CALGARY, Alberta (August 9, 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 that it has initiated the process to obtain Underwriter Laboratories ("UL") certification for its Energy Storage System (ESS), powered by its Battery Control System™ (BCS) technology.
Exro’s 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.
Exro’s ESS has a modular design for ease of installation and utilizes modular compact inverters to replace the traditional centralized design of most energy storage systems, resulting in reduced operation and maintenance costs in commercial and industrial applications. Exro’s ESS can not only maximize the lifespan of first-life batteries, but also utilize second-life batteries, creating an option for reuse of electric cell battery packs, minimizing waste and establishing a pathway to a circular economy.
The submission for UL certification marks a significant milestone for Exro’s ESS in its continued path to commercialization. The submission enables the Company to secure pilot locations and proceed with in-field validations of the ESS on specific locations and comes ahead of the Company’s anticipated timing. UL certifications demonstrate that products have been tested to applicable industry-wide standards. UL is widely recognized as the long-time safety science leader and the organization’s expertise provides credibility to regulators and the broader marketplace.
The goal of the process is to fully certify Exro’s ESS as a deployed commercial and industrial product per North American regulations and to receive UL9540A certification. The process is anticipated to take approximately nine months. Upon successful completion of the UL certification process, the Company will be able to produce and provide units to the burgeoning energy storage market. In parallel to the UL certification process, Exro will begin marketing the ESS and working to secure the first pilots and orders to ensure the commercialization and delivery of the product by Q4 2023.
“Our cellular level battery control offers a reliable solution to power a system that is not only cost-effective, but also helps to prevent thermal runaway making it a safe, dependable option for commercial and industrial applications,” said Exro CEO Sue Ozdemir. “Energy storage in the U.S. has become a booming billion-dollar annual market, but there are not enough available batteries to meet demand due to raw materials shortages and competition with the EV market. We are maximizing battery lifespans and helping to advance battery recycling with our ESS to provide low-cost energy storage solutions that support the grid of the future.”
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.
Investor inquiries: email@example.com
Canada investors: Jake Bouma at 604-317-3936
United States investors: Vic Allgeier at 646-841-4220
Media inquiries: firstname.lastname@example.org
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 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.