Libertine Hold Regulatory News (LIB)

20 June 2024

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

Libertine Holdings PLC

("Libertine" the "Company" or the "Group")

Financing Update

The board of directors of Libertine Holdings PLC (LSE AIM: LIB), a developer of Linear Generator technology, provides an update regarding the Proposed Investment further to its announcement on 13 June 2024 ("Announcement").

As detailed in the Announcement, the Company has received an indicative, non-binding, conditional investment offer from potential strategic investors based in India and United Arab Emirates ("Equity Investors") of £2.0 million at 2.1 pence per ordinary share in the Company (the "Proposed Investment"). Each of the Equity Investors has proposed a £1.0 million tranche.

The due diligence processes by both the Company and the Equity Investors are still on-going and remains subject to the conditions set out in the Announcement however, further to such Announcement, in the absence of further developments by the end of June 2024 giving the Board confidence that either (a) some or all of the Proposed Investment is forthcoming in the required timeframe; or (b) sufficient additional capital could be raised from investors, the Board may seek cancellation of admission of the Company's ordinary shares to trading on AIM and re-registration as a private limited company in order to attempt to undertake a solvent wind down of the Company, before reaching the end of its cash runway in mid-July 2024. A further announcement will be made in due course.

Defined terms in this announcement bear the same meanings as in the announcement published by the Company on 13 June 2024 unless otherwise indicated.

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For more information, please visit www.libertine.co.uk or contact:

About Libertine

Founded in 2009, Libertine provides technology platform solutions for Original Equipment Manufacturers ("OEMs"), enabling efficient and clean power generation from renewable fuels, and more effective energy storage devices and gas compressor systems. Libertine was admitted to trading on the AIM market of the London Stock Exchange in December 2021. 

Libertine has created two technology platforms, each using the same core technology elements, which the Company provides to its OEM customers for their development of Linear Generator and Linear Motor products:

- The intelliGEN™ platform enables the creation of clean, highly efficient and fuel-flexible Linear Generator products including:

• Heavy-duty hybrid powertrains of trucks, buses, tractors, construction and mining equipment;

• Medium and light-duty hybrid powertrains of commercial vehicles operating over longer distances;

• A proportion of the passenger automotive market where vehicle use and recharging constraints are a barrier to battery electrification; and

• A wide range of off-grid, portable power and distributed power generation applications.

- The HEXAGENTM platform enables more effective energy storage, thermal power generation, waste heat recovery and gas compression products including:

• Stirling Engine power generators and thermal energy storage systems;

• Linear motor reciprocating compressor (LMRC) systems for hydrogen refuelling stations; and

• Organic Rankine Cycle waste heat recovery systems.

These two platforms are a result of over a decade of development and performance validation of Libertine's proprietary core technology elements including its linear electrical machines, controls and developer tools, and are protected by a broad international portfolio of over 40 granted patents, with multiple further patents pending protecting recent developments.

The potential market for Linear Generator products goes well beyond the distributed power generation applications where Linear Generators are already in commercial use today, complementing intermittent renewable power with clean, on-demand power generation. Linear Generators also have the potential to complement battery electrification in hybrid powertrains, providing on-board power generation to address the practical and economic barriers to rapid adoption of clean electric propulsion using battery electric powertrain technology alone.

Working with OEMs from an early stage in the development cycle ensures Libertine's technology is effectively integrated into OEM products, maximising the performance and economic benefits provided by Libertine's platform technology. Libertine has developed a portfolio of over 30 granted patents in addition to a significant body of technical know-how generated since the Company's formation. The Company's senior management team and board includes executives with decades of deep technical experience in the automotive and energy industries.