CALGARY,
AB, June 13, 2024 /PRNewswire/ - Exro
Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company"
or "Exro"), a leading clean-technology company that provides
proprietary motor-control and complete electric propulsion system
technology for e-mobility, is pleased to provide an operational
update on propulsion system deliveries, progress with partners, and
the signing of Exro's first-ever outbound intellectual property
licensing agreement.
"As promised, since the closing of the acquisition of SEA
Electric on April 5th,
Exro has been focused on increasing revenue, reducing costs, and
progressing technology development," said Exro CEO Sue Ozdemir. "Since our last update three weeks
ago, there has been progress across these three facets. The past 60
days have provided many challenges, opportunities, and progress
with management working diligently to implement process that helps
to scale the business efficiently and profitably. We are focused on
our execution with customers while continuing to utilize our
technology to break down the barriers to electrification including
cost, performance, and infrastructure."
Propulsion System Deliveries
Exro is pleased to report
that May marked material progress in execution. The Company
continues efforts to increase production and enhance operational
efficiency, producing 46 propulsion systems for customers in April
and May. As Exro accelerates its output, the Company is focused on
meeting its goal of delivering more than 250 propulsion systems to
customers through Q2 and Q3 of 2024 -- the first six months
post-closing the SEA acquisition.
Commercial Vehicle OEM Customers
Exro continues
to progress with deliveries to its blue-chip OEM and Tier 1
customers. Quarter-to-date has provided strong progress with all
partners.
Exro and Hino Trucks are
preparing to integrate the Coil Driver™ inverter technology with
the current SD120a propulsion system. This integration allows
additional packaging flexibility, improved performance, and greater
system efficiency while utilizing the same propulsion system as
Exro's existing production SEA-5e, validating the scalability of
the technology. We continue to explore together with Hino Trucks the full market potential as Exro's
differentiated motor control technology helps to solve some of the
largest challenges of electrification – cost, weight, and
performance.
Mack Trucks continues to progress
with deliveries on its electric MD6 series medium-duty trucks. Exro
and Mack continue to build their partnership to scale deliveries
and lead medium duty truck performance. Mack Trucks has a goal of 35% of its sales to be
zero emission vehicles by 2030, and it also has a goal to
reduce emissions by 50% in its operations and freight
transports by 2030.
Partnership Updates
Licensing Agreement with Tier-1
OEM Supplier HB4
After several years of co-development and
successful initial deliveries, Exro and HB4 S.r.l. of Capri,
Italy have entered into Exro's
first technology licensing agreement to better serve the European
market with a cost-effective and high-performing powertrain
solution in electric vehicles. The first application of the
intellectual property license will be in Casalini vehicles, which
will soon hit Italian roads, demonstrating the practical and
efficient capabilities of Exro's low-voltage Coil Driver™ inverter
technology. This licensing agreement aligns with Exro's focus on
driving profitable revenue growth and will serve as a roadmap for
future licensing opportunities for high-volume production with
passenger vehicle OEMs. This agreement is a non-exclusive
arrangement that will allow Exro's low-voltage Coil
Driver™ technology to be coupled with HB4's SM4E motors
to form a new low voltage powertrain solution.
Giaffone Delivers Exro Tech to Global Beverage
Company
After approximately 2,000 km of road testing with
Giaffone Electric, the partners successfully transitioned the
pilot to a major global beverage company for continued on-road
validation. The propulsion system is powered by an Exro Coil
Driver™ inverter paired with motor from a top 5 global motor
company (under NDA) that showcases the performance needed in the
commercial vehicle space. During road testing, the pilot
demonstrated navigation of a challenging 18.5% grade under a full
load of 17,000 kg whilst achieving required highway driving speeds
from a direct drive system.
"The progress made on Exro's propulsion system technology
is remarkable, and I am confident that together our technology will
provide impressive results for customers in South America," said Zeca Giaffone, CEO of
Giaffone.
Linamar Progresses OEM Engagement
Exro and Linamar Corporation successfully marketed the e-axle at
the ACT Expo in Las Vegas last
month. The e-axle, featuring the Coil Driver™ inverter, generated
significant attention, setting the stage for increased OEM
engagement. Progress remains on schedule for the Linamar e-axle
program, with the medium-duty commercial truck demonstration
hitting the road over the summer.
Passenger Vehicle OEM Progress
The innovation
program with Exro's leading global NDA
passenger vehicle partner remains a focal point. The program
continues on-track through phase 2, which includes the development
and prototype delivery of reduced rare earth material motors paired
with Exro Coil Driver™
inverter technology in 2024. Technical collaborations
continue with three other major global passenger vehicle OEMs, two
of which are currently evaluating Coil Driver™ technology in
producing battery electric vehicle (BEV) applications,
while work with a third OEM consists of implementation of Coil
Driver™ inverter technology for a plug-in
hybrid electric vehicle (PHEV)
application.
UL Certification
Exro has concluded the testing
program necessary for UL certification of its Cell Driver™
stationary energy storage system. With all materials currently
under review by an approved UL certifier, the Company continues to
anticipate certification in June. As the Company approaches
finalization of UL certification, it has initiated the production
process of an initial 10-unit pilot run. While these pilot units
will be sold commercially, they will also collect operational
performance data to be used by Exro for further product
development.
In Closing
Exro recognizes that shareholders look
forward to updates on the Company's progress. The Company is
focused on demonstrating consistent month-over-month and
quarter-over-quarter growth and delivering value to shareholders.
Starting in Q2 Exro will move to quarterly earnings calls tied to
the release of its quarterly financial results. Q2 2024 results are
scheduled for release on August
14th.
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc., now expanded through the strategic
acquisition of SEA Electric, is a leading clean technology company
that has developed new generation power control electronics. Its
innovative suite of solutions, including Coil Driver™, Cell
Driver™, and SEA-Drive®, expand the capabilities of electric motors
and batteries and offer OEMs a comprehensive e-propulsion solution
with unmatched performance and efficiency. Exro is reshaping global
energy consumption, accelerating adoption towards a circular
electrified economy by delivering more with less – minimum energy
for maximum results.
ABOUT HINO TRUCKS
Hino Trucks, a Toyota Group
Company, manufactures, distributes, and services a lineup of Class
4-8 commercial trucks in the United
States. Hino Trucks has a
product lineup that offers fully connected vehicles with a low
total cost of ownership, unmatched reliability, maneuverability,
and the most comprehensive bundle of standard features in the
market. Hino continues to lead the industry toward a more
sustainable future with its evolving electric vehicle lineup.
Headquartered in Novi, Michigan,
Hino has a nationwide network of dealers committed to achieving
excellence in the ultimate ownership experience.
Learn more about Hino Trucks
at http://www.hino.com or follow us on Facebook,
LinkedIn, X, and YouTube.
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 using 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, 2022, and financial
statements and related MD&A for the financial year ended
December 31, 2022, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/exro-progresses-deliveries-to-oem-customers-and-provides-operational-update-302171587.html
SOURCE Exro Technologies Inc.