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Aura Systems Inc. (AUSI) has secured an exclusive distribution agreement with Hippo Multipower to deliver a minimum of 525 AuraGen® 10 kW mobile power systems for Polaris® MRZR tactical military vehicles over three years, valued at approximately $8.85 million. The first delivery is slated for June 1, 2023. The new AuraGen® design is significantly improved, being 48% smaller in volume, with a torque density increase of over 320%, and 10% better overall efficiency. Additionally, Aura is finalizing a 250 kW axial flux induction motor that boasts a near 200% improvement in power density for electric vehicle applications, emphasizing the company's technological advancements.
Aura Systems Inc. (AUSI) resolved ongoing litigation with former director Robert Kopple and his associates, which began in 2017. The settlement includes a total payment of $10 million over seven years, with an initial payment of $3 million due within three months, accruing 6% interest on the remaining balance. The plaintiffs will receive warrants for 3.3 million shares at $0.85 each. This agreement eliminates uncertainty and distraction from the litigation, allowing the company to focus on its strategic objectives and enhance shareholder value.
Aura Systems Inc. (AUSI) has appointed Mr. Steven Willett as Chief Financial Officer, effective February 14, 2022. Willett brings extensive experience from Govino, LLC and Identiv, Inc., enhancing Aura's leadership amid ongoing management expansion. David Mann, who served as CFO since July 2018, will continue as a director. Willett expressed enthusiasm about executing Aura's strategic plan and delivering shareholder value. Founded in 1987, Aura specializes in mobile power technology deployed globally, serving a diverse clientele including Fortune 500 companies and military organizations.
Aura Systems Inc. (AUSI) announced the successful installation of its new 6.5 kW mobile power solution for Banegas Signs, a long-time customer. This upgrade enhances power capabilities and features significant improvements designed for industrial applications. Banegas Signs has relied on Aura's systems for over 20 years, showcasing their reliability. Aura's mobile power technology, utilized in more than 20 countries, serves a broad clientele, including Fortune 500 companies and military organizations.
Aura Systems Inc. (AUSI) has announced the successful installation of its new 15-kW mobile power solution for military vehicles. This innovative system integrates the AuraGen® generator with an advanced Electronic Control Unit (ECU) using silicon carbide MOSFETs, enhancing performance and thermal efficiency compared to previous designs. The technology also supports a mix of AC and -48V DC power for various applications, including telecommunications. Additionally, a smaller 6.5 kW ECU has been developed, showcasing Aura's commitment to environmentally-conscious power solutions and expansion into new markets.
Aura Systems Inc. (AUSI) has appointed Dr. Bashir M. Ebrahimi as Chief Scientist, enhancing its capabilities in power generation and electric motors. Dr. Ebrahimi, an authority in electrical machines with extensive experience in designing motors for electric vehicles and power plants, aims to develop high-performance electric motors and generators utilizing Aura’s unique induction technology. This technology provides independence from traditional permanent magnet solutions, potentially advancing the company’s product line significantly.
Aura Systems Inc. (AUSI) has announced the relocation of its operations to a new secure facility in Lake Forest, California. President Cipora Lavut stated that the new site enhances the company’s capabilities in developing Axial Flux inductive motors and generators, which are designed without rare earth or permanent magnets. This move is expected to support advanced engineering developments for mobile electrification applications. Founded in 1987, Aura Systems is recognized for its environmentally friendly mobile power technology, utilized by various Fortune 500 companies and militaries globally.
Aura Systems Inc. (AUSI) has announced the appointment of Bradley Rotter as its Chief Strategy Officer. Rotter brings extensive investment experience across various sectors, including cybersecurity and defense, and has a history of involvement in innovative technologies. He aims to leverage his expertise to enhance Aura's growth and impact. Aura's AuraGen® mobile power technology, established in 1987, is utilized in over twenty countries, catering to both Fortune 500 clients and major military organizations.
Aura Systems Inc. (AUSI) has appointed Major General John F. Wharton, USA, Ret., as a strategic advisor. With over 30 years of leadership in defense technology, Wharton brings extensive experience in logistics and operations. He previously commanded the U.S. Army Research, Development and Engineering Command, overseeing significant R&D budgets. Wharton expressed excitement about Aura’s innovative technology, particularly its AuraGen® mobile power solutions, which serve global electrification needs. Founded in 1987, Aura is known for environmentally-friendly mobile power technology, utilized in over 20 countries.
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