(Alliance News) - Libertine Holdings PLC on Monday said it has struck a partnership deal with LHP Engineering Solution LLC.
Shares in Libertine dropped 9.7% to 3.84 pence each in London on Monday morning.
The Sheffield, England-based technology platform solutions provider said that under the agreement, both companies will collaborate to create prototype demonstration units for engine and power generator original equipment manufacturers.
LHP and Libertine will use software engineering development, electric vehicle testing facilities and wider research & development networks to accelerate OEM new product development programmes using Libertine's intelliGENTM and HEXAGENTM platforms.
Linear generators combine the efficiency of fuel cells with the durability and power density of conventional generators to produce clean, dispatchable power from renewable fuels.
"Libertine's intelliGENTM and HEXAGENTM platforms form the basis of a battery-like linear generator product architecture that combines individual linear power system 'cells' into modules and packs", the company explained.
LHP is a provider of turnkey embedded control systems and software development solutions for global automotive and industrial OEMs. It is based in Columbus, Indiana.
Libertine said the deal is "largely non-binding" and any revenue generating activities would be subject to further agreement.
Commenting on the deal, Chief Executive Officer Sam Cockerill said: "LHP's long-standing customer relationships with global OEMs, their EV testing centre and testing solutions make this partnership the logical next step for Libertine's technical and business development activities as we seek to win new business with OEMs in the US and globally".
News of the partnership deal comes after Libertine reported on Friday that it would miss its full-year revenue expectations.
By Sabrina Penty, Alliance News reporter
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