- Exro Technologies unveils a new application for its patented
Coil Driver™ technology that has the potential to dramatically
reduce the cost and complexity associated with deploying electric
vehicle infrastructure at scale.
- The Coil Driver™ technology is already successfully improving
the cost and performance of electric powertrains, and initial
findings show it can also be used to enable EVs to seamlessly fast
charge and provide electricity back to the grid regardless of power
source or charger type.
- Exro has filed a new family of patents for this use case,
demonstrating its ability to continuously innovate and solidify its
position in the EV market.
CALGARY, AB, July 15, 2021 /PRNewswire/ - Exro Technologies
Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a
leading clean technology company with a new class of power
electronics for electric motors and batteries, announced today a
new application for its patented Coil Driver™ technology that has
the potential to dramatically reduce the cost and complexity
associated with deploying electric vehicle ("EV") infrastructure at
scale.
![Coil Driver Charger (CNW Group/Exro Technologies Inc.) Coil Driver Charger (CNW Group/Exro Technologies Inc.)](https://mma.prnewswire.com/media/1574741/Exro_Technologies_Inc__Exro_Unveils_New_Application_for_Coil_Dri.jpg)
The Coil Driver™ technology can be used to deliver Level 1 to
Level 4 charging capabilities, and provide electricity back to the
grid, with significantly less power electronics. This includes
charging capabilities from renewable energy sources like solar and
wind power. The Company filed a new family of patents that covers
this additional functionality for the Coil Driver™, further
strengthening its cost positioning and demonstrating its
continued commitment to driving bold innovative solutions in EV
power electronics. The recent patent filing raises Exro's combined
held and submitted patent portfolio to 36 and comes on the heels of
Exro's graduation to the Toronto Stock Exchange.
Currently, EVs require three different types of power
electronics components to power the vehicles in motion and charge
the batteries from the grid or renewable energy sources: a motor
drive, on-board charger and external DC fast charger. Exro
engineers found that the Coil Driver™ technology has the ability to
replace all three components, significantly reducing the cost and
complexity of deploying EVs and the charging infrastructure at
scale.
"Unlocking the ability for the Coil Driver™ to simplify and
streamline fast charger deployments for charge point operators and
automakers has the potential to be a game changer," said Exro CEO
Sue Ozdemir. "We hope that this will
provide a path to standardization and enable EV charging
infrastructure to scale at the pace needed to reach EV goals. This
is a great example of how Exro continues to innovate and find new
integrated solutions for our core technologies as the EV market
continues to evolve."
Initial findings show that the minimal addition of voltage
sensors to the existing Coil Driver™ enables this charging
infrastructure use case. Next, the Exro team will continue
development to validate whether the Coil Driver™ can be a grid
connected energy storage solution and provide electricity back when
needed for resiliency and vehicle-to-grid (V2G) applications. If
successful, this will increase grid flexibility and enable
commercial and heavy-duty EV fleets to seamlessly serve as mobile
energy storage systems that could be tapped for back-up power.
"Originally with the Coil Driver™, the goal was to develop the
perfect electric powertrain. With recent concerns around the
realities of scaling fast charging infrastructure and sustainable
energy use, we have continued research and development activities
that further enhance and build on the Coil Driver™ capabilities to
solve issues beyond just the vehicle," said Exro Chief Engineer
Eric Hustedt. "Initial findings show
that it works, and we're excited to proceed to the next phase. With
Coil Driver™, Exro has the potential to make powering and charging
EVs simple and cost-effective."
About Exro Technologies Inc.
Exro is a clean technology company pioneering intelligent
control solutions in power electronics to help solve the most
challenging problems in electrification. Exro has developed a new
class of control technology that expands the capabilities of
electric motors, generators, and batteries. Exro enables the
application to achieve more with less energy consumed.
Exro's advanced motor control technology, the Coil
DriverTM, expands the capabilities of electric
powertrains by enabling intelligent optimization for efficient
energy consumption. Exro is working with many partners from all
over the world to bring their technology to the electric mobility
industries and beyond.
For more information visit our website at www.exro.com.
Visit us on social media @exrotech.
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",
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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.
Some of the risks which could affect future results and could
cause results to differ materially from those expressed in the
forward-looking information and statements contained herein include
the risk factors set out in Exro's annual information form and also
include, but not limited to:
- A new application for its patented Coil Driver™ technology may
not dramatically reduce the cost and complexity when EV
infrastructure is deployed at scale.
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, 2020, and financial
statements and related MD&A for the financial year ended
December 31, 2020, filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although the Company has attempted
to identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended. The
Company does not intend, and does not assume any obligation, to
update this forward-looking information except as otherwise
required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry
Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this press
release.
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SOURCE Exro Technologies Inc.