Libertine FPE raises a further £770,000 for expansion plans

Sheffield-based Libertine FPE has raised a further £770,000 investment.

The company, which is developing ‘smart engines’ for electric vehicles, has secured a latest funding round led by NPIF - Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund (NPIF).

It includes investment from Envestors and ShadowFoundr as well as several existing shareholders including Sir Robin Saxby.

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The investment follows the £500,000 raised from NPIF - Mercia Equity Finance in 2017 which marked the first NPIF equity investment in Sheffield City Region. 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.

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.

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.

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.”