Caerphilly-based car battery firm DG Innovate has seen its shares nearly triple with a £2.4 million investment after appointing three former Tesla executives.

The firm’s reshuffle has placed Peter Bardenfleth-Hansen as chief executive while Christian Eidem and Jochen Rudat will join as executive directors. All three of which have previously worked at Tesla, with Bardenfleth-Hansen and Rudat holding senior roles. Eidem’s role involved being an advisor to both Tesla and its CEO, Elon Musk.

The firm endeavours to make sustainable improvements to electric vehicle batteries and energy storage and is developing sodium-ion batteries for electric vehicles, a potentially cheaper and safer alternative to widely used lithium batteries. As mentioned, the company also managed to secure £2.4m in loan note funding through Partronus Partners.

Russ Mould, investment director at AJ Bell, said:

“Most people will have never heard of DG Innovate yet the stock was certainly shouting from the rooftop as the market opened. This tiny company delivered the type of news that sends small cap investors into a frenzy.”

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