RCS - DG Innovate PLC - DG Innovate Delivers Pareta® Motor Prototype

DG InnovateAnnouncement

19/07/2024 10:45

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RNS Number : 0149X  DG Innovate PLC  19 July 2024

19 July 2024

DG Innovate plc

("DG Innovate", "DGI", or the "Company")

DG Innovate Delivers Pareta® Motor Prototype in Record Time

New motor to power forward the joint Development Agreement first announced in
January

DG Innovate (LSE: DGI), the advanced R&D company developing pioneering
solutions in sustainable mobility and energy storage, announces the
record-time development of a new motor prototype based on its proprietary
Pareta® electric drive system. This follows the signing in January of a Joint
Development Agreement ("the Agreement") with a tier one commercial vehicle
components company to develop systems for heavy goods vehicles applications.

The creation of a new, bespoke motor in only six months demonstrates the
skills and ambition of the new DGI. Run by former Tesla Executives with the
support of a growing team of ex-Tesla motor experts, the Company has already
received preliminary positive feedback from the commercial partner. At a time
when the UK Government is actively pursuing growth, the project shows an
opportunity  to harness the country's engineering legacy with newfound
momentum and private sector investment.

The Pareta® system provides a simpler, lighter and more cost-effective
solution for a range of applications for both new generation electric and
hybrid heavy goods vehicles, as well as those continuing to be powered by
internal combustion engines. It is designed to provide redundancy within the
system, to be robust, fit in the existing available spaces, and respond
rapidly with appropriate force. Inbuilt processing power / intelligence
provides additional functionality making each application a powerful
intelligent sub system in its own right.

Commenting, Peter Bardenfleth-Hansen, DGI CEO, said: "When we took over DG
Innovate 7 months ago, my colleagues and I immediately started implementing
the culture we had experienced first-hand at Tesla. Going from R&D to
volume production is no easy feat but our Team of ex-Tesla engineers have made
this possible thanks to their world-class expertise, and we are now unlocking
the huge growth opportunities stemming from the green transition. The delivery
of our latest prototype is a solid testament to this."

The prototype will now undergo additional testing and vehicle trials during
the second half of the year. Additional information about the Agreement and
the prototype will be shared with the market in due course.

 

For further information please contact:

 DG Innovate plc                  02920 849 009
 Peter Bardenfleth- Hansen (CEO)

 Jack Allardyce (CFO)
 FGS Global                       020 7251 3801
 Rollo Head

 Gordon Simpson

 

About DG Innovate

DG Innovate is an advanced research and development company pioneering
sustainable and environmentally considerate improvements to electric mobility
and storage, using abundant materials and the best engineering and scientific
practices. DG Innovate is currently developing its products alongside a number
of major manufacturers across the transportation and energy sectors, research
institutions and the UK Government, and has filed 18 patents worldwide. DG
Innovate's current research and development activities are broadly split into
two areas, focusing on novel electric motor technologies and energy storage
solutions. Its two main products are:

 -  Enhanced Drive Technology (EDT) - High efficiency, cost-effective electric
    motors + power electronics; and
 -  Enhanced Battery Technology (EBT) - Sodium-ion batteries offering a
    sustainable energy storage solution at similar/greater energy density to
    incumbent technologies at a lower cost, increased safety with lower
    environmental footprint.

 

Further information may be found at: https://www.dgiplc.com
(https://www.dgiplc.com)

 

 

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