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Exro Technologies Inc. is a leading clean technology company that has developed a new generation of power control electronics to enhance electric motors and batteries. The company recently completed the merger with SEA Electric, focusing on accelerating revenue growth and technology deployments. With a strong emphasis on strategic collaborations, Exro has successfully integrated its innovative technologies into multiple sectors, including commercial delivery vehicles and stationary energy storage systems. Notable achievements include UL certification for its Cell Driver™ energy storage system, key partnerships with global OEMs, and a commitment to sustainable electrification.
Exro Technologies (EXROF) has enhanced its partnership with SEA Electric to accelerate the development of its Battery Control System (BCS). SEA Electric will provide electric delivery vehicles to showcase BCS in second-life storage applications. This strategic collaboration aims to commercialize Exro's Coil Driver technology in SEA's Class 6 to Class 8 trucks, targeting a minimum production of 400 trucks by the second year post-validation. Exro is also investing $5 million into SEA Electric, which may lead to significant advancements in battery utilization and sustainability.
Exro Technologies Inc. (TSXV: EXRO) (OTC: EXROF) has secured a significant agreement with LAND Electric Motorcycles to deliver up to 2000 units of its Coil Driver technology in 2021. The first shipment is scheduled for February, aimed at enhancing the performance of LAND's District motorcycle. This collaboration is positioned as a vital step towards commercialization and revenue growth for Exro's innovative power electronics, designed for electric motors and batteries.
Exro Technologies (OTC: EXROF) reports that its 100 Volt Coil Driver is ready for shipment to Potencia Industrial. In-house testing of the integration with Potencia's electric motor is complete, following a slight delay. Potencia is expected to deliver performance validation results by early Q3 2021. CEO Sue Ozdemir expressed confidence in the collaboration and emphasized the importance of meeting project milestones. Exro's Coil Driver enhances electric motor efficiency, allowing optimized energy consumption.
Exro Technologies has partnered with Traktionssysteme Austria (TSA) to enhance electric commercial vehicles by integrating their traction motor systems with Exro's Coil Driver technology. This collaboration aims to develop a full powertrain system for heavy-duty vehicles like delivery vans and buses, responding to the growing electric vehicle market. The global traction inverter market is projected to grow from USD 2.5 billion in 2018 to USD 7.7 billion by 2025, highlighting significant market potential.
Exro Technologies Inc. has granted stock options totaling 2,618,000 shares at a price of $3.15 per share to its directors, officers, employees, and consultants. The options are set to expire in five years and are subject to vesting provisions, with a hold period of four months and one day upon exercise. This move emphasizes Exro's commitment to incentivize its team while leveraging its advanced motor control technology to enhance electric powertrains' efficiency.
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.
Exro Technologies welcomes Julie Wurmlinger to its Board of Directors, adding significant automotive expertise. A retired Global Chief Engineer from Ford and President of OhmTek, LLC, Wurmlinger brings over 30 years of experience in powertrain innovation. Her focus will be on accelerating Exro's technology commercialization across global sectors. Wurmlinger has a strong background in product development and has received accolades for her engineering contributions. This leadership addition is regarded as crucial for advancing Exro's objectives in the clean tech industry.
Exro Technologies Inc. is collaborating with Heinzmann GMBH to integrate its patented Coil Drive technology into micro-mobility applications. This partnership aims to enhance performance in electric drives, which are essential as the micro-mobility market is projected to reach USD $19B by 2025, growing at a CAGR of 8.23%. The Coil Driver will improve speed and torque output for Heinzmann's products, making them more efficient. This collaboration signifies a strategic move for Exro, expanding its influence in the electric mobility sector.
Exro Technologies announced participation in the Gravitas Clean Technology Investor Day on September 24, 2020. CEO Sue Ozdemir will present at 10:45 AM PST and answer investor questions. The company aims to deliver a proof of concept for its 100V Coil Driver by Q4 2020. This event will gather leaders in clean technology and attract both institutional and retail investors. Exro's innovative technology enhances electric powertrains and optimizes efficiency.
Exro Technologies has announced its successful uplisting to the TSX Venture Exchange, with trading under the symbol EXRO starting on September 22, 2020. This uplisting aims to enhance visibility and value within the investment community. CEO Sue Ozdemir highlighted the company’s leadership in advanced power electronics and its strong financial position, attributing its growth to the successful commercialization of its Coil Driver technology, which optimizes electric motor performance. This milestone is expected to benefit stakeholders as Exro expands its market presence.
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