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29 Aug 2024 07:00
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:
DG Innovate plc | C/O IFC |
Peter Bardenfleth- Hansen (CEO) Jack Allardyce (CFO) | |
IFC Advisory (Financial PR & Investor Relations) | 020 3934 6630 |
Tim Metcalfe Zach Cohen | |
Grant Thornton UK LLP (Financial Adviser) | 020 7383 5100 |
Samantha Harrison Jamie Barklem Ciara Donnelly |
|
Cavendish Capital Markets Limited (Corporate Broker) | 020 7220 0500 |
Adrian Hadden / George Lawson (Corporate Finance) |
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
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