Libertine Holdings PLC on Friday said it has entered a memorandum of understanding with Ashok Leyland Ltd to evaluate the use of Libertine’s technology platform for its commercial vehicle powertrains.

Libertine is a Sheffield, England-based developer of technology for power generation from renewable fuels. Its shares were up 18% to 24.21 pence each in London on Friday.

Ashok is a vehicle manufacturing company. Its products include engines for industrial, genset and marine applications.

Under the agreement, Ashok will conduct due diligence on Libertine’s technology and explore the scope for Linear Generator product development and demonstration within its commercial vehicle portfolio.

Libertine Chief Executive Sam Cockerill said: ‘Ashok Leyland is one of the world’s leading manufacturers of commercial vehicles, as well as being a major producer of industrial engines, marine engines, and engines for gensets. We are delighted to support Ashok Leyland’s evaluation of Libertine’s technology to accelerate the transition to electric propulsion in its commercial vehicle portfolio.’

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