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Libertine to engage insolvency practitioner
Libertine Holdings, a Sheffield-based developer of Linear Generator technology, is set to engage an insolvency practitioner following a failure to secure short-term funding.
The news comes after Libertine launched a strategic review in April, covering options including raising additional capital, sale of the company’s HEXAGEN technology platform and IP, and sale of the company. This was followed by news of a conditional investment offer from investors in India and the UAE of £2m. Should the proposed investment not complete as planned, the Board of the business noted it may seek the cancellation of admission of Libertine’s ordinary shares to trading on AIM and re-registration as a private limited company in order to attempt to undertake a solvent wind down of the business.This month (July 2024), the company announced that equity investors had concluded their due diligence and were in the process of depositing funds into either the company’s bank account or into a UK escrow account. Due to the timing of the processes required to transfer funds from UAE and India, however, the business was also seeking short-term funding from new or existing investors.
As of 29 July 2024, no funds had been received from the equity investors and Libertine had been unsuccessful in securing short-term funding.
Therefore, after consideration of the company’s current financial situation, the Board has concluded that Libertine should engage an insolvency practitioner to seek advice on next steps.
Trading in the company’s ordinary shares on AIM has been suspended.
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Study probing man-made fuel for steelmaking in the running for sustainability award
A University of Lincoln research study supported by British Steel and Lapwing Energy has been shortlisted in the Research with Impact category at the forthcoming Green Gown Awards.
The research is investigating whether a man-made charcoal or ‘biochar’ might be suitable as a coal replacement. British Steel is helping to steer the study and give a technical view on requirements to determine if biochar could replace injection coal and act as a future clean carbon source for electric arc furnace steel production.
Head of Research and Development Andy Trowsdale said: “Carbon is an essential element for steelmaking processes, both now and in our EAF future. The work, integrating land repurposing and sustainable crop production, has the potential to provide a circular supply chain for clean carbon sources with significant net CO₂ benefits within steelmaking and beyond.
“This is the second time the project, led by Amir Badiee, Senior Lecturer in Sustainable Energy, has been shortlisted at the Green Gown awards, reflecting the quality of the study and its sustainability credentials.”
Judges have selected 133 finalists from 84 institutions who will now be invited to submit their stage 2 applications ready for the final judging in October. Winners will be announced at an awards ceremony taking place on 13 November at Dynamic Earth, Edinburgh.
The awards, now in their twentieth year, recognise exceptional sustainability initiatives being undertaken by universities and colleges across the UK and Ireland.