- Exro has announced a development partnership with evTS, a
speciality EV manufacturer that produces purpose-built, lightweight
commercial utility vehicles, to repurpose the batteries from evTS'
flagship FireFly® ESV for reuse in a second-life energy storage
application.
- The pilot project will aim to optimize and repurpose the
FireFly ESV batteries into a second life, supporting 5-10 years of
additional second-life use, with its Energy Storage System (ESS),
which is equipped with its patented Battery Control System™ (BCS)
technology.
- Exro is also exploring how its technology can optimize the
FireFly ESV batteries' first-life applications, demonstrating its
nimble ability to solve additional challenges for existing
customers.
CALGARY, AB, Dec. 16, 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 a development partnership with ev Transportation
Services Inc. ("evTS"), a Boston-based specialty electric vehicle
manufacturer, to repurpose batteries from evTS' pure-electric
FireFly ESV commercial utility vehicle for second-life battery
energy storage applications. Exro's Energy Storage System (ESS),
equipped with its Battery Control System™ (BCS) technology, can
extend the retired electric vehicle (EV) batteries into a second
life and demonstrates Exro's ability to reduce both carbon
emissions and rare earth material consumption.
evTS' flagship product, the FireFly® ESV, is a purpose-built,
lightweight commercial utility vehicle that is both street-legal
and highway-capable. The FireFly ESV is built with safe Lithium
Iron Phosphate (LFP) battery technology and an advanced battery
management system to improve charging and energy efficiency with up
to 10 years of useful life. At the end of its first life, the
FireFly ESV LFP battery may still have remaining battery capacity,
but no longer has the efficiency required for use in EV
applications. These cells are ideal for a test bench demonstration
of Exro's next-generation 90kW ESS, which allows retired EV battery
cells to be efficiently reused for stationary second-life energy
storage applications.
"By partnering with Exro, we hope to further bolster the
environmentally friendly profile of our vehicles – providing our
batteries with a second-life as an energy storage system," said
Greg Horne, Chief Technology Officer
at evTS. "Our FireFly ESV will not only help to drive forward the
future of last-mile delivery, as through our partnership with Exro,
we will help eliminate battery disposal issues and contribute to
the circular economy."
Exro's patented BCS is an innovative battery management inverter
combined with advanced cell control software that can expand the
capabilities of batteries by enabling a great depth of control on
the cells. In this case, Exro will pilot a test bench demonstrator
that integrates its BCS technology with the FireFly ESV LFP
batteries to repurpose the retired battery cells and extend them
into a second life in an ESS application. LFP batteries are a
growing standard in electric mobility applications because of their
safety and reliability advantages while improving on access to raw
materials. The test bench demonstrator results are expected in Q3
of 2022.
"As electric vehicle batteries reach end of first life, we know
there is a growing market for LFP batteries that can be repurposed
for second-life energy storage applications," said Sue Ozdemir, CEO of Exro. "EV manufacturers can
experience significant cost savings by reviving and utilizing
second-life batteries and we're excited to partner with evTS on a
pilot project to extend the life of their FireFly ESV batteries,
while supporting their sustainable electric vehicle repurposing
processes."
As Exro and development partner evTS collaborate on the
second-life ESS solution, the teams are also evaluating how Exro's
intelligent control technology can optimize the FireFly ESV for
first-life applications.
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.
About evTS
ev Transportation Services Inc. ("evTS")
is a specialty vehicle manufacturer that produces purpose-built,
pure-electric lightweight commercial utility vehicles and provides
fleet management solutions. Founded in 2015, the Boston-based company's flagship product, the
FireFly ESV is aimed at the essential services transportation and
urban e-mobility markets, which represent an annual domestic
replacement market of approximately 400,000 vehicles, or roughly
$10 billion annually. End user
applications for the Company's vehicles include parking management,
security and perimeter patrol, parks and sidewalk maintenance,
utility meter reading, property and building management, airports,
seaports, sanitation, university and corporate campuses, and last
mile on-demand urban delivery.
For more information, visit the Company's website at
www.evTS.com.
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 expectations with respect to its future financial
position, technology development, advancement and its ability to
take advantage of future opportunities.
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 joint development of the technology by evTS and Exro to
allows retired EV battery cells to be efficiently reused for
stationary second-life energy storage applications may not realize
unless the validation testing is complete and successful; and
- Delays in completion of the test bench demonstrator results in
Q3 of 2022.
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.