LONDON (ShareCast) - (Sharecast News) - Fuel-flexible linear generator technology company Libertine said in an update on Thursday that it delivered £3m of commercial and grant income contract milestones in the financial year just ended.
The AIM-traded firm said the design and manufacture of MAHLE Powertrain internal combustion systems was completed, with it now ready for planned combustion testing from the first quarter of the year that started on 1 April.

It was also awarded an additional grant funding contract to support further development with MAHLE Powertrain, including fuel system adaptations to demonstrate hydrogen and compressed natural gas (CNG) fuel flexibility in heavy-duty hybrid powertrains.

Libertine said the funds raised at its initial public offering in December were used to strengthen its team, with the appointment of additional engineering and technology development personnel.

The company ended the 12 months to 31 March with £6.7m of cash reserves.

Looking ahead, Libertine said it was delivering on its commercial and grant income contracts, and investing in the development of its technology platform.

It said it was focussed 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.

"We are pleased to have delivered both technical and commercial progress in the period in line with our plans set out at IPO," said chief executive officer Sam Cockerill.

"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.

"Our focus remains on advancing our technology platform and delivering on customer development milestones on the path to multiple product introductions."

At 0916 BST, shares in Libertine Holdings were down 1.91% at 26.68p.

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