Finally a supplier name that I recognize! I don't do business with them but I know a bunch of people that work there, and one of my customers also builds equipment for them. I'm not involved in those projects but I can see what's in the shop from time to time. Linamar is based in the city where I grew up - and my dad did business with Frank Hasenfratz who started the company. Frank's little machine shop grew to be much, much bigger than my dad's little machine shop did ...
A letter of intent is something that happens very early in the process; it's a long way from there to having an actual contract. But Linamar is big enough and has enough resources that they could take the engine design and run with it, potentially building or subcontracting all of the parts and doing all of the assembly themselves. It looks to me like Linamar would be granted rights to sell these engines for other purposes if they take on the cost of building the tooling and assembly equipment - which saves cash-starved Elio from having to do that and pay for it.
Still ... Schedule. It'll be more than a year before all the tooling is designed, built, and commissioned.
If I find anything out (that isn't subject to a non-disclosure agreement!) - I'll follow up.