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:
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DG
Innovate plc
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C/O IFC
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Peter Bardenfleth- Hansen
(CEO)
Jack Allardyce (CFO)
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IFC
Advisory (Investor Relations)
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020 3934 6630
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Tim Metcalfe
Zach Cohen
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FGS
Global (Public Relations)
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020 7251 3801
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Rollo Head
Gordon Simpson
Alessandro M Rubin
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Grant Thornton UK LLP (Financial Adviser)
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020 7383 5100
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Samantha Harrison
Jamie Barklem
Ciara Donnelly
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Peterhouse (Broker)
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020 7469 0930
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Rose Greensmith
Duncan Vasey
Lucy Williams
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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
