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RNS Number : 7711Q
DG Innovate PLC
23 February 2023
23 February 2023
DG Innovate plc
("DG Innovate" or the "Company")
Collaboration Agreement
DG Innovate (LSE: DGI), the advanced research and development
company pioneering sustainable and environmentally considerate
improvements to electric mobility and energy storage, is pleased to
announce that the Company has signed a Collaboration Framework
Agreement (the "Agreement") with tier one commercial vehicle and
off-highway axle suppliers, BRIST Axle System S.r.l. ("BRIST") and
BASE Studio Arge ve Teknoloji Sanayi A.S. ("BASE"). The Agreement
reflects the desire of all three parties to collaborate, in order
to establish a significant position in the growing heavy vehicle
electric drivetrain market. A particular focus of the Agreement
involves the electrification of Brist and BASE's existing axle
ranges, using DG Innovate's electric drive motors and associated
control systems.
BRIST, based in Italy, is a full system supplier of axles, both
rigid and independent suspension, and transmissions for vans,
trucks and buses. Its products include transmissions for use with
electric motors that can be tailored for use with DG Innovate's
Pareta(R) range. Further information on BRIST may be found at:
https://bristaxle.com
BASE, headquartered in Turkey, designs, engineers and
manufactures heavy-duty and off-highway vehicle products, including
independent suspension drive axles, rigid drive axles, transfer
cases and complete 4x4 rolling chassis systems equipped with its
own axles and transfer cases. Further information on BASE may be
found at: https://basestudio.com.tr
The key focus areas for the collaboration under the Agreement
will be as follows:
-- The collaboration will develop and integrate DG Innovate's
innovative Pareta(R) motor technology into the current range of
BRIST and BASE axles to provide a turnkey offering, with focus on
commercial vehicles, buses, coaches, military and specialty vehicle
axles globally.
-- DG Innovate will provide BRIST and BASE its existing vehicle
control and torque vectoring system which will allow the partners
to accelerate the penetration of the product in the market sectors
identified.
-- All three partners will use their collective expertise to
accelerate activities in the retrofit and conversion market from
diesel power to full electric drivetrain systems on commercial
vehicles, buses, coaches, military and specialty vehicles.
-- DG Innovate will provide UK 'in country' presence for sales and customer support.
-- DG Innovate to assemble BRIST and BASE axles within the UK in
due course, with the partners to support the establishment of
operations within the UK when volumes and subsequent commercial
benefits are appropriate.
Commenting, Remzi Oduncu, Co-founder and Managing Partner of
BRIST and BASE, said: "We are very pleased to have signed this
agreement and are excited to be working with DG Innovate. Both
BRIST and BASE are at the forefront of technical innovation with a
rapidly growing market presence. We believe that by collaborating
with DG Innovate we can generate significant new opportunities for
all parties in our chosen sectors."
Commenting, Peter Tierney, Chief Executive Officer of DG
Innovate, said: "We are delighted to have signed this collaboration
with BRIST and BASE, which is intended to accelerate DG Innovate's
transition to becoming a full-scale commercial supplier. Both have
a significant existing market presence in our key target areas of
heavy commercial and speciality vehicles, including military. The
collaboration is expected to provide DG Innovate with an
accelerated route to market for our Enhanced Drive Technology,
together with the ability to offer a much broader product offering,
encompassing full drivetrain systems. These systems will be
applicable both for new vehicles and in the retrofit market.
"This collaboration is complimentary to other relationships we
already have and I look forward to providing further updates in due
course as matters 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
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
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.
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,
cost-effective electric motors + power 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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