EXRO TECHNOLOGIES INC - EXROF STOCK NEWS

Exro Technologies has announced a strategic partnership with Wolong Electric Group, enhancing its market presence in the e-mobility sector. This partnership aims to utilize Exro's innovative Coil Driver™ technology alongside Wolong's motor manufacturing expertise to create next-generation electric vehicle powertrains, targeting key customers like Mercedes-Benz and Geely Automotive.

The agreement consists of two phases: initial system development involving testing of Wolong’s motors and a commercial phase focusing on marketing and sales strategies for the motor-inverter solutions. Wolong is a top global motor manufacturer with over 10% market share in electric vehicle motors, and the collaboration is expected to drive significant advancements in the performance and efficiency of electric vehicles.

Exro Technologies has announced that Mark Godsy will step down as Executive Chairman effective March 31, 2023. Rod Copes, a current Board Director, has been appointed as Interim Chairman. This leadership transition aligns with Exro’s plans to advance into series production by Q3 2023 and prepare for a potential Nasdaq listing. Copes brings extensive experience from automotive manufacturing, crucial for Exro's growth. Godsy expressed gratitude for his time with Exro and confidence in the company's future under new leadership. This move is seen as a strategic step to enhance operational capabilities as Exro prepares to launch its Coil Driver™ and Cell Driver™ technologies.

Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) reported revenue of $2.2 million for the year ending December 31, 2022, marking a significant growth compared to zero revenue in 2021. The company incurred a comprehensive loss of $39.5 million, up from a loss of $24.6 million the previous year. Exro successfully completed phase one of its e-axle program with Linamar, and secured $15 million from a convertible debenture financing. The company continues to strengthen its position by closing strategic partnerships, and as of March 30, 2023, it had cash reserves of $17.4 million.

Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) has signed a Memorandum of Understanding (MoU) for a strategic partnership with an undisclosed global automotive supplier to develop powertrain solutions for electric commercial vehicles. The partnership aims to leverage Exro's Coil Driver™ technology and the partner's design capabilities, focusing on the electric truck and bus markets. The initial phase includes proof-of-concept testing, with a joint announcement expected in Q3 2023 upon successful validation of the L040 800V inverter. This collaboration aligns with long-term electrification trends and showcases Exro’s scalability across multiple applications.

Exro Technologies has announced a non-exclusive partnership with Greentech Renewables Southwest to distribute its Cell Driver™ Energy Storage System across Greentech's extensive sales network. This collaboration aims to meet the growing demand for energy storage solutions in commercial and industrial applications as well as EV charging stations in the U.S. southwest region, a major market for solar energy. Greentech, a leading solar equipment distributor, will enhance its offerings with Exro's technology, supporting clean energy initiatives. The Cell Driver™ is expected to play a pivotal role in addressing energy management challenges, with orders accepted starting Q3 2023.