DG Innovate PLC Commercial Update (4714X)

TIDMDGI

RNS Number : 4714X

DG Innovate PLC

30 August 2022

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

30 August 2022

DG Innovate plc

("DG Innovate" or the "Company")

Commercial Update

DG Innovate (LSE: DGI), the advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and storage, is pleased to provide an update on the accelerated commercialisation programme for its suite of technologies.

Highlights

   -     Testing of 250kW Pareta (c) high-performance electric vehicle drive underway 
   -     Initial performance results in line with expectations 
   -     Cycle testing ongoing for a further two months 

- Collaborative commercial dialogue continues to gather momentum with key partners and launch customers

   -     Hard carbon anode material testing underway with positive initial results 

Pareta (c) integrated e-drive testing

Testing of the Company's 250kW Pareta (c) high-performance electric vehicle drive is now underway. Initial performance results are encouraging, and in line with concept expectations. Cycle testing is expected to continue for a further two months, with results to be reported in due course. The Pareta (c) High Efficiency Parallel Motor for Automotive Application project, being undertaken by a consortium including the Company and Meritor Electric Powertrain Systems UK Ltd (a subsidiary of US-headquartered global commercial vehicle components company, Meritor Inc), is therefore progressing positively in line with its targeted key milestones for new product development. The Company also continues to progress commercial discussions with its collaborative partners and potential launch customers.

Energy storage progress

The initial formulation and testing of a hard carbon anode material from a sustainable bio waste product has advanced to the point of benchmark testing, with good initial results. Plans are now being formulated to supply small batch samples of material to key battery partners who consider this to be a potentially disruptive alternative in the aspiration to reduce dependency on hydrocarbon-derived anodes for both sodium and lithium-ion technologies.

Commenting, Peter Tierney, Chief Executive Officer of DG Innovate, said: "We are very encouraged by recent progress, both with our Pareta (c) e-drive and enhanced battery technology. This is a very exciting stage of the Company's evolution and development towards becoming a supplier of choice for differentiated electric vehicle and energy storage solutions to various key market sectors, including automotive applications both commercial and military. 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

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August 30, 2022 02:02 ET (06:02 GMT)