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RNS Number : 3022T DG Innovate PLC 21 June 2024
21 June 2024
DG Innovate plc
("DG Innovate", "DGI" or the "Company")
Appointment of Non-Executive Director
DG Innovate (LSE: DGI), the advanced research and development company
developing pioneering solutions in sustainable mobility and energy storage, is
pleased to announce the appointment of Rt Hon Sir Michael Fallon KCB as an
independent Non-Executive director of the Company with immediate effect.
Sir Michael is a former British Member of Parliament and Minister, with 30
years of senior political and business experience, serving in four British
Cabinets, and as a Non-Executive Director on a number of private and public
company boards. First elected to Parliament in 1983, he served as Schools
Minister, Minister of State for Business, Energy Minister, and Defence
Secretary. As Minister of State for Business Sir Michael had responsibility
for the automotive, aerospace, chemical and steel industries. As Minister of
State for Energy he had responsibility for the nuclear, oil, gas, electricity
and renewables industries. As Defence Secretary, Sir Michael had overall
responsibility for the armed forces and a £35 billion annual budget. He led
the Strategic Defence and Security Review of 2015 and represented the UK at
various NATO summits. He stepped down as an MP ahead of the 2019 general
election.
Sir Michael has been a director of several companies with entrepreneur Duncan
Bannatyne. He has served on the boards of portfolio companies owned by
private equity firms Alchemy Partners and Industri Kapital, he was for eight
years a main board director of the inter-dealer broker Tullett Prebon plc and
recently stepped down as a Non-Executive Director of Genel Energy plc. Sir
Michael is Chairman of abrdn Investcorp Infrastructure Partners, which invests
in social infrastructure and renewable energy projects in the Gulf.
Following Sir Michael's appointment the Board of the Company comprises:
Nicholas Tulloch (Non-Executive Chairman), Peter Bardenfleth-Hansen (Chief
Executive Officer), Christian Eidem (Executive Director), Jochen Rudat
(Executive Director), Jack Allardyce (Chief Financial Officer), Sir Michael
Fallon (Non-Executive Director), Peter Tierney (Non-Executive Director) and
Trevor Gabriel (Non-Executive Director).
Commenting, Nick Tulloch, Chairman of DG Innovate, said: "I am delighted to
welcome Sir Michael to the DG Innovate Board. Sir Michael's extensive
government and private sector experience, particularly in relevant sectors to
the Company, will be invaluable as we look to rapidly exploit the significant
commercial potential in DG Innovate's technology and the wider opportunity to
use DG Innovate as a platform to build a larger company focused on the
sector."
For further information please contact:
DG Innovate plc C/O IFC
Peter Bardenfleth- Hansen (CEO)
Jack Allardyce (CFO)
IFC Advisory (Investor Relations) 020 3934 6630
Tim Metcalfe
Zach Cohen
FGS Global (Public Relations) 020 7251 3801
Rollo Head
Gordon Simpson
Alessandro M Rubin
Grant Thornton UK LLP (Financial Adviser) 020 7383 5100
Samantha Harrison
Jamie Barklem
Ciara Donnelly
Cavendish Capital Markets Limited (Corporate Broker) 020 7220 0500
Adrian Hadden / George Lawson (Corporate Finance)
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 numerous 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
(https://www.dgiplc.com/)
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