Vox Markets Logo

Tesla trio take charge of DG Innovate, shares surge

13:59, 11th December 2023
Vox News
Company News
TwitterFacebookLinkedIn

DG Innovate plc (DGI) 

(Sharecast News) - Shares in DG Innovate rocketed on Monday, after former Tesla Motors executives took over the loss-making battery developer.
Under the terms of the deal, Peter Bardenfleth-Hansen becomes chief executive of the minnow, with Christian Eidem - who has also taken a 29.3% stake in the business - and Jochen Rudat joining as executive directors

Current chief executive Peter Tierney becomes non-executive director.

Both Bardenfleth-Hansen and Rudat spent several years working for Tesla, including holding senior roles in its European operations.

Eidem, a former venture capitalist, has worked as an advisor to both Tesla and Elon Musk, its billionaire head.

DGI has also raised £2.4m through the issue of convertible notes, which it said would be used to fund the new executive team's plans for the business.

Chair Nick Tulloch said: "The new executive management team, with their world class track record in the electric vehicle and mobility sector, recognise the significant commercial potential in DGI's technology and the wider opportunities to use DGI as a platform to build a larger company focused on the sector.

"I look forward to an extremely bright future for DGI."

Bardenfleth-Hansen added: "The technology the DGI team has developed in exceptional. In the last few years, [we] have looked at hundreds of different technologies to invest in and commit to across the global. DGI's technology was the standout."

As at 1245 GMT, the shares had surged 160% to 0.11p.

In the year to 31 December 2022, DGI posted a pre-tax loss of £7.9m on turnover of £4,280. DGI's research and development is split into two broad areas, novel electric motor technologies and energy storage solutions.

It currently has 18 patents filed worldwide.

TwitterFacebookLinkedIn

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

Recent Articles
Watchlist