Tesla trio take charge of DG Innovate, shares surge

(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.