- Exro Technologies is winner of the 2022 'Illuminations Award
for Business Innovation' from leading electrical manufacturing
industry group NEMA
- Past notable winner of this award from the e-mobility space
is 2019 recipient ChargePoint Holdings Inc.
- The recognition is the third major industry award received
in 2022, following on Exro's recent AutoTech Breakthrough Award and
the company's Edison Gold Award
earlier this year
- Exro was selected based on the company's technical
innovation and application of advanced technology in
electrification
CALGARY,
AB, Nov. 18, 2022 /CNW/ - Exro Technologies
Inc. (TSX: EXRO), (OTCQB: EXROF) (the "Company" or
"Exro") is pleased to announce that the company is the
recipient of the 2022 "Illuminations Award for Business Innovation"
from the National Electrical Manufacturers Association (NEMA). The
NEMA Nominations and Awards Committee selected Exro based on its
technical innovation and application of advanced technology. Exro
is honored to be recognized amongst prior recipients from the
e-mobility space, including companies such as ChargePoint Holdings
Inc.
Founded in 1926, NEMA is an ANSI-accredited Standards
Development Organization (SDO) made up of business leaders,
electrical experts, engineers, scientists, and technicians. The
"Illuminations Award for Business Innovation" is an annual
recognition of a company that has demonstrated success through
entrepreneurial expertise, application of advanced technology, or
pioneering innovation. This year's award was accepted last evening
by Sue Ozdemir, CEO of Exro, at
NEMA's Annual Meeting and Awards Gala Dinner in Amelia Island, Florida.
In accepting this honor, Sue
Ozdemir stated, "It gives me great pride to accept this
award from NEMA, an organization which I respect dearly for its
contributions to our industry, and which shares Exro's commitment
to leading the transition towards a sustainable electrified world.
While Exro is a relative newcomer on the electrification stage, we
continue to punch above our weight-class having advanced our
innovative proprietary technologies for e-mobility (Coil Driver™)
and stationary energy storage (Cell Driver™) from relative
proof-of-concepts in 2019 to manufacturing commercialization with
the start of series production in Q3 2023. We are incredibly
grateful to NEMA for this recognition and for the industry
leadership they provide to the many great electrical products
manufacturers."
Exro Coil Driver™ – Award
Winning Technology for e-Mobility
An electric motor is only as smart as the controller telling it
how to behave. At Exro, our theory is that if we make the
controller smarter, we can increase the performance of the entire
powertrain. Exro accomplishes this with a new generation of power
control electronics called the Coil Driver™. The Coil
Driver™ takes the prior-art physics of coil-switching and
provides the ability to control an electric motor at the individual
coil level through the power electronics embedded in the inverter.
This coil-level control provides the ability to switch motor
profiles in real-time to deliver two separate speed-torque profiles
from the same motor, effectively expanding the operating range of
the motor by functioning like an electronic gear. This allows
manufacturers significant flexibility in design: Exro's technology
can increase performance by up to 50% for a marginal cost increase
or can optimize the system to reduce the weight, complexity, and up
to 20% cost savings of their powertrains without sacrificing
performance. The Coil Driver™ also removes the on-board
charger for high voltage drives. The removal of additional
equipment simplifies the system, reduces system energy loss, and
enables design flexibility for integrators. 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. Series production of the Coil
Driver™ will begin from Exro's world-class 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.
Exro's Cell Driver™ – New
Generation Technology for Energy Storage
With the global push towards sustainable clean energy solutions,
the market outlook for stationary energy storage continues to grow.
Stress on utility grids has resulted in rolling blackouts in places
such as California, Texas, Arizona and more. These blackouts, combined
with inflated peak rate charges for electricity, highlight the
growing need for flexible back up energy storage solutions,
particularly for commercial and industrial applications. As the
world looks to accelerate adoption rates in the electrification of
transportation and energy storage, one of the greatest challenges
to be addressed in the next 5-10 years is the supply of batteries.
While applicable for new batteries, the primary objective of Exro's
Cell Driver™ technology is to provide an effective solution for
second-life applications, providing significant cost savings by
reviving and utilizing used EV and telecom batteries for a
second-life application. Enabling reuse of these cells is critical
to reducing the environmental and climate change impacts associated
with battery recycling and disposal and offering a real-world
solution that leads the way to a circular electrified economy.
Exro's Cell Driver™ is equipped with the company's battery control
system technology, next-generation innovation that expands the
capabilities of batteries by dynamically monitoring and controlling
at the cell level. Its ability to store excess clean solar power
reduces energy costs for large power consumers by enabling greater
control over when they draw electricity from their local utility
grid. Electricity rates vary based on when and how unique power
sources are used, and energy stored in Exro's Cell Driver™ can be
used to power EV charging stations and C&I facilities when
rates are higher to keep energy costs low.
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 Driver™) and stationary energy storage (Cell Driver™), 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
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.
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.