By Michael Susin
Libertine Holdings PLC shares rose on Friday after the company said that it will enter into a memorandum of understanding with Ashok Leyland Ltd. to evaluate the use of its technology in powertrains.
Shares at 0754 GMT were up 5 pence, or 25%, at 25.5 pence.
The motor-generator system producer said that Ashok will study Libertine's technology and explore the possibility of reaching to a software-defined engine within its portfolio.
"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," Chief Executive Officer Sam Cockerill said.
Write to Michael Susin at michael.susin@wsj.com
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