Aura to deliver 525 of its new 10 kW axial flux induction mobile power solutions

Rhea-AI Summary

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.

Positive

• Secured a $8.85 million distribution agreement with Hippo Multipower.
• First delivery scheduled for June 1, 2023, indicating immediate revenue inflow.
• New 10 kW AuraGen® design is 48% smaller and 10% more efficient than previous models.
• Significant increases in torque and power density suggest competitive advantages.
• Development of a 250 kW motor expected to improve power density by nearly 200% for electric vehicles.

Negative

• None.

LAKE FOREST, CALIFORNIA , March 07, 2023 (GLOBE NEWSWIRE) -- Aura Systems Inc. (Symbol “AUSI”) announced today that it has entered into an exclusive distribution agreement with Hippo Multipower to provide a minimum of 525 of Aura’s new 10 kW AuraGen^® mobile power application for use on various models of Polaris^® ultralight tactical military MRZR vehicles and derivatives such as the MRZR D2 and D4 and the MRZR Alpha over a three-year period. The minimum value of the agreement over the three years is approximately $8.85 million. The first delivery of 10 kW AuraGen^® systems under this contract is currently scheduled to take place by June 1, 2023.

“Hippo is very excited to be able to offer the AuraGen^® power solution for Polaris MRZR and derivatives such as the MRZR D2 and D4 and the MRZR Alpha military platforms. There are currently approximately 3,000 such platforms in use by the U.S. military and we believe that every one of them could potentially benefit from this unique solution” explained Wally Fordyce, Vice President of Hippo Multipower.

Aura’s newly-designed 10 kW mobile power solution represents notable improvements in both size and efficiency over earlier AuraGen^® designs; when compared to prior AuraGen^® systems, this new design is approximately 48% smaller in volume, has over 320% increased torque density, over 220% increased power density, and approximately 10% increased overall efficiency. Aura is also in the final stages of completing its design for a 250 kW axial flux induction motor suitable for electric vehicle applications and which is expected to provide up to 77 kW of power per liter volume (representing nearly a 200% improvement in power density over most electric vehicle motors currently in use) and 97.5% efficiency.

“The rollout of this new AuraGen^® 10 kW power solution is just the latest culmination of the company’s investment in engineering personnel and tooling which has taken place since July 2019, when shareholders ushered new management into the company,” explained Cipora Lavut, Aura’s President.

Aura Systems was founded in 1987 by a team of scientists and engineers as a defense industry think-tank. During the Cold War, Aura collaborated with the nation’s largest defense contractors as well as with the military itself on a host of both classified and non-classified “Star Wars” skunkworks programs. Today, Aura’s AuraGen® mobile power technology is deployed in more than 20 countries worldwide. With customers ranging from Fortune 500 companies to the world’s leading militaries, the AuraGen® family of power technology products represent a proven environmentally-conscious and economical solution for a wide range of applications.

For more information on Aura Systems, Inc. visit www.aurasystems.com

This press release contains “forward-looking” statements that are based on our beliefs and assumptions and on information currently available to us on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to those about the company’s plans for new features, products, and long-term growth. The company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports Aura Systems, Inc. files with the Securities and Exchange Commission.

AuraGen is a registered trademark of Aura Systems, Inc. in the U.S. and in other countries. The Polaris name and trademark are the property of Polaris Industries Inc.; trade names, trademarks, and service marks of other companies appearing in this press release are the property of their respective holders.

CONTACT
Cipora Lavut Board Chair and President
310 643-5300
clavut@aurasystems.com

FAQ

What is the value of Aura Systems' recent distribution agreement for the AuraGen® systems?

The distribution agreement with Hippo Multipower is valued at approximately $8.85 million over three years.

When is the first delivery of the 10 kW AuraGen® systems scheduled?

The first delivery is scheduled for June 1, 2023.

How much smaller is the new AuraGen® design compared to previous models?

The new AuraGen® design is approximately 48% smaller in volume than earlier models.

What are the expected improvements in power density for Aura's new 250 kW motor?

The new 250 kW axial flux induction motor is expected to provide nearly a 200% improvement in power density compared to most electric vehicle motors currently in use.