- Exro Technologies announces U.S. headquarters in Mesa, Ariz. to further develop next generation
power electronics for electric motors and batteries that can help
to accelerate e-mobility and battery energy storage adoption.
- Exro joins the Greater Phoenix
region's booming e-mobility ecosystem, which includes electric
vehicle manufacturing facilities, suppliers, and a competitive
talent pipeline.
- Exro is welcomed by the Greater Phoenix Economic Council and
City of Mesa, Arizona.
CALGARY, AB, July 27, 2021 /CNW/ - Exro Technologies Inc.
(TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a
leading clean technology company that has developed a new class of
power electronics for electric motors and batteries, today
announced the location of its U.S. headquarters in
Mesa, Arizona. Exro plans to hire
50 employees over the next 18 months, bringing new job
opportunities to the region and expanding the local e-mobility
ecosystem. This news comes on the heels of Exro's graduation to the
Toronto Stock Exchange and demonstrates the Company's continued
growth and momentum.
From its 15,000 square foot location in Mesa, Arizona, Exro will expand its research,
development, and testing to optimize power within electric vehicles
(EVs) of all types, from scooters and e-bikes to electric cars and
buses. The facility will be multipurpose and promote an atmosphere
of creativity and innovation to attract customers, shareholders,
and future talent to experience the company's advanced motor
control technology, Coil Driver™, first-hand and to understand the
product's ability to improve cost positioning and performance in
electric motors. From this location, Exro will continue developing
and begin piloting its advanced battery control technology.
Arizona's long-standing
automotive R&D infrastructure enables direct access to nearly
every piece of the automotive supply chain and the state's
favorable regulatory environment will accelerate Exro's mission to
deliver Coil Driver™ technology to market. Arizona is a leading state for cutting-edge
research and development in mobility technology, and its relatively
calm winds and wide temperature range allows for more testing time
on roads. Exro will leverage the state's optimal test locations,
position as a national leader in EV manufacturing and competitive
talent pipeline of some 120,000 workers to expand its operations
and product offerings.
"The Greater Phoenix area was a
natural choice for our U.S. home, and we're thrilled to become a
part of the innovative business community," said Sue Ozdemir, CEO of Exro Technologies. "The
region is ripe with potential manufacturing partners and suppliers,
and its competitive talent pipeline will support our continued
growth. Mayor Giles and the city of Mesa have welcomed our vision and we look
forward to building on the city's enthusiasm for electric vehicles.
We're excited to invite customers and shareholders to visit us and
see our technology at work!"
"Exro Technologies made an excellent decision in choosing to
locate its U.S. headquarters in the Mesa Gateway area," said
Mesa Mayor John Giles. "The company's mission to optimize
and increase the adoption of electric vehicles is in line with our
city's goals to achieve carbon neutrality by 2050 and manage
electric materials responsibly."
"Exro is doing ground-breaking work and is the type of
technology company that propels our innovation-centered economy
while bolstering the region's electric vehicle ecosystem," said
Chris Camacho, president & CEO
of the Greater Phoenix Economic Council. "We're excited to see
another Canadian technology firm place investment in Mesa and look forward to being a partner in
their continued growth and success."
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", "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.
In particular, this news release contains forward-looking
statements pertaining to the following:
- Exro's business plans, outlook, and strategy; and
- Exro's expectation with respect to its future hiring and
R&D activities.
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.