Exro accelerates its energy storage business, naming
Re:Build Manufacturing its exclusive manufacturing partner and
establishing new channel partnership agreements:
- Exro announces US-based Re:Build Manufacturing is its
exclusive manufacturing partner for Cell Driver™ Energy
Storage, thereby outsourcing product assembly to an industry
expert.
- The partnership with Re:Build Manufacturing provides Exro
the ability to quickly scale to capture the significant opportunity
in energy storage while removing all future capital expenditure and
inventory working capital requirements associated with Cell
Driver™ manufacturing from Exro's balance
sheet.
- Exro also announces new channel sales partnerships with
PVCA, ProSolar, Shaw Solar, and High Point Electric, renewable
energy and energy management integrators that cover customer
networks in California,
Colorado, Florida, the Caribbean, and regions within Canada.
- Cell Driver™ is on track for UL certification in
early Q3 2023, to be followed immediately by start-of-series
production with in-field pilots and deliveries.
CALGARY,
AB, May 8, 2023 /CNW/ - Exro Technologies Inc.
(TSX: EXRO) (OTCQB: EXROF) (the "Company" or
"Exro"), a leading clean-technology company that develops
new generation power-control electronics that expand the
capabilities of electric motors and batteries, is pleased to
provide an update on commercialization efforts for its Cell
Driver™ Energy Storage System ("Cell
Driver™"). Re:Build Manufacturing ("Re:Build") is now
Exro's exclusive manufacturing partner for Cell Driver™.
Exro also announces new channel sales partnership agreements with
renewable energy and energy management integrators that provide
access to commercial and industrial ("C&I") markets in
California, Colorado, Florida, the Caribbean, and regions within Canada.
"We continue to make steady progress advancing our go-to-market
strategy for our Cell Driver™ technology in order to satisfy the
growing demand for energy storage," said Exro CEO Sue Ozdemir. "Our partnership with Re:Build
provides us the ability to leverage a world-class manufacturing
partner to immediately scale operations and eliminate from our
balance sheet the significant capex and working capital that would
otherwise be required. In addition, our new channel partners
amplify our reach to commercial and industrial customers who want
to save money on increasing utility costs, secure a reliable backup
source of energy, and contribute to the sustainability of the
communities in which they operate. As we prepare to achieve UL
certification in the next few months and scale our energy storage
business, this opportunity to unlock value for our shareholders is
significant."
Re:Build Manufacturing
Partnership
Re:Build (https://rebuildmanufacturing.com/) is a network of
businesses that combine cutting-edge enabling technologies with
operational superiority in aerospace and defense, cleantech,
health, industrial equipment, lifestyle, and mobility. The
company's expertise is in product innovation, advanced components,
systems production, and industrial automation. Its customers value
it as a trusted manufacturing partner.
Under the partnership, Exro will provide Re:Build with the
battery control system power electronics and Re:Build will be the
exclusive manufacturer of Exro's Cell Driver™ cabinets for an
initial term of five years. In exchange for this exclusivity,
Re:Build will pass along to Exro 50% of any savings created by the
manufacturing process. Re:Build will also set up and manage a
highly efficient supply chain that will include components it
manufactures and those it purchases, and it will assemble and test
the finished products. Re:Build will be responsible for all capital
expenditures, supply chain, and inventory working capital
requirements associated with manufacturing the Cell
Driver™, thereby removing considerable future funding
and working capital requirements from Exro's balance sheet. Built
in the United States, the Cell
Driver™ will also qualify for 'Buy America' incentives
available to customers.
Channel Partnership
Agreements
Exro's go-to-market strategy for its Cell Driver™
Energy Storage system is to access C&I markets through a
network of renewable energy, energy management, and electric
vehicle charging infrastructure integrators and distributors that
provide access across North
America. This strategy is intended to accelerate and amplify
Exro's market presence, targeting these channel partners growing
demand for energy storage in C&I applications as well as EV
charging stations. Over the course of the last two months, Exro has
onboarded new channel partners that provide access to customer
networks in California,
Colorado, Florida, the Caribbean, and regions within Canada. These channel partners have been
trained on Cell Driver™ and are currently marketing and
quoting the technology with solar energy, electric vehicle charging
infrastructure and energy management projects. A summary of these
new partners is provided below.
Photovoltaics California (PVCA)
- Overview: California is
a service and maintenance oriented electrical contractor supporting
long term client energy requirements specializing in PV and
storage. PVCA provides access to target rich California market.
- Status: Entered a Channel Partnership Agreement.
Providing training for sales force and commercial / technical
support for proposals via Energy Toolbase. First orders anticipated
by the end of Q3 2023.
- Opportunity: PVCA is a highly active installer and
O&M provider in the California
region with a pipeline of Cell Driver™ units in various
segments (primarily Solar + Storage). Multi-year revenue
opportunity with visibility to projects 2023-2025.
- Application: Exro is actively quoting projects in
conjunction with PVCA installation costs.
- www.pvca.com
ProSolar
- Overview: US Virgin
Islands-based multinational solar and storage integrator
with offices in USVI, Puerto Rico,
Florida, and California. ProSolar is the largest solar
integrator in the Caribbean region
who brings a wealth of experience operating in the Caribbean.
- Status: Entered a Channel Partnership Agreement. The
companies are actively reviewing various sites to identify a
suitable host project for Cell Driver™ in the
Caribbean.
- Opportunity: Multiyear revenue opportunity focused
primarily on the Caribbean market
with significant expansion opportunities into Florida and California. The relationship provides
visibility into the 2023-25 demand cycle.
- Application: Reliable grid tied backup power, off grid
power, microgrid and solar self consumption.
- https://prosolaramerica.com
Shaw Solar
- Overview: Regional solar and electrical contractor
servicing Western Colorado. In
addition to new installations, Shaw has completed an extensive
number of smaller commercial and light industrial projects which
potentially stand to benefit from Cell Driver™.
- Status: Entered a Channel Partnership Agreement. The
companies are actively reviewing various sites to identify a
suitable host project for Cell Driver™ in Western Colorado.
- Opportunity: Multiyear revenue opportunity providing
guidance into the 2023-25 demand cycle.
- Application: Demand charge management, off grid power,
grid tied backup power and energy management innovation and
leadership.
- www.shawsolar.com
High Point Electric
- Overview: British
Columbia-based electrical and energy management contractor
focused on large retail box stores including London Drugs, Loblaws
and others.
- Status: Entered Channel Partnership Agreement. High
Point is actively reviewing their portfolio of retail box stores
located in BC, Canada to identify
locations which will benefit from Cell Driver™.
- Opportunity: Multiyear revenue opportunity to enter
large box retailers in Canada.
- Application: Demand charge management and grid tied
backup power.
- https://hpoint.ca/
Cell Driver™ UL
Certification Update
Having now completed two of the three certification phases,
Exro's Cell Driver™ is on track to complete UL
certification in early Q3 2023, pushed back by approximately three
weeks due to scheduling at UL's certification laboratories. UL
certification is required prior to connecting to the grid in
North America. Certification will
be followed by the start of series production for Cell
Driver™ beginning with in-field pilots and initial
customer deliveries in Q3 2023.
For additional information on Exro's Cell Driver™,
please visit: Exro-Cell-Driver-Catalog
About RE:BUILD
Manufacturing
Founded in 2020 with six employees, Re:Build Manufacturing now
employs more than 850 people across eleven business units with
facilities in Massachusetts,
New Hampshire, New York, Michigan, Ohio, South
Carolina, Colorado, and
California. Re:Build Manufacturing is dedicated to building a
better future for its employees, customers, partners, communities,
and shareholders through a new model of industrialization. The
company is focused on revitalizing America's manufacturing base and
creating meaningful, sustainable jobs in areas that have been
deindustrialized.
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
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taken", "occur" or "be achieved". Forward looking statements
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heading "Risk Factors" and elsewhere in the Company's filings with
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Although the Company believes that the assumptions and factors used
in preparing these forward-looking statements are reasonable based
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date hereof, actual results and developments may differ materially
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December 31, 2022, and financial
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SOURCE Exro Technologies Inc.