REG - DG Innovate PLC - Joint Development Agreement re Pareta drive system

DG InnovateAnnouncement

29/01/2024 07:00

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RNS Number : 1321B  DG Innovate PLC  29 January 2024

29 January 2024

DG Innovate plc

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

Joint Development Agreement for Pareta® drive system

 

DG Innovate (LSE: DGI), the advanced research and development company
pioneering sustainable and environmentally considerate improvements to
electric mobility and energy storage, is pleased to announce that the Company
has signed a Joint Development Agreement (the "Agreement") with a tier one
commercial vehicle components company, to jointly develop systems for heavy
goods vehicles applications utilising DG Innovate's Pareta® drive technology.

The Pareta® system provides a simpler, lighter and more cost-effective
solution, applicable over 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.  By applying DG Innovate's technology
utilised in the Company's Pareta® drives the parties believe leading
performance systems can be developed.  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
further provides additional functionality making each application a powerful
intelligent sub system in its own right.

The Agreement, which includes funding to the Company, covers the first proof
of concept stage, that will see prototypes produced in H1 2024, followed by on
vehicle trials in H2 2024.

Commenting, Peter Bardenfleth-Hansen, CEO of DG Innovate, said: "This
agreement with a global leader in commercial vehicle components highlights the
substantial and varied opportunities for the technology behind DGI's Pareta®
drive in a very large market.  I look forward to providing further updates on
this project, and more generally, as we leverage DGI's technology and build a
scaled business focused on green technology."

For further information please contact:

 

 DG Innovate plc                            C/O IFC
 Peter Bardenfleth- Hansen (CEO)

 Jack Allardyce (CFO)

 IFC Advisory (Investor Relations)          020 3934 6630
 Tim Metcalfe

 Zach Cohen

 FGS Global (Public Relations)              020 7251 3801
 Rollo Head

 Gordon Simpson

 Alessandro M Rubin

 Grant Thornton UK LLP (Financial Adviser)  020 7383 5100
 Samantha Harrison                           

 Jamie Barklem

 Ciara Donnelly

 Peterhouse (Broker)                        020 7469 0930
 Rose Greensmith

 Duncan Vasey

 Lucy Williams

 

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 numerous 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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