- evTS signs purchase order with Exro for a first lot of 1,000
Coil Drive System units with initial deliveries beginning in
2023.
- After months of development under NDA and integration into evTS
Firefly vehicles, Exro will supply its 100V Coil Drive System.
- After demonstrating the successful integration of the
production Exro Coil Drive System, the technology will be deployed
in evTS 2023 FireFly vehicles to increase range, efficiency and
available torque.
- evTS' innovative FireFly ESV, optimized with Exro's Coil
Driver™ technology will make urban essential services and last-mile
delivery applications more sustainable, cost-effective and
efficient.
- The deal is an expansion of Exro and evTS' partnership to
repurpose batteries from evTS vehicles for reuse in second-life
energy storage applications, demonstrating Exro's ability to solve
multiple challenges for customers on the path to
electrification.
CALGARY,
AB, May 11, 2022 /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 that it has signed an agreement with ev
Transportation Services, Inc. ("evTS"), a Boston-based specialty electric vehicle
manufacturer, to supply an initial quantity of 1,000 units of its
100V Coil Drive System beginning in 2023 for use in evTS model year
2023 FireFly vehicles.
This first order follows months of collaboration under a
non-disclosure agreement ("NDA") between the Exro and evTS
engineering teams to demonstrate the improvement and optimization
of FireFly powertrain performance enabled by Exro's award-winning
Coil Driver™ technology to improve the performance of evTS
vehicles. The companies worked together to integrate Exro Coil
Drive System technology into Firefly vehicles to optimize the
performance of the powertrain. This agreement is the culmination of
the cooperative efforts of the two companies to design and deploy
high-performing purpose-built, commercial electric vehicles.
This collaboration follows previously stated plans for Exro to
repurpose used evTS' traction battery cells in second-life battery
energy storage applications, which were made public in December
2021. These two projects with evTS demonstrate the full range
of Exro's capabilities in enabling the development of a circular
economy utilizing second-life batteries for energy storage, while
improving the performance of electric vehicles with its Coil
Driver™ technology.
evTS' flagship product, the FireFly ESV, is a lightweight
e-mobility solution purpose-built to serve a range of essential
urban functions, including parking control and curb management,
security and perimeter control, last-mile delivery and corporate
campus applications. The addition of the Coil Driver™ to FireFly
vehicles will offer greater vehicle efficiencies by enabling
intelligent electronic gear switching in real time, from a single
motor. This capability will give FireFly ESV operators greater
control over vehicle operation and deliver performance
improvements, including extended range and enhanced torque when
needed.
The agreement commences with an initial purchase order of 1,000
Coil Drive System units, which consists of a Coil Driver™
controller and an optimized electric motor. Over the 36-month term
of the agreement, Exro will plan to deliver an increasing volume of
its Coil Drive System with production beginning in 2023. With this
agreement, evTS FireFly ESVs optimized with Exro's Coil Driver™
will be used to execute essential services in leading
sustainability-minded cities around the world.
"Exro's ability to optimize the range and efficiency of the
FireFly utilizing what is essentially an electronic automatic
transmission creates an exciting competitive advantage for evTS in
the lightweight commercial vehicle space," said David Solomont, Chairman and CEO of evTS. "We
are thrilled to work with Exro as a valuable equipment supplier,
not only to optimize the performance of our vehicles, but to enable
our used battery cells to serve in second-life energy storage
applications. We look forward to continued collaboration in the
years ahead as we continue to scale our operations alongside our
tier-1 partners."
"We're pleased to expand our partnership with evTS, providing
access to the complete Exro ecosystem, including improved
powertrain performance and the opportunity to repurpose their
batteries for energy storage. This is a great example of how we can
solve multiple challenges for customers on the path to
electrification," said Sue Ozdemir,
CEO of Exro Technologies. "I recently drove the FireFly ESV –
powered by Exro's Coil Drive System – and was thoroughly impressed
not only with the difference our Coil Driver technology made, but
also with the clear potential of evTS' purpose-built vehicles in a
wide variety of different commercial 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.
To view our Corporate Presentation visit us at
www.exro.com/investors.
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 185,000 vehicles, worth roughly
$7 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.
evTS Contact Information
Investor inquiries: investors@evTS.com
Company contact: media@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",
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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.
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, 2021, and financial
statements and related MD&A for the financial year ended
December 31, 2021, 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.