DG Innovate PLC SUPAR Project Advanced Propulsion Centre Funding

TIDMDGI

DG Innovate PLC

09 September 2022

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 GBP600,000 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(R) 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(R) 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

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word "Reach" in the source column of the News Explorer pages of London Stock Exchange's website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NRASSWFMAEESELU

(END) Dow Jones Newswires

September 09, 2022 02:01 ET (06:01 GMT)