DGI Dg Innovate Plc

19 July 2024

DG Innovate plc

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

DG Innovate Delivers Pareta® Motor Prototype in Record Time

New motor to power forward the joint Development Agreement first announced in January

DG Innovate (LSE: DGI), the advanced R&D company developing pioneering solutions in sustainable mobility and energy storage, announces the record-time development of a new motor prototype based on its proprietary Pareta® electric drive system. This follows the signing in January of a Joint Development Agreement ("the Agreement") with a tier one commercial vehicle components company to develop systems for heavy goods vehicles applications.

The creation of a new, bespoke motor in only six months demonstrates the skills and ambition of the new DGI. Run by former Tesla Executives with the support of a growing team of ex-Tesla motor experts, the Company has already received preliminary positive feedback from the commercial partner. At a time when the UK Government is actively pursuing growth, the project shows an opportunity  to harness the country's engineering legacy with newfound momentum and private sector investment.

The Pareta® system provides a simpler, lighter and more cost-effective solution for 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. It is 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 provides additional functionality making each application a powerful intelligent sub system in its own right.

Commenting, Peter Bardenfleth-Hansen, DGI CEO, said: "When we took over DG Innovate 7 months ago, my colleagues and I immediately started implementing the culture we had experienced first-hand at Tesla. Going from R&D to volume production is no easy feat but our Team of ex-Tesla engineers have made this possible thanks to their world-class expertise, and we are now unlocking the huge growth opportunities stemming from the green transition. The delivery of our latest prototype is a solid testament to this."

The prototype will now undergo additional testing and vehicle trials during the second half of the year. Additional information about the Agreement and the prototype will be shared with the market in due course.

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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:

Further information may be found at: https://www.dgiplc.com