DG Innovate plc (LON:DGI), the advanced research and development company developing pioneering solutions in sustainable mobility and energy storage, has announced the appointment of Rt Hon Sir Michael Fallon KCB as an independent Non-Executive director of the Company with immediate effect.
Sir Michael is a former British Member of Parliament and Minister, with 30 years of senior political and business experience, serving in four British Cabinets, and as a Non-Executive Director on a number of private and public company boards. First elected to Parliament in 1983, he served as Schools Minister, Minister of State for Business, Energy Minister, and Defence Secretary. As Minister of State for Business Sir Michael had responsibility for the automotive, aerospace, chemical and steel industries. As Minister of State for Energy he had responsibility for the nuclear, oil, gas, electricity and renewables industries. As Defence Secretary, Sir Michael had overall responsibility for the armed forces and a £35 billion annual budget. He led the Strategic Defence and Security Review of 2015 and represented the UK at various NATO summits. He stepped down as an MP ahead of the 2019 general election.
Sir Michael has been a director of several companies with entrepreneur Duncan Bannatyne. He has served on the boards of portfolio companies owned by private equity firms Alchemy Partners and Industri Kapital, he was for eight years a main board director of the inter-dealer broker Tullett Prebon plc and recently stepped down as a Non-Executive Director of Genel Energy plc. Sir Michael is Chairman of abrdn Investcorp Infrastructure Partners, which invests in social infrastructure and renewable energy projects in the Gulf.
Following Sir Michael’s appointment the Board of the Company comprises: Nicholas Tulloch (Non-Executive Chairman), Peter Bardenfleth-Hansen (Chief Executive Officer), Christian Eidem (Executive Director), Jochen Rudat (Executive Director), Jack Allardyce (Chief Financial Officer), Sir Michael Fallon (Non-Executive Director), Peter Tierney (Non-Executive Director) and Trevor Gabriel (Non-Executive Director).
Commenting, Nick Tulloch, Chairman of DG Innovate, said: “I am delighted to welcome Sir Michael to the DG Innovate Board. Sir Michael’s extensive government and private sector experience, particularly in relevant sectors to the Company, will be invaluable as we look to rapidly exploit the significant commercial potential in DG Innovate’s technology and the wider opportunity to use DG Innovate as a platform to build a larger company focused on the sector.“
