Libertine FPE expands leadership team

Sheffield, UK: Libertine FPE (“Libertine”), the creator of Smart Engine technology for electric vehicles (EV), has appointed Roger Allcock as Operations Director.

The appointment follows Libertine’s raising of a further £770,000 investment to develop ‘smart engines’ for electric vehicles.

Roger has been working at a senior level in the UK’s electrical machines and drives industry for over 30 years. His experience spans a wide range of product types including permanent magnet and induction motors and bespoke power electronics, and within the motorsport, aerospace, and oil & gas sectors. For the last ten years Roger’s focus has been on the development of hybrid electrical systems using high performance permanent magnetic devices.

Sam Cockerill, CEO of Libertine, said: “Roger joins Libertine as we are seeking to develop the manufacturing and operations functions as the organisation grows. With new investment, new talent, and new partnerships worldwide we are in a strong position to deliver our ‘smart engine,’ which could produce at least 30% more power from the same fuel input whilst being cleaner, quieter and more compact that today’s technologies.”

Roger is a past Chairman and Treasurer of the UK Magnetics Society and a Fellow of the IET.

 

 

 

 

Libertine raises further £770k to develop ‘smart engines’ for electric vehicles

Libertine FPE Ltd –  the Sheffield-based company which is developing ‘smart engines’ for electric vehicles – has raised a further £770,000 investment.

The latest funding round was led by NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund, and included investment from Envestors and ShadowFoundr as well as several existing shareholders including Sir Robin Saxby.

The investment follows the £500,000 raised from NPIF – Mercia Equity Finance in July 2017 which marked the first Northern Powerhouse Invesment Fund equity investment in Sheffield City Region.

The new capital will enable the company to build and demonstrate a number of prototype ‘intelliGEN’ smart engine modules incorporating its e-machine and control technology, engage with automotive manufacturers, and further develop the business in preparation for a Series A investment round in 2020. This second funding round will remain open to new investors until the end of June and brings the total raised by the company to over £4.8m.

Founded in 2009 by Sam Cockerill, an engineer with a background in the biofuels industry, Libertine makes smart engines for electric vehicles and distributed power generation. A smart engine has the crankshaft replaced by software-controlled electrical machines that govern piston motion to optimise the combustion process. Smart engines could produce at least 30% more power from the same fuel input whilst being cleaner, quieter and more compact than today’s power generators. Libertine currently employs seven staff and expects to create a further five jobs in the year ahead.

Sam Cockerill, CEO of Libertine, said: “This new investment comes at a very exciting time for Libertine. Successfully completing this first close represents an important milestone for us as we work to bring our smart engine technology to market.”

Ashwin Kumaraswamy, Investment Director at Mercia, said:

“Libertine is enabling a revolution in engine performance with its proprietary electronic piston motion control and high-performance linear machines. Smart engines using this technology will play a major role in global transport and power generation, with the market estimated to be worth over US$100 billion by 2025. This second round of funding will take the company one step closer towards its goal.”

Grant Peggie, Director at British Business Bank, said: “We are pleased that NPIF continues to support high-growth and innovative businesses in the North, providing vital funding to recruit new staff and for expansion into new markets. This investment demonstrates how this funding can make a real and measurable difference to businesses across the Northern Powerhouse region, which helps create a more prosperous regional economy.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.