Libertine Holdings PLC (AIM:LIB) said it has progressed in line with plans outlined in its flotation prospectus of December 2021.
The linear generator products specialist said in a trading update covering the year to the end of March 2022 that it delivered £3mln of commercial and grant income contract milestones in the reporting period.
At the end of March, it had £6.7mln of cash reserves that it intends to use to continue strengthening its team with the appointment of additional engineering and technology development personnel.
The company said it continues to deliver on its commercial and grant income contracts and invest in the development of its technology platform. Libertine remains focused on securing long-term original equipment manufacturer (OEM) relationships and supporting OEM development programmes via engineering services ahead of licensing its technology for high-volume manufacture.
"Our fundraising and listing on the London Stock Exchange's AIM market have enabled us to continue to invest for growth and support the adoption of Libertine's technology by our strategic partners,” said Sam Cockerill, the chief executive officer of Libertine.
“Our focus remains on advancing our technology platform and delivering on customer development milestones on the path to multiple product introductions,” he added.