Exro Proven to Dramatically Increase Performance of Electric Bikes in Independent Field Tests

Rhea-AI Summary

Exro Technologies Inc. (TSXV:EXRO)(OTCQB:EXROF) announced that its patented Coil Driver technology significantly enhances electric bike performance, achieving over a 20% increase and up to 50% in climbing conditions. Tested by Motorino Electric, the results are poised to transform the electric bike and micro-mobility markets, projected to exceed USD $23 billion by 2025. Exro aims to start commercial negotiations for 2021, emphasizing advancements in efficiency and energy use across micro-mobility applications.

Positive

• Coil Driver technology improves electric bike performance by over 20% and up to 50% in climbing conditions.
• Potential to revolutionize the electric bike and micro-mobility markets valued at over USD $23 billion by 2025.
• Plans to enter commercial negotiations for 2021, indicating proactive business development.

Negative

• None.

• Motorino Electric Validates Electric Bike Performance Boost With Exro Coil Driver Technology
• Breakthrough for the Future of Advanced Bike Technology and Micro-Mobility Applications
• Focus on Commercial Product Strategies Into 2021

CALGARY, AB / ACCESSWIRE / October 7, 2020 / Exro Technologies Inc. (TSXV:EXRO)(OTCQB:EXROF) (the "Company"), a leading technology company which has developed a new class of power electronics for electric motors and powertrains, is pleased to announce third-party testing has proven its patented Coil Driver technology dramatically improves performance of electric bikes.

Motorino Electric ("Motorino"), the Vancouver-based manufacturer and distributor of electric bikes and motorcycles, tested Exro's technology through 2020 against a standard electric bike in the field. Testing found that the Exro-enhanced electric bike saw its performance increase by more than 20 percent, and up to 50 percent in climbing conditions. Exro will now start negotiations on a commercial product for 2021.

"The Exro-enhanced electric bike performed up to 50% better in climbing conditions during testing" commented Steve Miloshev, Founder and CEO of Motorino. "The Exro bike was noticeably more advanced going up the hills specifically, it sustained consistent high torque and speed immediately from the start all the way to the top of the hills. Our standard electric bikes were no match for it in a race through Vancouver."

Exro's Coil Driver technology can be added to an electric vehicle power train to make electric motors faster, stronger, and smarter. The electric bike field-tests results now indicate that Exro can be transformative for the quickly growing electric bike and electric scooter market, which Allied Market Research reports will exceed USD $23 billion by 2025.

"This is an amazing breakthrough not just in electric bike technology but also for micro-mobility applications," stated Sue Ozdemir, Chief Executive Officer of Exro. "We couldn't be more excited. This changes the model for enhancing the performance of electric bikes and other micro-mobility applications, to ensure we get more from the energy we put into batteries. I'm looking forward to moving into product commercialization for next year."

About Exro Technologies Inc.
Exro is a Clean Tech company that has developed a new class of control technology for electric powertrains. Exro's advanced motor control technology, our "Coil Driver", expands the capabilities of electric motors and powertrains. The Coil Driver enables two separate torque profiles within a given motor. The first is calibrated for low speed and high torque, while the second provides expanded operation at high speed. The ability to change configuration allows efficiency optimization for each operating mode, resulting in overall reductions in energy consumption. The controller automatically and seamlessly selects the appropriate configuration in real-time so that torque demand and efficiency are optimized.

The limitations of traditional electric machines and power technology are becoming more evident. In many increasingly prominent applications, traditional methods cannot meet the required performance. This means either oversizing the equipment, adding additional motors, or implementing heavy mechanical geared solutions. Exro offers a new solution for system optimization through implementation of its technology which can yield the following results: increased drive cycle efficiency, reduced system volume, reduced weight, expanded torque and speed capabilities. Exro allows the application to achieve more with less energy consumed.

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

ON BEHALF OF THE BOARD OF DIRECTORS
Sue Ozdemir
Chief Executive Officer

CONTACT INFORMATION
Canada: Jake Bouma
VP of Investor Relations
604-317-3936

United States: Vic Allgeier
TTC Group Inc.
646-841-4220

Email: info@exro.com

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Exro Technologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/609465/Exro-Proven-to-Dramatically-Increase-Performance-of-Electric-Bikes-in-Independent-Field-Tests

FAQ

What is Exro Technologies' Coil Driver technology?

Exro Technologies' Coil Driver technology enhances electric motor performance, allowing for improved efficiency and power output.

How much did electric bike performance increase with Exro's technology?

Testing indicated that electric bike performance improved by over 20% and up to 50% in climbing conditions.

What market is Exro targeting with its technology?

Exro is targeting the electric bike and micro-mobility market, which is projected to exceed USD $23 billion by 2025.

When does Exro plan to commercialize its technology?

Exro plans to start commercial negotiations for product commercialization in 2021.