(Alliance News) - Shares in DG Innovate PLC doubled on Monday following the announcement of board restructuring and fundraising efforts.

The company, which specialises in sustainable improvements in electric vehicle and energy storage technologies, has appointed three new executive directors to lead its operations.

Peter Bardenfleth-Hansen will serve as chief executive officer, replacing the outgoing Peter Tierney, while Christian Eidem and Jochen Rudat will both take on executive director roles. All three men formerly held senior positions within Tesla, and Chair Nick Tulloch has lauded their "world-class track record in the electric vehicle and mobility sector."

The new team envisions a new "dual strategy" for DG, which will involve developing and commercialising the company's existing technology, while also "build[ing] a larger business through significant complimentary acquisitions within the wider electric mobility and energy storage spaces."

As well as his appointment, Christian Eidem has acquired a 29% stake in the company through the purchase of shares from existing shareholders.

The company also announced that it had raised GBP2.4 million through the issuance of convertible notes at 0.035 pence per share. According to DG, this money will be used "to progress the new executive management team's plans including the development and commercialisation of the company's existing technology."

DG's share price rose from 0.05 pence each in London on Friday afternoon to 0.01 pence each on Monday morning following the announcements.

DG Innovate's current share price more than doubled to 0.10 pence in London on Monday morning.

By Hugh Cameron, Alliance News reporter

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