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CALGARY, Alberta (July 14, 2022) – 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 mid-year company updates in a live webcast and the presentation file will be available on the Company website here.
Shareholders unable to attend the webcast can find an overview below of the information covered during the webcast, including updates on Exro’s facilities and capabilities, energy storage system technology and other key projects.
Exro’s technology is ideally positioned to evolve and engage alongside the electrification of transportation regardless of propulsion technology market direction. The company laid out a systematic go-to-market strategy by building momentum with key players in the e-mobility and energy storage markets, expanding partnerships, building on its successful track record of innovation and increase its penetration of the OEM market with its engineering and consulting offerings.
Exro shared information about its award-winning Coil Driver™ technology and its native ability to function as an AC fast charger, eliminating the need for an on-board charger or external DC fast charger. The technology can deliver up to level four fast-charging and vehicle-to-anything (V2X) capabilities. These product features offer benefits to original equipment manufacturers (“OEMs”), electric vehicle fleet operators and charging operators by simplifying electric powertrains and reducing total cost of ownership.
Exro shared additional information about its Energy Storage System (“ESS”), which is powered by its patented Battery Control System™ (“BCS”). The BCS technology expands the capabilities of batteries in their first and second life by enabling a greater depth of control on the cells. The technology optimizes battery packs for health and performance at the cellular level, extending battery life and permitting stationary energy storage systems to operate more safely, with less down time.
The Company’s patent portfolio continues to grow and now includes 40 patents that have been published or are pending. This includes 25 issued and 15 patent applications, with wholly owned intellectual property in 13 patent families. Exro’s global patent portfolio includes coverage in strategic countries, including the U.S., Canada, Great Britain, France, Hong Kong, Japan and many others.
Exro’s partnership with Traktionssysteme Austria (TSA) is progressing well, as the two companies are collaborating on a motor 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™. Recent testing continues to support Exro’s best-in-class performance and continue to exceed expectations, achieving high torque output without limitations to speed range. An engineering team from Exro will travel to Austria next week for the next phase of testing on the high voltage Coil Drive System.
During today’s live webcast, Exro CEO Sue Ozdemir shared a virtual tour of the Company’s state-of-the-art sustainable manufacturing facility in Calgary. To meet automaker’s staunch Environmental, Social and Governance (“ESG”) supply chain expectations and Exro’s net-zero carbon emissions objectives, the 37,000 square foot facility will run on clean energy solutions. The manufacturing facility will have the capability to produce up to 100,000 units annually. The facility features a solar panel array on the roof and a Class 10,000 clean room with a surface mount technology (SMT) production line. The manufacturing facility will aim to be ISO 9001, ISO 45001, ISO 14001, and IATF 16949 compliant for the start of production.
Additionally, the world class, net-zero designed facility features technical cleanliness, track and trace, water conservation and zero waste product capabilities. It was built in compliance with the most stringent global quality standards, making it unique in North America for automotive applications.
To meet automaker demand for resilient, localized supply chains, Exro is focused on completing its new facilities in Calgary and Mesa, Arizona. Anticipating supply chain delays, Exro proactively ordered dynamometers (“dyno”) of various sizes for its North American facilities. Exro has taken delivery of its mid-size dyno in Mesa, Arizona. The dyno has been commissioned and is now ready for use at the Company’s U.S. innovation center. A large dyno was ordered in 2021 and is expected to arrive at Exro facilities by the end of the third quarter.
Exro remains on track to commission its SMT manufacturing line before year-end. The equipment is on site and installed at the Company’s manufacturing facility, and engineers are currently working through start up procedures for the equipment.
Despite recent TSA testing which would support on-time delivery of the high voltage Coil Driver for the SEA Electric project in the second quarter of this year, this timeline has been impacted by supply chain challenges. While Exro and SEA Electric continue to collaborate, delivery of the Company’s Coil Driver™ is now currently scheduled for the third quarter of 2022. This delay does not impact the targeted first production dates in the second half of 2023. The teams are working concurrently to prepare for installation and integration upon delivery.
Exro is co-developing a next generation e-axle with Linamar for the electric powertrain market 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 continued partnership with a Tier 1 automotive supplier maintains Exro’s position in the highly competitive automotive supply chain. Prototype testing and validation for a compact and cost-effective e-Axle with Coil Driver™ remain on track to be completed this quarter.
In May, Exro announced a purchase order from Canadian-based bus manufacturer Vicinity Motor Company. The multiyear sales and service agreement (the “agreement”), includes the purchase of high-voltage Coil Drive System units from Exro, along with a production slot, system pricing and commissioning services.
Exro Vehicle Systems will provide system engineering consulting services to integrate the electric powertrain for Vicinity’s fleet of next-generation electric buses. News of this deal followed a previously announced supply agreement under which the companies have completed nearly 12 months of development and testing to conduct operational validation for the Vicinity Lightning™ electric bus.
Also in May, Exro announced that it had signed an agreement with ev Transportation Services, Inc. ("evTS"), a Boston-based specialty electric vehicle manufacturer, to supply an initial quantity of 1,000 units of its 100V Coil Drive System beginning in 2023 for use in evTS model year 2023 FireFly vehicles.
This order followed months of collaboration under a non-disclosure agreement (“NDA”) between the Exro and evTS engineering teams and demonstrated the improvement and optimization of FireFly powertrain performance enabled by Exro’s award-winning Coil Driver™ technology. This agreement is the culmination of the cooperative efforts of the two companies to design and deploy high-performing purpose-built, commercial electric vehicles.
“It was great to have the opportunity to engage directly with our incredible shareholders and followers today, provide updates on our progress and give them an opportunity to see our state-of-the-art manufacturing facility in Calgary,” said Sue Ozdemir, CEO of Exro. “We have accomplished a great deal over the first half of this year and are gaining momentum every day on our path to take our product to market, build our backlog, expand our talent pool and increase our resilience amid continued supply chain challenges. At Exro, we are committed to bringing our next generation platform of innovative control technology to market, and while we strive to assign and deliver on timelines, there is not always a direct path with new technology. Our commitment to delivering for our partners and customers remains unwavering.”
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 Driver™, 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.
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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 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.
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