29 August 2024
DG
Innovate plc
("DG
Innovate", "DGI" or the "Company")
Board
Changes
DG Innovate (LSE: DGI), the advanced
research and development company developing pioneering solutions in
sustainable mobility and energy storage, announces that in order to
reduce the Company's ongoing cost base and ensure that its Board is
of an appropriate size and composition as it further progresses the
commercialisation of its technology, Nick Tulloch (Non-Executive
Chairman) and Peter Tierney (Non-Executive Director) have stepped
down as Directors with immediate effect.
Following these changes, the Board
of the Company comprises: Peter Bardenfleth-Hansen (Chief Executive
Officer), Christian Eidem (Executive Director), Jochen Rudat
(Executive Director), Jack Allardyce (Chief Financial Officer), Sir
Michael Fallon (independent Non-Executive Director), Mark Carleton
(independent Non-Executive Director) and Trevor Gabriel
(Non-Executive Director).
Commenting, Peter Bardenfleth-Hansen, CEO
of DG Innovate
said: "We continue to make
excellent progress on our journey to build a significant company in
the sustainable mobility sector, with a particular focus on
bringing our proprietary Pareta® electric drive technology to
market as soon as possible. With the appointment of the new executive
management team in December 2023 our progress has been accelerated
and we all felt now was the right time to streamline the
Board. On behalf of everyone involved with DGI I would like
to thank Nick and Peter for their significant contributions to the
Company."
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 (Financial PR & Investor Relations)
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020 3934 6630
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Tim Metcalfe
Zach Cohen
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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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Cavendish Capital Markets Limited (Corporate
Broker)
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020 7220 0500
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Adrian Hadden / George Lawson
(Corporate Finance)
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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
