINA MOTO ITALIA for the creation of downsized, power-dense linear generator products.
Libertine said its group end-of-period cash balance as of 30 September 2022 was £4.8mln (HY2021/22: £0.4mln). The company raised £9.0mln with its AIM IPO in December 2021, before £1.5mln of share issue and listing costs.
In the results statement, Sam Cockerill, chief executive of Libertine, commented: "We are pleased to have delivered continued technical progress in the period with the completion of performance validation prototypes on two separate programmes. 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, invest in our technology platform, strengthen our team and enhance our relationships with OEMs and strategic partners. We look forward to providing further updates on commercial and technical progress over the coming months."
Libertine said it has continued to deliver engineering services to customers across Europe and the US, with increasing engagement with prospective OEM clients and manufacturing partners in the UK, US, Europe and India.
The company remains focused on securing long-term relationships with OEMs, manufacturing and strategic development partners, and supporting OEM development programmes via engineering services ahead of licensing its technology for high-volume manufacture.
Having completed the manufacture of performance validation prototype hardware on two separate programmes, Libertine said it looks forward to demonstrating the performance of linear generators in the test cells of our customers and strategic partners.
Following initial test results in line with performance expectations, Libertine this month has despatched a number of systems to customer and strategic partner sites for system integration and performance validation testing from Q1 2023.
Cockerill and Gareth Hague, Libertine's chief financial officer, will be hosting an Investor Meet Company presentation at 2.00pm (UK time) on 15 December 2022. Interested parties can sign up via the following link: https://www.investormeetcompany.com/libertine-holdings-plc/register-investor.