LONDON - DG Innovate plc (LSE: DGI), a company specializing in sustainable mobility and energy storage solutions, has announced the resignation of two of its directors, Jochen Rudat and Trevor Gabriel, as part of a strategic move to reduce costs and optimize its board structure. This decision aligns with the company's previous announcement on December 31 about its intention to delist from the London Stock Exchange (LON:LSEG)'s Main Market and follows efforts to streamline operations.
The board now consists of CEO Peter Bardenfleth-Hansen, Executive Director Christian Eidem, CFO Jack Allardyce, and Independent (LON:IOG) Non-Executive Directors Sir Michael Fallon and Mark Carleton. DGI is in ongoing discussions with potential investors and plans to release further information as it becomes available.
In addition to the directorate changes, DGI provided an update on the development of its Pareta® P80 motor. After signing a Joint Venture Agreement with EVage Automotive Pvt. Limited to manufacture and supply its e-drives, DGI is nearing completion of six A-sample motors. These prototypes will undergo extensive testing in the next two months to ensure performance and reliability. Feedback from these tests and contributions from the supply chain will guide the creation of B sample motors, which are expected to be nearly ready for production by March 2025.
CEO Peter Bardenfleth-Hansen expressed gratitude to the departing directors for their service and emphasized the company's commitment to advancing its commercialization efforts, with the P80 motor set to become its first mass-produced product.
This news article is based on a press release statement from DG Innovate plc.
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