Libertine Holdings PLC (AIM:LIB), a developer of linear generator technology, said it has signed a term sheet with Azelio AB to jointly integrate and licence Libertine's HEXAGEN platform for energy-storage applications.
Azelio is a Nasdaq Stockholm-listed cleantech company based in Gothenburg, Sweden, which has developed a long-duration energy storage system, providing dispatchable electricity and usable heat with zero emissions.
Since 2020, Azelio has been working closely with Libertine to evaluate the use of Libertine's HEXAGEN platform to enhance the efficiency and effectiveness of Azelio's energy storage systems.
Libertine and Azelio will work together to integrate HEXAGEN into Azelio's energy-storage technology and to establish a licence agreement for the use of the HEXAGEN platform in Azelio's product global development, demonstration, pilot and commercial sales.
The deal “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”, said Sam Cockerill, chief executive of Libertine.
“We are delighted to support Azelio's path to demonstration, pilot and commercialisation of its future products using Libertine's technology," he added in a statement.
Torbjörn Lindquist, chief technology officer of Azelio, said: "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 platform.
“This forms the start of an exciting development journey that I expect to bear fruit commercially in a few years' time."