(Alliance News) - DG Innovate PLC on Monday said that it has signed a joint development agreement to develop systems for heavy goods vehicles applications.
The Caerphilly, Wales-based electric mobility and energy storage company didn't specify with whom it had signed the deal, but noted it was a "tier one commercial vehicle components" firm.
Under the terms of the agreement, the pair will develop systems for heavy goods vehicles using DG Innovate's Pareta drive technology.
The Pareta system is comprised of a novel motor with integrated high-power inverter and control electronics. While initially developed for land vehicles, it can now also be used in the marine, renewable energy, and aviation sectors.
The deal - which includes funding to DG Innovate - covers the first proof of concept stage. The first prototypes should be ready by the first half, followed by on-vehicle trials in the second.
"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," said Chief Executive Officer Peter Bardenfleth-Hansen.
DG Innovate shares were trading 4.4% higher at 0.22 pence each in London on Monday morning.
By Holly Beveridge, Alliance News reporter
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Dg Innovate (DGI)