Sign In
9 Sep 2022 07:00
9 September 2022
DG Innovate plc
("DG Innovate" or the "Company")
Advanced Propulsion Centre Funding for DG Innovate's SUPAR Pilot Production Project
DG Innovate (LSE: DGI), the advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and storage, is pleased to announce that the Company, through its subsidiary, Deregallera Limited, has been awarded funding from the UK Government's Advanced Propulsion Centre ("APC") through their Scale-up Readiness Validation competition, part of the Automotive Transformation fund.
The APC funding of approximately £600,000 will cover 50% of the eligible costs of the Company's 'Scale up Readiness Validation of Parallel Motor for Automotive Applications' ("SUPAR") project. The SUPAR project is designed to optimise DG Innovate's Pareta® high performance electric vehicle drives to enable the most appropriate cost of production using lean manufacturing techniques, enabling substantial upscaling to commercial scale production.
The SUPAR project will involve the establishment of a pilot production facility, with particular attention to efficient manufacturing cell layout and the use of the latest lean manufacturing techniques. This pilot production will be validated by the Company producing a quantity of its Pareta® units to provide scalable production viability, so that progressive upscaling to commercial scale production can be confidently undertaken.
Commenting, Peter Tierney, Chief Executive Officer of DG Innovate, said: "The SUPAR pilot production project is a strategically significant development for DG Innovate as we move from being a high technology motor designer to a full-scale provider in the supply chain for electric vehicle motors. This is a critical building block in the progressive development and scaling up of DG Innovate's Enhanced Drive technology as we look to become a supplier of choice for differentiated electric vehicle solutions. I look forward to providing further updates as we progress."
For further information please contact:
DG Innovate plc | C/O IFC | |
Peter Tierney, CEO Jack Allardyce, CFO | ||
IFC Advisory (Financial PR & IR) | 020 3934 6630 | |
Tim Metcalfe Zach Cohen | ||
Grant Thornton UK LLP (Financial Adviser) Samantha Harrison Jamie Barklem Daphne Zhang Ciara Donnelly | 020 7383 5100
| |
OvalX (Joint Broker) | 020 7392 1400 | |
Tom Curran Thomas Smith | ||
WH Ireland (Joint Broker) | 020 7220 1666 |
|
Chris Hardie |
| |
Megan Liddell |
| |
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 18 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, lightweight, cost-effective electric motors and 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
Follow the stocks
