DG Innovate restructures board
Ex-Tesla trio join battery challenger
UK electric drivetrain and battery developer DG Innovate has restructured its board and appointed three new former Tesla executives to senior roles.
The company has also raised £2.4mn ($3mn) in new funding through convertible notes fundraising.
Peter Bardenfleth-Hansen – currently CEO of EV charging firm Zaptec – will become CEO. Jochen Rudat and Christian Eidem will become executive directors, with Eidem acquiring a 29.3pc stake in DG Innovate as part of the deal.
"We are delighted to welcome Christian Eidem, Peter Bardenfleth-Hansen and Jochen Rudat to DG Innovate, together with Christian taking a significant stake in the company," says Nick Tulloch, Chairman of DG Innovate.
The new executive management team say they envisage a dual strategy of completing the development and commercialisation of the company's existing technologies and building a larger business through "significant" acquisitions in the electric mobility and energy storage spaces.
"Jochen, Christian and I have...in the last few years looked at hundreds of different technologies to invest in and commit to across the globe – DGI's technology was the standout," says incoming CEO Peter Bardenfleth-Hansen.
The firm says its Pareta electric powertrain has high energy density, allowing for greater range, lower manufacturing costs and increased reliability. The design divides the motor and inverter functionality between multiple parts of the powertrain, meaning that it continues to operate even if a motor or inverter segment fails.
DG Innovate will use the new financing to develop a pilot production line for the Pareta powertrain that will help assess the viability of scaling manufacture. The firm has also been awarded grant funding for a feasibility study into a larger 3MW version of its Pareta system for marine operations, with work on this study now underway.
And DGI has also commenced work on its MTorX project, which is exploring the potential for a motor design with no permanent magnets incorporated. Magnet supply chains are currently a significant issue for OEMs.
Bardenfleth-Hansen spent almost 10 years at Tesla before joining Zaptec, rising through the ranks to become director of Emea business development.
Rudat joined Tesla in 2009 and eventually became its director of Central Europe. He is on the advisory board of e-boat manufacturer Silent Yachts, EV manufacturer Micro Mobility Systems, lithium ion battery recycling firm American Manganese and EV charging start-up Carify.
Eidem also holds numerous directorship and board member positions around the world and has worked as an adviser to Elon Musk and Tesla.