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29 Jan 2024 07:00
29 January 2024
DG Innovate plc
("DG Innovate", "DGI", the "Company" or the "Group")
Joint Development Agreement for Pareta® drive system
DG Innovate (LSE: DGI), the advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and energy storage, is pleased to announce that the Company has signed a Joint Development Agreement (the "Agreement") with a tier one commercial vehicle components company, to jointly develop systems for heavy goods vehicles applications utilising DG Innovate's Pareta® drive technology.
The Pareta® system provides a simpler, lighter and more cost-effective solution, applicable over a range of applications for both new generation electric and hybrid heavy goods vehicles, as well as those continuing to be powered by internal combustion engines. By applying DG Innovate's technology utilised in the Company's Pareta® drives the parties believe leading performance systems can be developed. Designed to provide redundancy within the system, to be robust, fit in the existing available spaces, and respond rapidly with appropriate force. Inbuilt processing power / intelligence further provides additional functionality making each application a powerful intelligent sub system in its own right.
The Agreement, which includes funding to the Company, covers the first proof of concept stage, that will see prototypes produced in H1 2024, followed by on vehicle trials in H2 2024.
Commenting, Peter Bardenfleth-Hansen, CEO of DG Innovate, said: "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."
For further information please contact:
DG Innovate plc | C/O IFC |
Peter Bardenfleth- Hansen (CEO) Jack Allardyce (CFO) | |
IFC Advisory (Investor Relations) | 020 3934 6630 |
Tim Metcalfe Zach Cohen | |
FGS Global (Public Relations) | 020 7251 3801 |
Rollo Head Gordon Simpson Alessandro M Rubin | |
Grant Thornton UK LLP (Financial Adviser) | 020 7383 5100 |
Samantha Harrison Jamie Barklem Ciara Donnelly | ? |
Peterhouse (Broker) | 020 7469 0930 |
Rose Greensmith Duncan Vasey Lucy Williams |
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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