Libertine FPE Ltd, a Sheffield, UK-based company which is developing ‘smart engines’ for electric vehicles, raised £770k in funding.
The round was led by NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund (NPIF), and included investment from Envestors and ShadowFoundr as well as several existing shareholders including Sir Robin Saxby.
It will remain open to new investors until the end of June and brings the total raised by the company to over £4.8m.
Founded in 2009 by Sam Cockerill and led by Sam Cockerill, CEO, an engineer with a background in the biofuels industry, Libertine makes smart engines for electric vehicles and distributed power generation.
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 in preparation for a Series A investment round in 2020.
Libertine currently employs seven staff and expects to create a further five jobs in the year ahead.