(Alliance News) - Libertine Holdings PLC on Thursday said it signed a term sheet with Azelio AB to jointly integrate and licence Libertine's Hexagen platform for energy storage applications.

Libertine is a linear generator technology developer based in Sheffield, England, while Azelio is a Gothenburg, Sweden-based long duration energy storage system developer providing dispatchable electricity and usable heat with zero emissions.

Libertine said it will work with Azelio to integrate Hexagen for use within Azelio's energy storage technology and to establish a licence agreement for the use of Hexagen in Azelio's global product development, demonstration, pilot and commercial sales of energy storage systems.

Since 2020, Libertine has been working closely with Azelio regarding Hexagen to enhance the efficiency and effectiveness of Azelio's energy storage systems, Libertine said.

"This term sheet agreement further demonstrates the applicability of our technology solutions for original equipment manufacturers and represents a continuation of our work with Azelio to integrate our platform technology into its energy storage systems," said Libertine Chief Executive Sam Cockerill.

"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."

Shares in Libertine were up 3.6% to 20.20 pence each in London on Thursday at midday.

By Greg Rosenvinge, Alliance News reporter

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