EXRO TECHNOLOGIES INC - EXROF STOCK NEWS

Exro Technologies has completed phase one of its e-axle co-development project with Linamar Corporation, a major tier-1 automotive supplier. This milestone is pivotal as it transitions into phase two involving system integration and validation. The company aims to fulfill key shareholder commitments by year-end, such as pilot deliveries to SEA Electric and Vicinity. Series production of Exro's Coil Driver™ is on track to begin in Q3 2023 from its Calgary facility, despite slight delays in testing equipment delivery. A shareholder webcast is scheduled for today to discuss strategies and operations.

Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) has resolved its patent infringement dispute with ePropelled, Inc., confirming that Exro's Coil Drive System™ and Coil Drivers™ do not infringe on ePropelled's U.S. Patent No. 7,382,103. The dismissal of the lawsuit, along with Exro's defamation suit against ePropelled, allows the company to focus on upcoming deliverables, including customer pilots in Q4 2022 and series production in Q3 2023. CEO Sue Ozdemir noted the litigation's impact on stock price but expressed optimism for future developments.

Exro Technologies (EXROF) provided an operational update and Q3 2022 financial results, highlighting key milestones on schedule for Q4 2022. This includes prototype e-axle delivery to Linamar and UL certification for its Cell Driver™ expected by Q2 2023. The company raised approximately $9.8 million and ended Q3 with $13.1 million in cash, supporting planned operations for 2023. Despite a comprehensive loss of $26.5 million for the nine months ending September 30, 2022, Exro continues to drive product advancement amid a challenging environment.

Exro Technologies has announced a product development agreement with a major European partner in the off-highway sector. The collaboration aims to create a hybrid diesel-electric powertrain using Exro's Coil Driver™ technology. This agreement includes an initial order for multiple sample units, expected to be delivered by Q1 2023. Following successful testing, it could lead to series production of 8,000-10,000 units annually starting in 2024. This initiative aligns with Exro's strategy to enhance performance, reduce costs, and support a sustainable future.

Exro Technologies Inc. has entered a strategic agreement with Inferno Solar for exclusive distribution rights of a new solar-plus-storage product called the Inferno System across Western Canada for five years. The system will integrate Exro's Cell Driver™ Energy Storage System and is targeted at commercial and industrial applications. A pilot program is set for Q4 2022, with deliveries expected in Q2 2023. Exro's Cell Driver™ is on track for UL certification by Q2 2023, enhancing its market readiness. This collaboration aims to support Canada's emissions reduction goals.

Exro Technologies has successfully passed the initial phase of UL certification testing for its Cell Driver™ Energy Storage System, demonstrating superior safety performance during large-scale fire tests. The testing revealed that the system required three times the heat to induce a thermal event, with any detected fire being too small to measure after more than 10 hours. Exro aims to complete all UL certification requirements by Q2 2023 while concurrently marketing the Cell Driver™ to secure pilot projects and orders from commercial partners.

Exro Technologies has signed a multiyear agreement with SEA Electric to supply high-voltage Coil Drive Systems, with initial deliveries of 500 units starting in Q4 2023. This partnership follows a successful pilot phase, aimed at integrating Exro's technology into SEA Electric's zero-emissions vehicles. Over 36 months, the agreement could expand to 1,500 units. Exro's Coil Driver technology enhances electric motor efficiency, promising sustainable and cost-effective solutions for Class 5/6 delivery applications. The project underscores Exro's commitment to reducing CO2 emissions and advancing electrification in mobility.