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Libertine announces signing of Term Sheet with Azelio AB
Libertine Holdings PLC (LSE AIM: LIB), a developer of Linear Generator technology, has signed a Term Sheet with Azelio AB (“Azelio”) to jointly integrate and licence Libertine’s HEXAGENTM platform for energy storage applications.
Azelio is a cleantech company based in Gothenburg, Sweden, which has developed a long duration energy storage system, providing dispatchable electricity and usable heat with zero emissions. Azelio is listed on the Nasdaq Stockholm First North Stock Market.
Since 2020, Azelio has been working closely with Libertine to evaluate the use of Libertine’s HEXAGENTM platform to enhance the efficiency and effectiveness of Azelio’s energy storage systems.
In accordance with the Term Sheet, Libertine and Azelio will work together to integrate Libertine’s HEXAGENTM platform for use with Azelio’s energy storage technology and to establish a licence agreement for the use of Libertine’s HEXAGENTM platform in Azelio’s product development, demonstration, pilot and commercial sales of energy storage systems across the world.
Sam Cockerill, Chief Executive Officer of Libertine, commented: “This Term Sheet agreement further demonstrates the applicability of our technology solutions for OEMs and represents a continuation of our work with Azelio to integrate our platform technology into its energy storage systems. Long-duration energy storage is an enabler for increasing the share of renewable energy in power grids, and we are delighted to support Azelio’s path to demonstration, pilot and commercialisation of its future products using Libertine’s technology.”
Torbjörn Lindquist, Chief Technology Officer of Azelio, commented: “We have worked closely with the team at Libertine since 2020. We look forward demonstrating and launching future thermal energy storage systems using Libertine’s proprietary HEXAGENTM platform. This forms the start of an exciting development journey that I expect to bear fruit commercially in a few years’ time.”