British Start-up Attacks London Stock Market As It Reveals Plan To Delist

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A British car battery company led by former Tesla executives has quit the London stock market less than a month after tapping investors for £500,000.

DG Innovate (DGI), which is run by ex-Tesla director Peter Bardenfleth-Hanse, lashed out saying a lack of support for start-ups in the City had prompted the decision to abandon the main market and go private .

In particular, the company said red tape around London's stock listing rules meant it was more difficult to raise money, which has hindered its attempts to grow.

However, the company had raised £500,000 from investors in early December, claiming the cash would keep it afloat until February 2025 and support a new joint venture with Indian firm Evage.

Once the delisting is complete in early 2025, the business said it would propose a mechanism for existing investors – who will retain their stakes – to trade their shares privately. 

Mr Bardenfleth-Hansen was appointed to lead DG Innovate in December 2023, alongside former Tesla executives Christian Eidem and Jochen Rudat.

Shareholders in DGI include Mr Eidem – a former adviser and classmate of Elon Musk – who owns 24pc of the business, and Norway's largest bank DNB. 

Bosses added that they did not "foresee any obvious near-term catalysts likely to change this backdrop".