- Exro CEO Sue Ozdemir hosted the
company's first quarterly webcast to provide shareholders with an
update on the company and its many projects.
- Highlights from the webcast include the completion of the Coil
Driver installation with Potencia Industrial that marks the first
vehicle integration for the technology and successful performance
testing with Zero Motorcycles.
- Exro also announced progress towards securing equipment
necessary to bypass the long lead times the electric vehicle
industry is currently facing, and that the new facilities remain on
track to be completed next year.
CALGARY, AB, Oct. 7, 2021 /PRNewswire/ - 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,
announced today the execution of several partner milestones and
progress towards the commercialization of its Coil Driver
technology. During Exro's first quarterly webcast hosted by CEO
Sue Ozdemir, shareholders received
partner, technology and company updates, as well as an opportunity
to engage directly with Exro. A recording of the webcast and the
presentation file will be available on the Company website
here:
Exro Events
For shareholders unable to join the webcast, please find an
overview of the partner updates below. Ongoing projects with Aurora
Powertrains, Heinzmann, Vicinity Motor Corp (VMC), and
Traktionssysteme Austria (TSA) are progressing as planned. The LAND
project is in the final stages of validation testing.
Zero Motorcycles:
Exro has been collaborating with Zero Motorcycles to integrate
Exro's Coil Drive technology into a Zero motorcycle to improve
powertrain performance. Exro has now successfully provided Zero
with the performance test results that demonstrates the Coil
Driver's optimization of low-end torque and high-end speed when
combined with the Zero motor powertrain. The Exro and Zero teams
will now move forward to validate the bench testing with in-vehicle
evaluation of performance and system efficiency. The project
remains on track for Exro to be considered for future Zero
Motorcycles products.
"We're excited to see how Exro's technology can further enhance
the performance of our bikes," said Ryan
Biffard, Technical Lead for Powertrain Development for Zero.
"At Zero we're focused on continually innovating to make our
products better and look forward to seeing how Exro's technology
collaboration can help us achieve that goal."
Potencia Industrial:
Following a thorough customer validation process, test
bench results demonstrated performance improvements in
Potencia's electric motor with Exro's 100 Volt Coil Driver. The
Exro and Potencia teams also completed the installation of the
100 Volt Coil Driver into their vehicle application, a first for
the 100 Volt Coil Driver, and will now move forward to six to nine
months of on-road operational reliability testing.
"We're proud of what we've accomplished with Exro over the years
and to finally progress to the operating stage," said Robert Godfried, CEO at Potencia Industrial.
"The teams navigated industry-wide challenges with professionalism,
keeping us updated regularly on progress towards this incredible
milestone."
Linamar:
This project continues to be on track for an April 2022 delivery as expected. Exro is working
with Linamar as its Tier 1 automotive supplier, which will not
only enable a new e-axle product with the integration of Exro's
Coil Driver technology but will also establish Exro's
positioning in the automotive supply chain.
SEA Electric:
Supply chain and test capacity delays have impacted deliveries
on two key projects: 1) an uplifted Mack LR garbage truck with
Exro's 800V drive system and 2) an upfitted F59 delivery truck with
Exro's 400V drive system. Despite these delays, Exro has been able
to demonstrate increased torque in the final testing on its
high-speed mode with the TSA motor. The projects now anticipate Q2
2022 deliveries.
"We believe that electric trucks and commercial delivery fleets
have a huge role to play in reducing transportation emissions
globally," said Tony Fairweather,
CEO of Sea Electric. "Our work with Exro will demonstrate that
electric heavy-duty vehicle performance can match, and even
outperform, gas-powered alternatives. Despite delays, our
relationship with Exro remains strong and we are confident that
with successful on road operation in first half of next year we
will be able to move to orders by end of next year."
Beyond partner updates, the webcast covered recent company
updates such as the successful completion of AVL's third-party
testing of the Coil Driver. The results from the world's largest
independent company for testing in the automotive industry confirm
the technology works as expected in an electric motor application.
This validation should enhance the fast-growing pipeline of demand
for Exro that already includes pilot orders.
Exro also discussed the equipment it secured to get ahead of the
long lead times the electric vehicle industry is currently facing.
The company ordered essential equipment for its facilities,
including two dynamometers ("dynos") and clean room equipment for
its Canadian manufacturing facility currently under construction.
The Canadian manufacturing facility and American innovation
facility are both on track to be completed next year. There will be
multiple vehicle demonstrations available at the American
innovation facility in January 2022
for media and investors to see the technology firsthand.
"It was great to have the opportunity to engage directly with
all of our engaged followers today, we received lots of questions
and we really strived to address all your questions to the best of
our abilities," said Sue Ozdemir,
CEO of Exro. "We hope you can see just how excited we are about the
trajectory of our company and that we continue to remain focused on
executing our milestones."
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,
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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
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cautioned not to place undue reliance on these statements, which
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any forward-looking statement, whether as a result of new
information, future events or otherwise.
This information is qualified in its entirety by cautionary
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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.