RCS - DG Innovate PLC - SUPAR Project Advanced Propulsion Centre Funding

DG InnovateAnnouncement

09/09/2022 07:00

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RNS Number : 8439Y  DG Innovate PLC  09 September 2022

9 September 2022

DG Innovate plc

 

("DG Innovate" or the "Company")

Advanced Propulsion Centre Funding for DG Innovate's SUPAR Pilot Production
Project

 

DG Innovate (LSE: DGI), the advanced research and development company
pioneering sustainable and environmentally considerate improvements to
electric mobility and storage, is pleased to announce that the Company,
through its subsidiary, Deregallera Limited, has been awarded funding from the
UK Government's Advanced Propulsion Centre ("APC") through their Scale-up
Readiness Validation competition, part of the Automotive Transformation fund.

 

The APC funding of approximately £600,000 will cover 50% of the eligible
costs of the Company's 'Scale up Readiness Validation of Parallel Motor for
Automotive Applications' ("SUPAR") project.  The SUPAR project is designed to
optimise DG Innovate's Pareta® high performance electric vehicle drives to
enable the most appropriate cost of production using lean manufacturing
techniques, enabling substantial upscaling to commercial scale production.

 

The SUPAR project will involve the establishment of a pilot production
facility, with particular attention to efficient manufacturing cell layout and
the use of the latest lean manufacturing techniques.  This pilot production
will be validated by the Company producing a quantity of its Pareta® units to
provide scalable production viability, so that progressive upscaling to
commercial scale production can be confidently undertaken.

 

Commenting, Peter Tierney, Chief Executive Officer of DG Innovate, said: "The
SUPAR pilot production project is a strategically significant development for
DG Innovate as we move from being a high technology motor designer to a
full-scale provider in the supply chain for electric vehicle motors.  This is
a critical building block in the progressive development and scaling up of DG
Innovate's Enhanced Drive technology as we look to become a supplier of choice
for differentiated electric vehicle solutions.  I look forward to providing
further updates as we progress."

 

For further information please contact:

 DG Innovate plc                            C/O IFC
 Peter Tierney, CEO

 Jack Allardyce, CFO

 IFC Advisory (Financial PR & IR)           020 3934 6630
 Tim Metcalfe

 Zach Cohen

 Grant Thornton UK LLP (Financial Adviser)  020 7383 5100

 Samantha Harrison

 Jamie Barklem

 Daphne Zhang

 Ciara Donnelly

 OvalX (Joint Broker)                       020 7392 1400
 Tom Curran

 Thomas Smith

 WH Ireland (Joint Broker)                  020 7220 1666
 Chris Hardie
 Megan Liddell

 

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, lightweight,
cost-effective electric motors and 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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