Exro Announces Coil Driver™ Innovation Project with Leading Global Automotive OEM

Exro and a Major Automaker to collaborate in innovation project utilizing Coil Driver™ technology for improving powertrain performance.

• A world leading global automotive OEM has engaged Exro in a collaboration to explore the latest advancements in power electronics technology to deliver higher continuous power and torque output compared to conventional systems.

CALGARY, AB, July 13, 2023 /PRNewswire/ - Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading clean-technology company that develops new generation power-control electronics that expand the capabilities of electric motors and batteries, is pleased to announce an innovation agreement with a Major Automaker, to mutually explore powertrain innovations in the Company's electric passenger vehicles utilizing Exro's advanced power electronics technology.

Innovation Agreement

The purpose of the collaboration is to determine the performance of Exro's Coil Driver™ product for improving the continuous power and torque output of the powertrain in the OEM's vehicles. Under the terms of the agreement, the Parties will work together to design a proof-of-concept Coil Driver™ plus motor system that would specifically fit into a defined electric machine housing. The proposed Coil Driver™ product will utilize the latest advancements in power electronics technology, paired with an optimized machine design, to deliver higher continuous power and torque output compared to conventional 3 phase inverters.

Under the agreement, the Parties anticipate completion of the proof-of-concept Coil Driver™ plus optimized motor design system by the end of Q4 2023, followed by delivery of functional prototypes to the OEM by the end of Q4 2024. The prototypes are then expected to enter a period of testing, including performance, durability, and reliability while determining next steps. Signing the agreement does not constitute any exclusivity to either of the Parties. 

For additional information on Exro's Coil Driver™ technology access the catalog here: Exro Coil Driver Catalogue.

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ABOUT EXRO TECHNOLOGIES INC.

Exro Technologies Inc. is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company's innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil Driver™) and stationary energy storage (Cell Driver™), and act to accelerate adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results. 

For more information visit our website at www.exro.com.

To view our Corporate Presentation visit us at www.exro.com/investors

Visit us on social media @exrotech.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's annual information form for the financial year ended December 31, 2022, and financial statements and related MD&A for the financial year ended December 31, 2022, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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SOURCE Exro Technologies Inc.