TIDMDGI
RNS Number : 8150W
DG Innovate PLC
20 April 2023
20 April 2023
DG Innovate plc
("DG Innovate" or the "Company")
Collaboration Update
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 an update on the progress of the Company's collaboration
with tier one commercial vehicle and off-highway axle and
transmission suppliers, BRIST Axle System S.r.l. ("BRIST") and BASE
Studio Arge ve Teknoloji Sanayi A.S. ("BASE"), as announced on 23
February 2023.
Following the signing of the Collaboration Framework Agreement
in February the parties have now agreed a detailed plan to develop
a series of commercial offerings, incorporating DG Innovate's
technology. The objective of the collaboration is to establish a
significant position in the growing commercial vehicle electric
drivetrain market, targeting both new OEM and aftermarket
conversion opportunities.
These offerings are planned to comprise:
Remote Mount Motors
This relatively simple and straightforward solution for the
retrofit market will comprise a remote mounted motor, converting an
existing diesel powered bus or commercial vehicle to an electric
powertrain. With this solution DG Innovate's integrated Pareta(R)
motor/inverter would be mounted underneath the vehicle in the
chassis and connected via a driveshaft to the axle differential.
The Company believes its Pareta(R) motor technology can readily be
used as a remote mounted solution in many retrofit applications,
both for vehicles incorporating BRIST or BASE axles and those from
third parties.
Integrated E Axle
The integrated E-Axle will be a complete assembly where the
Pareta(R) motor and drive assembly is mounted in a fully integrated
manner within a BRIST axle. The integrated E-Axle will be a key
joint development and integration project for the parties to ensure
the axle will be a 'plug and play' assembly for axles up to 13 ton
rating.
This product will target the retrofit bus market initially
whilst in parallel be offered to Bus OEM's for new vehicle build.
This newly designed integrated axle will not only release space to
accommodate more battery capacity within the existing chassis, but
being designed as a drop in replacement axle, it can be readily and
cost effectively fitted, giving significant additional usable life
extension to vehicles, along with a reduction in energy cost.
The integrated E-Axle is expected to have additional future
applications, including light commercial vehicles, and vocational
vehicles.
Independent Corner Drive Axle
This solution will see each wheel driven independently using the
Company's electric drive technology. Applicable to a range of 2 and
4 wheel drive commercial vehicles, this offering will be
particularly attractive for 2, 4, 6 or 8 wheel drive military
applications and will build on the Company's existing work in this
area.
Commenting, Peter Tierney, Chief Executive Officer of DG
Innovate, said: "Our collaboration with BRIST and BASE is already
accelerating DG Innovate's transition to becoming a full-scale
commercial supplier. Since signing the Collaboration Framework
Agreement at the end of February we have been working hard with
BRIST and BASE to formulate an appropriate product strategy to
ensure we both maximise the market opportunity and can achieve
commercial revenues as soon as possible. Leveraging our partners'
already significant industry presence we are jointly developing new
solutions that are targeted at readily accessible and existing
market demand. We believe this will provide the most rapid route to
market for our technology and I look forward to providing further
updates on this collaboration, and on our other areas of focus, in
due course as matters progress."
Commenting, Remzi Oduncu, Founding & Managing Partner of
BASE, said: "With DG Innovate we have now put in place our initial
product roadmap. We clearly see that both DG Innovate and BASE have
similar disruptive capabilities complementary to each other: A
dynamic and agile approach to support end users in providing a
differentiated solution which is both technically advanced and also
commercially attractive."
Commenting, Ahmet Hac ı yunus, Founding & Managing Partner
of BRIST, said: "The exciting technology and agile innovation
capability of DG Innovate matches well with our modular axle and
transmission portfolio. This collaboration and the product roadmap
enhances our value proposition to grow our share in the UK bus
market. We have a clear intent to grow in the UK market and DG
Innovate collaboration is a critical pillar in this ambition."
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
WH Ireland (Broker) 020 7220 1666
Chris Hardie
Andrew de Andrade
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
About BRIST
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
About BASE
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
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