November 30, 2022

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Exro Company Announces Partner Milestones, Technology and Company Updates Ahead of Quarterly Webcast

7 min read

  • Exro CEO Sue Ozdemir will host the company’s quarterly webcast to provide shareholders with an update on the company and its new and ongoing projects.
  • Highlights from the webcast will include results from recent performance testing demonstrating superior Coil Driver performance.
  • Exro will also discuss recent notable hires and Coil Driver recognition as an Edison Awards Finalist.

CALGARY, AB, April 7, 2022 /PRNewswire/ – Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the “Company” or “Exro”), a leading clean technology company that has developed a new class of power electronics for electric motors and batteries, announced today updates related to a number of the company’s new and ongoing projects that mark important milestones and progress towards the commercialization of its Coil DriverTM technology. During Exro’s quarterly webcast hosted by CEO Sue Ozdemir, shareholders will receive these partner, technology and company updates, as well as answers to their questions submitted in advance. A recording of the webcast and the presentation file will be available on the Company website here:

Exro Events

Shareholders unable to attend the webcast can find an overview below of the updates that will be covered during the webcast, including Exro’s new Vehicle Systems division and ongoing work with partners Potencia Industrial, Traktionssysteme Austria (TSA) and Linamar.

Exro Vehicle Systems:

Exro Vehicle Systems, a division of Exro Technologies Inc., secured a purchase order from a leading Tier-1 automotive supplier, to provide more than $1 million in engineering design and consulting services. Under the terms of the purchase order, Exro will deliver design and installation services for a custom electric powertrain system that features a custom battery pack solution. The custom system designed for a light-duty on-road vehicle will also integrate with many automotive original equipment manufacturer (OEM) systems, including power and control architectures.

Exro’s Vehicle Systems division will execute this order from its 15,000 square foot facility in Detroit, Michigan. The division serves as a strategic complement and entry point to Exro’s e-mobility business for additional revenue-generating opportunities.

Potencia Industrial: 

Exro announced today an update on the in-vehicle demonstration as part of its ongoing partnership with Potencia Industrial, S.A. DE C.V. (“Potencia”). The two companies tested a light-duty electric cargo truck using a Potencia Y45 electric motor and an Exro 100 Volt Coil Driver on the streets of Mexico City, Mexico, to test powertrain performance in densely populated urban environments and on hilly terrain. Exro’s partnership with Potencia began in 2018, and since then they have been developing a high-efficiency and reliable solution for light-duty electric vehicles (EVs). This marks an important milestone towards the delivery of the Coil Driver in North and South American automotive markets.

The latest testing with Potencia reinforces Exro’s ability to improve performance and efficiency in low voltage EV applications and deliver its technology to partners on time. The Company and Potencia will continue to work together toward commercialization by providing solutions that can impact communities and markets globally. As part of the ongoing collaborative development, Exro and Potencia are exploring 800 Volt systems for medium-and heavy-duty commercial applications 

A demonstration video of the vehicle traversing the streets of Mexico City will be shared during the webcast. The video can also be viewed here.

“The latest testing of Exro Coil Driver integrated with our Y45 electric motor demonstrates the capabilities of our partnership andof Exro to deliver versatile solutions for light-duty industrial electric vehicles,” said Tomas Gottfried, Technical Director at Potencia Industrial. “As part of our ongoing partnership, we look forward to exploring additional applications of this cost-effective technology in medium- and heavy-duty commercial vehicles, as we at Potencia deliver on our mission to enable Latin America’s transition to electrification.”

Traktionssysteme Austria:

Traktionssysteme Austria (TSA) is collaborating with Exro as its motor partner for high voltage applications. The two companies are partnering to test and develop electric drive solutions using a TSA motor and an Exro Coil Driver.

The Coil Driver testing is progressing successfully, and thus far, the results are exceeding expectations. The results are showing 4000 Nm of torque and continuous power of 375kW mechanical output at 4500 RPM, while achieving peak system efficiencies of 95%. This represents a significant performance improvement in a single electric motor when compared to current industry leaders. Historically, achieving high torque output may require limiting the speed range to approximately 2500 RPM or accepting a lower torque output to increase the speed to higher limits.  With Coil Driver both performance outputs can be accomplished in a single motor.

Testing is on track to be completed with full performance mapping this quarter to start delivering the high voltage Coil Driver pilots to partners.

SEA Electric

The recent TSA testing supports on-time delivery of the high voltage Coil Driver for the SEA Electric project in the second quarter of this year. Using SEA Electric’s proprietary electric power system technology, the companies will uplift a Mack LR garbage truck with an 800 Volt Coil Driver system and TSA motor, and an F59 UPS delivery truck with a 400 Volt Coil Driver system and TSA motor. Following completion of in-vehicle testing, Exro and SEA Electric hope to accept orders for mass-market commercial fleet applications by the end of this year.

Linamar:

Prototype testing and validation for a compact and cost-effective e-Axle with Coil Driver are on track to be completed this quarter. However, the Linamar project is delayed from delivery in the second quarter of 2022 to the early third quarter of this year. While the Coil Driver development remains on track, Linamar and Exro have experienced supply chain delays as it relates to the electric motor in the e-axle.

Exro is supporting Linamar’s entry into the electric powertrain space for medium-duty commercial vehicles by designing and supplying gearbox and intelligent inverter solutions for high-speed low torque and low-speed high torque applications. This partnership with a Tier 1 automotive supplier will also establish Exro’s position in the highly competitive automotive supply chain.

Beyond project and partner updates, the webcast will cover recent company updates such as the hiring of Darrell Bishop, a seasoned capital markets professional, as Exro’s President, Finance and Investor Relations, and the addition of former Rivian COO Rod Copes, who brings strategic knowledge on the global mobility industry, to the advisory board. The Company’s Coil Driver was also chosen as a finalist in the 2022 Edison Best New Product Awards™ for manufacturing, logistics, and transportation. Finally, Julie Wurmlinger has resigned from Exro’s Board of Directors due personal reasons. The Company wishes her the best and thanks her for her guidance and support.

“It was great to have the opportunity to engage directly with our incredible shareholders and followers today. We received lots of questions, and we really strived to address all questions to the best of our abilities,” said Sue Ozdemir, CEO of Exro. “We hope our investors, can see just how excited we are about the trajectory of our company, and that we continue to remain focused on achieving milestones in the near-term, which we believe hold the potential to begin unlocking value for our shareholders.”

About Exro Technologies Inc.

Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators, and batteries. Exro enables the application to achieve more with less energy consumed.

Exro’s advanced motor control technology, the Coil DriverTM, expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with many partners from all over the world to bring their technology to the electric mobility industries and beyond.

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, 2020, and financial statements and related MD&A for the financial year ended December 31, 2020, 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.

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