REG - DG Innovate PLC - Pareta E-drive for Marine Applications

DG InnovateAnnouncement

08/01/2024 07:00

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RNS Number : 8656Y  DG Innovate PLC  08 January 2024

8 January 2024

DG Innovate plc

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

Pareta® E-drive for Marine Applications

 

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 the completion of
the first phase of its project to utilise the Company's Pareta® e-drive in
marine applications.

As previously announced, DG Innovate was awarded grant funding at the
beginning of 2023 for a feasibility study into the use of the Company's
Pareta® e-drive for marine operations alongside a partner providing a
hydrogen fuel cell power system.  This project has now delivered a fully
costed design for an integrated fuel cell and powertrain system using the
Company's technology.  With no gearbox involved the driveline is much more
efficient and reliable compared to the current diesel engine / gearbox system,
together with offering the benefits of zero emissions.

The system design was overseen and guided by Lloyd's Register's risk-based
design guidelines and DG Innovate is pleased to report that "Approval in
Principle" has now been received from Lloyd's Register for the Company's
Pareta® e-drive system to be fitted to marine vessels - one of the primary
target outcomes from the project.

Utilising DG Innovate's high efficiency modular drive motor and integrated
inverter, the project has defined a system level segmented marinised fuel cell
energy supply, feeding a similarly segmented driveline delivering circa 3MW
power.  The system is designed to deliver zero-emission power to a ship
saving approximately 1700kg of CO(2) equivalent per hour at 3MW as compared to
diesel powered vessels.

The primary near term potential market for a circa 3MW system is expected to
be power for workboats and crew transfer vessels servicing offshore
installations in the North Sea and elsewhere.  Hundreds of such vessels are
expected to be commissioned in the UK to service wind farms and other offshore
installations.

The next stage of the project, for which the Company expects to receive
further grant funding, will lead towards a full demonstration vessel project.

Commenting, Peter Bardenfleth-Hansen, CEO of DG Innovate, said: "As I noted
when I was appointed, the technology the DGI team has developed is
exceptional.  The marine sector is just one addressable market for DGI's
Enhanced Drive Technology, alongside road transport and other applications
that we are also focused on.  The potential demand for zero emission marine
vessels is enormous and I believe the enhanced reliability, performance and
compact nature of our novel motor technology will be very appealing to marine
operators.  We look forward to the next stage of this project.

"We are heavily focussed on leveraging all of DG Innovate's technology as we
seek to build a scaled business focused on green technology and I look forward
to providing further updates in due course."

For further information please contact:

 

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

 Christian Eidem (Executive Director)

 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

 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 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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