- Exro's Coil Driver™ technology named the '2022
Engine Tech Innovation of the Year' winner at AutoTech's 2022
Breakthrough Awards.
- The recognition is the second industry award received in
2022, following on the heels of Exro's Edison Gold Award win for Best New Product in
Manufacturing, Logistics and Transportation earlier this
year.
- Exro's Coil DriverTM was chosen for its
innovative ability to bridge the performance-cost gap by its
ability to deliver more power, speed, torque, and range at a lower
cost of ownership.
- The spirit of the AutoTech Breakthrough Awards is to
highlight 'Breakthrough' technology companies, services and
products that are driving rapid change within the crowded AutoTech
market.
CALGARY,
AB, Oct. 13, 2022 /PRNewswire/ - Exro
Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the
"Company" or "Exro") announced today that its Coil
Driver™ technology was named the '2022 Engine Tech
Innovation of the Year' by the AutoTech Breakthrough Awards. Exro
is honored alongside winners in other categories and prior
recipients including BMW, Ford, Mercedes-Benz and Toyota, among
others.
![Exro Logo (CNW Group/Exro Technologies Inc.) Exro Logo (CNW Group/Exro Technologies Inc.)](https://mma.prnewswire.com/media/1919827/Exro_Technologies_Inc__Exro_Technologies__Wins_Innovation_of_the.jpg)
"We are pleased to recognize Exro Technologies with the 'Engine
Tech Innovation of the Year' award. Auto manufacturers currently
use multiple motors and mechanical gear boxes to achieve various
speed and torque profiles. Exro successfully combines two
traditionally separate formats of power electronics: the series
mode for low-speed torque and parallel mode for high-speed
efficiency", said Bryan Vaughn,
Managing Director of AutoTech Breakthrough Awards. "Coil switching
is the switching of electric motor configurations while in
operation to optimize speed and torque — similar to how a gearbox
changes the gears for a combustion vehicle as it changes speed.
With its ability to improve performance, reduce costs, and increase
range, Coil Driver will bridge the automotive industry's gap to
electrification."
Exro's Coil DriverTM – Award Winning Technology
for e-Mobility
"It is an honor for Exro to be recognized by AutoTech amongst
the automotive industry's most established and innovative
technology companies," said Exro CEO Sue
Ozdemir. "Following our Edison
Gold Award earlier this year, this is the second major
industry award our Coil Driver has received in 2022, further
independently validating that our technology is proven, de-risked
and ready to seize a significant market opportunity as the world
looks to accelerate a transition to a more sustainable electrified
future. The Coil Driver is a differentiator in the e-mobility
space, and like the product recognition by organizations such as
AutoTech, we are seeing a growing demand from transportation
industry players."
Exro's proprietary Coil DriverTM provides manufacturers
significant flexibility in design to: a) increase performance by up
to 50% for a marginal cost increase, or b) optimize the system to
reduce the weight, complexity, and up to 20% powertrain cost
savings without sacrificing performance. This leads to major cost
efficiencies for electric transportation modes, providing the
potential to accelerate the transportation industry's transition
away from combustion engines by solving automakers'
performance-cost trade-offs.
Exro's Coil DriverTM technology is proven, independently
validated through AVL, one of the world's largest independent
automotive laboratories, functional in vehicles across three
different countries, and is now the recipient of two prestigious
automotive industry awards in 2022. Series production of the Coil
DriverTM will begin from Exro's world-class net-zero targeted
automotive manufacturing facility in Calgary, Alberta beginning in Q3 2023,
offering customers the security of North American supply for up to
300,000 units per year. Over the coming quarters, Exro intends to
continue backfilling the facility production capacity, building on
three initial purchase-orders backed by multi-year sales agreements
announced since Q2 2022, in addition to a new product development
with an NDA partner announced last week, to de-risk visibility for
shareholders to a significant revenue ramp-up beginning in
2023.
The AutoTech Breakthrough
Awards
Exro's Coil Driver™ was awarded the AutoTech Breakthrough Award
for its ability to deliver more power, speed, torque and efficiency
at a lower cost of ownership. The AutoTech Awards are run by the
Tech Breakthrough organization, a leading market intelligence and
recognition platform for the most innovative technology companies
in the world. The organization recognizes the top technology
companies, services and products that are driving rapid change in
the field of transportation and automotive technology. In the
spirit of technology "Breakthrough," the organization looks for
innovative solutions and companies that address a true need, solve
a complex or critical problem, or seize an opportunity and create
or revolutionize a new market or industry.
About Exro
Technologies Inc.
Exro Technologies Inc. is a leading clean technology company
that has developed new generation power control electronics that
change how the world optimizes energy by expanding the capabilities
of electric motors and batteries. The company's innovative
technologies serve to bridge the performance-cost gap in e-mobility
(Coil DriverTM) and stationary energy storage (Cell DriverTM), and
act to accelerate adoption towards a circular electrified economy
by delivering more with less – minimum energy for maximum
results.
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.
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
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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
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Although the Company believes that the assumptions and factors used
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December 31, 2021, and financial
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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.
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SOURCE Exro Technologies Inc.