TIDMDGI

RNS Number : 7002K

DG Innovate PLC

09 May 2022

9 May 2022

DG Innovate plc

("DG Innovate " or the "Company")

Introduction of 400kW Pareta (c) E-drive

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 the extension of its Pareta (c) range of high-performance electric vehicle drives ("E-drive") to now include a 400kW version suitable for heavy vehicle applications.

The 400kW Pareta (c) integrated E-drive is being developed in collaboration with a tier 1 supplier to the commercial vehicle industry (the "Customer"), with whom the Company has a good and evolving relationship. The 400kW Pareta(c) drive specification was defined by the Customer to target its growing E-drive needs.

DG Innovate's Pareta (c) (representing Parallel Eta [efficiency]) range of ultra-reliability high efficiency E-drives are designed to offer class leading performance and power. Founded on the Company's extensive experience in military high-performance E-drive applications, DG Innovate, in conjunction with the Customer, has now focused its expertise and its Pareta (c) concept on the commercial heavy goods vehicle sector, where the Company sees significant commercial opportunities.

With a compact integrated high power silicon carbide inverter, the 400kW Pareta (c) unit measures 400mm in diameter by 270mm in length, making the combination one of the most compact available. It is seen by the Company as a leading contender for use in the heavy truck, bus and delivery van markets; military land vehicles and sea vessel drives; along with having a suitability for safety critical aircraft drives. The 400kW unit extends DG Innovate's Pareta (c) family of E-drives which already includes 250kW and 100kW sizes.

Performance and endurance verification testing of the 400kW Pareta (c) is planned to begin in the coming weeks and the Company looks forward to providing further updates in due course.

Commenting, Christopher Theis, CEO of DG Innovate, said:

"We are delighted to be able to announce our new electric drive suitable for the heavy goods vehicle sector, together with many other potential applications. The 400kW Pareta (c) E-drive has been defined to match the requirements of a key customer of the Company, who has a significant global position in the heavy vehicle transmission sector, and we look forward to continuing to work with them to bring this technology to the market.

"Since the admission of DG Innovate to trading on the London Stock Exchange a month ago we have commenced an acceleration programme to advance commercial progress with our suite of electric mobility and storage technologies and I look forward to providing further updates over the coming months."

For further information please contact:

 
DG Innovate plc                             C/O IFC 
Christopher Theis 
 Jack Allardyce 
 
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 
 
ETX Capital (Broker)                        020 7392 1400 
Tom Curran 
 Thomas Smith

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May 09, 2022 13:10 ET (17:10 GMT)

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