Libertine Holdings PLC (AIM:LIB) said it ended last year in a strong financial position and is ready to capitalise on the progress made since its IPO last December.
For the 12 months ended March 31 the group, which develops fuel-flexible linear generators, delivered commercial and grant revenue of £2.9mln.
In this the formative period of its commercial development the company was loss-making – to the tune of £3.3mln – but, crucially, finished with £6.7mln in cash reserves.
Operationally, the group is starting to make headway with manufacturers (also known as OEMs) interested in its technology.
It has inked a framework agreement with GE and said the first phase of the development process was ‘ongoing’.
Libertine also said that performance validation, prototype design and manufacture have been completed ahead of combustion testing with MAHLE Powertrain from the third quarter of the current financial year.
And earlier this month the group teamed up with OFFICINA MOTO ITALIA to develop compact linear generators that can be used in two-stroke engines.
“Our fundraising and listing on the London Stock Exchange's AIM market have enabled us to continue to invest for growth and support the use of Libertine's technology by our customers and strategic partners,” said chief executive Sam Cockerill.
“Having now completed our LGN120 prototype, Libertine is well placed to demonstrate the substantial performance benefits of our technology to an increasing number of prospective partners and bring our Linear Generator technology to market."
Linear generators enable clean and efficient power generation from renewable fuels and have a range of potential applications, including small, packaged generators and hybrid powertrains for road transportation.