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

Libertine is a Sheffield, England-based technology platform solutions provider.

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.

Under the terms of the agreement, both companies will work together to integrate Libertine's HEXAGENTM platform for use with Azelio's energy storage technology.

They will also work 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.

"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. 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," said Chief Executive Sam Cockerill.

Libertine shares were trading 3.2% higher at 20.13 pence each in London on Thursday afternoon.

By Holly Beveridge; Alliance News reporter

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