The agreement provides the opportunity to significantly
amplify Exro's market presence with access into the partner's
global customer network for automotive and off-highway
applications
- The strategic partner will remain unnamed under a
non-disclosure agreement ("NDA") through phase one of the
partnership (successful validation of partner motor-Exro L040 800V
inverter proof-of-concept) anticipated in Q3 2023, after which the
parties shall transition to definitive agreement announced with a
joint press release.
- Headquartered in Europe
with over 25,000 employees worldwide, the partner is a market
leader in environmentally sustainable mobility for large-scale
automotive OEM customers.
- The strategic partnership is intended to leverage Exro's
Coil Driver™ technology and the partner's motor design
capabilities to develop next-generation powertrain solutions that
address the truck and bus electric commercial vehicle market and
off-highway applications.
- Exro's L040 800V Coil Driver™ product has been
de-risked through other projects, including the same L040 800V
inverter validated in strategic partnership with Linamar, thereby
demonstrating Exro's ability to scale the same inverter into
multiple partners and applications.
- Exro and NDA partner's collaboration combines expertise in
complementary core technologies to address long-term megatrends in
electrification, targeting markets with high growth potential with
co-developed innovative solutions for a safe, sustainable, and
liveable future.
CALGARY,
AB, Feb. 27, 2023 /PRNewswire/ - Exro
Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the
"Company" or "Exro"), a leading clean technology
company that has developed new generation power control electronics
that expand the capabilities of electric motors and batteries, is
pleased to announce that it has signed a Memorandum of
Understanding ("MoU") for strategic partnership ("the partnership")
with an undisclosed development partner ("NDA partner" or
"partner"), a multi-national company that is a direct supplier to
the global automotive industry. As is customary with such
partnerships, following successful proof-of-concept co-development,
which in this case consists of demonstrating performance of the
partner's motor with Exro's standard L040 800V Coil
Driver™ inverter product ("Coil Driver™"), the partnership
will transition to definitive agreement. The partnership aligns
directly with Exro's targeted go-to-market strategy for its
patented Coil Driver™ technology, partnering with
leading global tier-1 automotive suppliers that accelerate and
amplify Exro's market presence.
"We are absolutely thrilled to welcome our next strategic
partner," said Exro CEO Sue Ozdemir.
"While we would love to disclose the identity of our new partner at
this time, we are conscious of the industry conditions today with
companies being sensitive of existing supply chains and protective
of new relationships for competitive reasons. What we can disclose,
however, is that our new partner has a strong reputation as a
leading technology provider to the automotive industry as well as
major off-highway applications, marking a tremendous validation of
our technology and its potential to scale across multiple
platforms. With both companies' core values directly aligned in a
commitment to sustainability, we look forward to revealing our new
partner in the near future and building a successful relationship
that translates into significant value for our customers and our
shareholders."
Strategic Partnership Agreement
Framework
The strategic partnership is intended to leverage Exro's Coil
Driver™ technology and the NDA partner's design,
manufacturing, and supply capabilities to develop next-generation
powertrain solutions for electric commercial vehicles and
off-highway applications in Europe
and North America. The
relationship between the parties has developed under NDA over a
period of many months and opens the door to a large addressable
market in the electric truck and bus markets as well as mining and
other major off-highway segments. Under phase one of the agreement,
the partner's electric motors will be calibrated with Exro's L040
800V Coil Driver™ for prototype samples in Q3 2023.
Upon successful completion of automotive dynamometer testing,
including achievement of mutually agreed to performance targets,
the parties shall transition to a definitive agreement for
strategic partnership which will outline volume targets, sales and
marketing plans, price and production targets, and compensation
models. At such time, the parties anticipate issuing a joint news
release to announce the definitive agreement, thereby revealing the
identity of the unnamed partner. Dynamometer testing is anticipated
to be completed by the end of Q3 2023.
Exro's L040 800V Coil Driver™ product has been de-risked
through other projects, including the same L040 800V Coil
Driver™ inverter validated with Linamar for use in an e-axle
application. This latest strategic partner demonstrates Exro's
ability to scale the same inverter into multiple partners and
applications. Target customers for the partnership's motor-inverter
powertrain solutions include large scale automotive original
equipment manufacturers ("OEM's") in Europe and North
America.
Exro's Value Proposition
Exro designs, develops, and manufactures advanced power
electronics controls for electric vehicles. The power controller
inside every electric vehicle is called an inverter, which is
essentially the brain between the battery and the electric motor.
An electric motor is only as smart as the controller telling it how
to behave. While advancements in components (ex. SiC) have improved
inverter technology over the years, the core technology behind the
standard 3-phase inverter inside of every electric vehicle today
has remained unchanged – until now. Exro's patented 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. 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
acting like an electronic gear to expand the operating range of the
motor. This functionality is not offered by any other inverter on
the market today. While the Coil Driver™ performs the same
functions as every standard 3-phase inverter, our drive allows
electric vehicle OEM suppliers the ability to offer its customers
significant flexibility in design while providing differentiated
vehicle performance:
- Increased torque and power output. The Coil
Driver™ increases powertrain performance by up to 50%. For
electric commercial trucks and buses, this translates to improved
gradeability, better performance on steep routes, and expansion of
routes a vehicle is capable of travelling.
- Improved efficiency. The Coil Driver™ delivers
increased performance without sacrificing range. Improved
efficiency translates into range of the vehicle, extending routes
and lowering overall spend on charging.
- System cost reduction. Implementation of Exro's
technology can lower the vehicle powertrain cost by up to 20% by
optimizing the system to reduce weight and complexity: reducing (or
eliminating) components such as multiple motors, mechanical
gearboxes, battery size, etc.
- AC fast-charging. Native to Exro's high-voltage Coil
Driver™ products is an ability to AC fast-charge, eliminating
the need for an on-board charger (currently a standard component in
all electric vehicles). The ability to fast charge using AC instead
of DC power leads to potential cost savings of up to 90% on
infrastructure.
For additional information on Exro's Coil
Driver™ technology, please click here: Exro Coil
Driver Product Catalogue
Shareholder Live Stream Event
On Wednesday, March 1st at 11:00 a.m. MST, join the discussion with
Sue Ozdemir and Exro leaders for the
company's next shareholder live webcast from Exro's world-class
manufacturing center in Calgary,
Alberta. See the link below to register for the event and to
submit your questions in advance.
https://www.exro.com/investors/events
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.