Exro Announces Coil Driver™ Start of Production Backed by Purchase Orders from HB4 and Vicinity Motor Corp
- Exro achieves major milestone with start of production of Coil Driver™ technology for electric vehicles
- Initial purchase orders from HB4 Group and Vicinity Motor Corp
- Production facility capable of producing 100,000 Coil Driver™ units per year
- Start of production marks progress towards unlocking $45 billion market opportunity
- None.
At a Glance:
- Exro achieves major milestone with start of production of its patented next-generation Coil Driver™ inverter technology for electric vehicles at the company's state-of-the-art manufacturing facility in
Calgary, Alberta, Canada . - First production is backed by initial purchase order commitments for low-voltage Coil Driver™ units from Italian OEM supplier HB4 Group following on-road commercial truck testing that demonstrated a more than
20% range increase over the predecessor technology. - Initial low-voltage production and deliveries for HB4 Group will be followed by high-voltage Coil Driver™ systems production and deliveries to Canadian electric bus and commercial vehicle manufacturer, Vicinity Motor Corp for e-bus applications.
- To celebrate the start of production, Exro will host an exclusive event for public dignitaries, media, shareholders, and employees on Wednesday, September 20th.
- In addition to starting production, Exro is on schedule to integrate Coil Driver™ products with several strategic customers in
Canada ,Europe ,South America , andthe United States in 2023 – demonstrating its patented technology, continued growth opportunities, and credibility towards unlocking the~ market opportunity in commercial e-vehicles.$45 billion
"On behalf of everyone at Exro, we are thrilled to announce the official start of production of our Coil Driver™ technology", said Exro CEO Sue Ozdemir. "This achievement marks a tremendous milestone in bringing our next-generation technology to market from proof-of-concept on paper over three years ago, to now being in production for on-road customer vehicles. We are thankful for the ongoing support of our shareholders who have weathered many storms along the way. They have remained steadfast in our shared vision of a sustainable future that requires innovative technologies that increase efficiency and change the way the world consumes energy."
Exro's Manufacturing Center is a 37,000 ft2 world-class automated inverter manufacturing and assembly facility. Boasting a class 10,000 clean room, the facility brings European automotive standards for technical cleanliness and track and trace to
The manufacturing center complements Exro's research and development, design, and testing innovation centers in
To celebrate the start of production, Exro will host an exclusive invitation-only event for distinguished guests, key partners, media, and employees on Wednesday, September 20th, 2023. The event will be accompanied by a live webcast with replay available. Details to follow.
The start of production is backed by initial purchase order commitments for low-voltage Coil Driver™ units from Italian OEM supplier HB4 Group, and high-voltage Coil Driver™ motor-inverter systems to Canadian electric bus and commercial vehicle manufacturer, Vicinity Motor Corp.
HB4 Group
"We are very pleased to work with Exro to bring leading sustainable electric vehicles to customers in
HB4 is an Italian Tier-1 OEM supplier of vehicle lighting systems, radio keyless systems, batteries, electric motors, fuel tank caps, and other components to main automotive companies worldwide such as Casalini, Ducati, Ferrari, KTM, Aprilia, Harley Davidson, MV Agusta, and others. In 2023, Exro's low-voltage Coil Driver™, paired with an HB4 group electric motor designed and manufactured by SM4E part of HB4 Group, was integrated by HB4-Exro and commissioned in two applications – a small passenger vehicle and a small commercial truck manufactured by Casalini in
Vicinity Motor Corp
"We are excited to advance our relationship with Exro to the next stage", said Vicinity Chief Executive Officer, William Trainer. "Together we are on a mission to move people more efficiently and effectively while supporting a cleaner and more sustainable planet."
Deliveries of high-voltage systems, consisting of a 400V TSA-motor paired with Exro Coil Driver™, are scheduled to begin by mid Q4 2023. Initial deliveries are intended for electric bus applications destined for operations across
Unlike passenger vehicles currently, commercial vehicles are being regulated and incentivized to convert from combustion to electric within set timelines. This large secular shift is contributing to a significant opportunity for Exro. According to the latest Bloomberg NEF Electric Vehicle Outlook report, the market opportunity for Coil Driver™ is forecast to grow at an annual CAGR of
During the remainder of 2023, Exro is scheduled to integrate Coil Driver™ products with a host of customers in
For additional information on Coil Driver™ please follow this link: <Exro-Coil-Driver-Product-Catalogue.pdf>
ABOUT HB4 GROUP
HB4 Group is a holding family business operating in the automotive, industrial, real estate and interior led light design sectors in
ABOUT VICINITY MOTORS CORP.
Vicinity Motor Corp. (NASDAQ: VEV) (TSXV: VMC) ("VMC") is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG, and clean-diesel Vicinity buses, as well as the VMC 1200 electric truck to the transit and industrial markets. For more information, please visit www.vicinitymotorcorp.com.
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.
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
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SOURCE Exro Technologies Inc.
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