REG - DG Innovate PLC - Commercial Update

DG InnovateAnnouncement

30/08/2022 07:16

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RNS Number : 4714X  DG Innovate PLC  30 August 2022

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30 August 2022

DG Innovate plc

("DG Innovate" or the "Company")

Commercial Update

 

DG Innovate (LSE: DGI), the advanced research and development company
pioneering sustainable and environmentally considerate improvements to
electric mobility and storage, is pleased to provide an update on the
accelerated commercialisation programme for its suite of technologies.

 

Highlights

 

-     Testing of 250kW Pareta(©) high-performance electric vehicle drive
underway

-     Initial performance results in line with expectations

-     Cycle testing ongoing for a further two months

-     Collaborative commercial dialogue continues to gather momentum with
key partners and launch customers

-     Hard carbon anode material testing underway with positive initial
results

 

Pareta(©) integrated e-drive testing

 

Testing of the Company's 250kW Pareta(©) high-performance electric vehicle
drive is now underway. Initial performance results are encouraging, and in
line with concept expectations. Cycle testing is expected to continue for a
further two months, with results to be reported in due course. The Pareta(©)
High Efficiency Parallel Motor for Automotive Application project, being
undertaken by a consortium including the Company and Meritor Electric
Powertrain Systems UK Ltd (a subsidiary of US-headquartered global commercial
vehicle components company, Meritor Inc), is therefore progressing positively
in line with its targeted key milestones for new product development. The
Company also continues to progress commercial discussions with its
collaborative partners and potential launch customers.

 

Energy storage progress

 

The initial formulation and testing of a hard carbon anode material from a
sustainable bio waste product has advanced to the point of benchmark testing,
with good initial results.  Plans are now being formulated to supply small
batch samples of material to key battery partners who consider this to be a
potentially disruptive alternative in the aspiration to reduce dependency on
hydrocarbon-derived anodes for both sodium and lithium-ion technologies.

 

Commenting, Peter Tierney, Chief Executive Officer of DG Innovate, said: "We
are very encouraged by recent progress, both with our Pareta(©) e-drive and
enhanced battery technology. This is a very exciting stage of the Company's
evolution and development towards becoming a supplier of choice for
differentiated electric vehicle and energy storage solutions to various key
market sectors, including automotive applications both commercial and
military. 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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