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
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C/O IFC
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Peter Bardenfleth- Hansen
(CEO)
Jack Allardyce (CFO)
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IFC
Advisory (Investor Relations)
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020 3934 6630
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Tim Metcalfe
Zach Cohen
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FGS
Global (Public Relations)
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020 7251 3801
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Rollo Head
Gordon Simpson
Alessandro M Rubin
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Grant Thornton UK LLP (Financial Adviser)
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020 7383 5100
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Samantha Harrison
Jamie Barklem
Ciara Donnelly
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Cavendish Capital Markets Limited (Corporate
Broker)
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020 7220 0500
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Adrian Hadden / George Lawson
(Corporate Finance)
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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 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