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(Alliance News) - DG Innovate PLC on Monday said it completed the first phase of its project to use its Pareta e-drive in marine applications.
DG Innovate shares jumped 21% to 0.21 pence each on Monday morning in London.
The Pareta electric drive system comprises a novel motor with integrated high-power inverter and control electronics. It divides the motor and inverter functionality between multiple segments, which leads to high efficiency, and cost-effectiveness.
The Caerphilly, Wales-based company, which specialises in sustainable improvements in electric vehicle and energy storage technologies, said the project has delivered a design for an integrated fuel cell and powertrain system using the company's technology.
It added that the next stage of the project "will lead towards a full demonstration vessel project." DG Innovate expects to receive further grant funding for that stage.
Chief Executive Officer Peter Bardenfleth-Hansen said: "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."
By Tom Budszus, Alliance News slot editor
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