Dg Innovate Regulatory News (DGI)

15 January 2025

DG Innovate plc

("DGI", "DG Innovate" or the "Company")

Directorate Changes

Update on P80 Motor Development

DG Innovate (LSE: DGI), the advanced research and development company developing pioneering solutions in sustainable mobility and energy storage, announces that Jochen Rudat (Executive Director) and Trevor Gabriel (Non-Executive Director) have offered to step down as Directors with immediate effect, to help the Company reduce its ongoing cost base and streamline the Board. This follows the Company's announcement on 31 December that it intends to cancel the admission to trading of its ordinary shares on the Main Market of the London Stock Exchange, with various other steps also being taken to reduce costs and ensure that the Board and wider team are of an appropriate size as DGI continues to progress the commercialisation of its technology.

Following these changes, the Board of the Company comprises: Peter Bardenfleth-Hansen (Chief Executive Officer), Christian Eidem (Executive Director), Jack Allardyce (Chief Financial Officer), Sir Michael Fallon (Independent Non-Executive Director) and Mark Carleton (Independent Non-Executive Director).

The Company remains in discussion with potential investors and will make further announcements in due course, as appropriate.

Update on P80 Motor Development

Following the announcement on 27 November 2024 that it had signed a Joint Venture Agreement (JVA) with EVage Automotive Pvt. Limited (EVage) to manufacture and supply a range of DGI's Pareta® e-drives, the Company is pleased to provide an update on development of its Pareta® P80 motor. The engineering team are currently finalising the construction of six A-sample motors, which will undergo rigorous, state-of-the-art performance and reliability testing over the next two months. The findings from these tests, along with valuable input from the Company's supply chain, will inform the development of subsequent B sample motors. These B samples will represent designs that are nearly production-ready, with finalisation planned by March 2025.

Commenting, Peter Bardenfleth-Hansen, CEO of DG Innovate, said: "On behalf of everyone at DGI I would like to thank Jochen and Trevor for their significant contributions to the Company. Following the decision to delist from the LSE the Board has resolved to "right-size" for the future and move forward with a leaner team for the next phase of DGI's commercialisation journey, with the P80 due to become our first volume product."

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