CALGARY,
AB, June 27, 2024 /PRNewswire/ - Exro
Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company"
or "Exro"), a leading clean-technology company that provides
proprietary propulsion system technology for e-mobility and
proprietary battery control technology for stationary energy
storage, is pleased to announce today that its Cell Driver™
stationary energy storage system has achieved UL certification
status ("Certification"), as well as the launch of Cellex Energy
Inc., a new subsidiary dedicated to Cell DriverTM
commercialization. UL certification evolves the Cell
DriverTM technology to a full de-risked and
commercial-ready product.
"Bringing disruptive technology to market is never easy," said
Exro CEO Sue Ozdemir. "This
important milestone is the result of years of dedication and hard
work from our team. We extend our sincere gratitude to our
shareholders for their support throughout the UL certification
process. The process presented many challenges for both Exro and
the UL certifier team as we worked to certify an innovative
technology with capabilities that exceeded existing UL testing
standards. Thanks to the tenacity and determination of our
employees, our energy storage technology is now ready to deploy and
bring unparalleled safety, performance, and cost savings to
customers."
UL Certification Awarded
Certification marks a significant milestone and the culmination
of more than two years of rigorous development and testing. Exro is
now positioned to immediately deploy the Cell Driver™ technology to
market with a focus on commercial and industrial ("C&I")
sectors. The applications across C&I are numerous, including
commercial and office buildings, retail centers, hotels,
restaurants, schools, hospitals, and more.
Certification is an essential requirement prior to connecting to
the energy grid in the USA and
Canada, ensuring that products
meet rigorous safety standards and regulatory requirements.
Certifications of Cell Driver™ include several standards for the
system and subcomponents, as well as certification of the
manufacturing process for Cell DriverTM, which will be
performed by Exro's contract manufacturing partner, Re:Build
Manufacturing.
Achieving Certification is a testament to Exro's capabilities in
innovation and design, bringing new technologies to market that
meet customer needs and achieve the highest levels of safety and
performance. This safety and performance have been real-world
validated with a Cell Driver™ demonstration unit that has been
installed at Exro's Calgary
facility for more than a year. The full system, including energy
storage system (ESS), energy management system (EMS) and webserver,
have been operating through harsh Canadian climates to collect
data, enhance software functionality and test new EMS features.
Establishment of Cellex Energy Inc.
Shifting to the commercialization phase, Exro will establish a
new subsidiary dedicated to its Cell Driver™, named Cellex Energy
Inc. This strategic move ensures specific focus and visibility for
its energy initiative, enabling the Company to concentrate
resources and expertise specifically on energy storage, enhance
operational efficiency and market responsiveness, and strengthen
customer and stakeholder engagement through a dedicated
division.
In parallel with these latest developments, Exro continues to
collaborate with several launch partners for in-field pilots. While
working towards certification, Exro has built a network of channel
partners throughout North America
in the solar, energy storage, electric vehicle ("EV") charging, and
building energy management industries, which the Company is working
with to accelerate a robust pipeline of sales opportunities.
Corporate Cost Optimization Update
Since close of the acquisition of SEA Electric on April 5th, 2024, Exro continues to
focus on restructuring the business, divesting non-core assets, and
ramping up production for its blue-chip OEM customers. The
Company continues to implement rigorous cost optimization measures
which target an annualized reduction in General &
Administrative expenses of up to US$10
million in 2024. Since April
5th, Exro has now recognized approximately
US$7.5 million in annualized savings
through redundancies, supply chain efficiencies, and optimized
business operations. The latest savings are attributed to a wind
down of Exro's engineering services division in Detroit, talent which was duplicated
internally with the acquisition of SEA Electric. The Company has a
plan in place to deliver further savings through facilities
rationalization, a focus on execution, and continued operational
optimization.
Cell DriverTM Stationary Energy Storage
Exro's Cell Driver™ is designed to optimize performance and
reduce costs for stationary energy storage applications by enabling
users to manage energy consumption, safeguard against grid outages,
store energy produced on-site, and realize benefits through peak
shaving and load shifting. The fully integrated battery energy
storage system is equipped with the Company's proprietary Battery
Control System™ (BCS) technology and offers maximized cell safety,
capacity, and lifetime. It enables businesses to efficiently
control their power usage, lower electricity expenses, and improve
energy reliability. A standout feature of Cell Driver™ is its
ability to isolate defective cells while maintaining 100%
operational functionality. The dynamic micro-protection mechanisms
provide best-in-class safety and minimize the risk of cell-level
thermal runaway by reducing operating current on hot cells.
For information about Cell Driver™ visit:
https://www.exro.com/technology/cell-driver-commercial-energy-storage.
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.
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, which 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, 2023, and financial
statements and related MD&A for the financial year ended
December 31, 2023, 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.