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CALGARY, Alberta (February 7, 2023) – Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) (the "Company" or "Exro"), a leading clean technology company that has developed new generation power control electronics that expand the capabilities of electric motors and batteries, is pleased to announce that it has entered into a channel partnership agreement (“the agreement”) with Greentech Renewables Southwest (“Greentech”), a division of Consolidated Electrical Distributors (“CED”) Greentech, one of the largest solar equipment distributors in the United States. The agreement aligns with Exro’s targeted go-to-market strategy for its Cell Driver™ Energy Storage System (“Cell Driver™”) product offering, partnering with leading clean energy integrators that provide expertise and scalability to amplify and accelerate market penetration to commercial and industrial (“C&I”) customers.
“We are thrilled to welcome Greentech as our first U.S. partner as we build a network of leading integrators and customers that will support taking Cell Driver to market in the multi-billion dollar commercial and industrial space,” said Exro CEO Sue Ozdemir. “As one of the largest solar solutions providers in the U.S., Greentech is a highly reputable partner through which our Cell Driver can be marketed, sold, distributed, and serviced. Partnering allows Exro the operational and financial flexibility to focus on its core products. For our shareholders, the partnership provides visibility on one of the near-term pathways to revenue for our differentiated product offering in the under-serviced commercial and industrial sector in one of the largest solar markets in the world - the sun belt of the southwestern United States.”
The non-exclusive partnership will accelerate and amplify Exro’s market presence, targeting Greentech’s growing demand for energy storage in C&I applications as well as EV charging stations. The primary objectives for 2023 are to successfully introduce the Cell Driver™ product to Greentech’s network of commercial integrators. These objectives are contemplated to be met in two phases beginning with the development of a joint sales and marketing plan, including a pilot project. Several sites are being evaluated for the pilot. The second phase of the agreement will see Greentech, along with its network of solar installers, providing a flexible product demand forecast on a rolling 12 and 24 month period over the 5-year term of the agreement.
The energy storage system, consisting of Exro’s Cell Driver™ integrated with Greentech’s solar panel products and services, will be designed to serve as a flexible energy asset, a value-add that supports peak shaving and grid reliability, while also having potential applications for fully off-grid projects. For more on peak shaving visit: Peak Shaving: Optimize Power Consumption with Battery Energy Storage Systems (exro.com).
Greentech Renewables Southwest is a nation-wide distributor in the renewables industry, providing customers with the appropriate tools and informational resources to design, sell, and install energy storage solutions efficiently and cost-effectively. With over 80 locations in major solar markets in the U.S., Greentech offers extensive on-site inventory and logistics support in addition to financing, design, and engineering services, to meet the unique needs of its customer network of solar installers and developers.
Exro’s Cell Driver™ will occupy a central role in Greentech's portfolio for commercial and industrial applications. This will enhance Greentech's offerings by providing a comprehensive storage solution to its diverse customer base, in addition to its already established solar panel offerings.
Solar panels have one job: They collect energy from sunlight and transform it into electricity. But they can make that energy only when the sun is shining. That’s why the ability to store solar energy for later use is important: It helps to keep the balance between electricity generation and demand. Simply put, a solar-plus-storage system is a battery system that is charged by a connected solar system. Many solar-energy system owners are looking at ways to connect their system to a battery so they can use that energy at night or in the event of a power outage. According to Bloomberg’s NEF Global Energy Storage Market Report for 2022, the global market for stationary energy storage is forecast to reach US$125+ billion by 2030. Exro’s Cell Driver™ is positioned to capture this rapidly expanding use case market for energy storage.
With the global push towards sustainable clean energy solutions, the market outlook for stationary energy storage continues to grow. Stress on utility grids has resulted in rolling blackouts in places such as California, Texas, Arizona and more. These blackouts, combined with inflated peak rate charges for electricity, highlight the growing need for flexible backup energy storage solutions, particularly for commercial and industrial applications.
The Exro Cell Driver™ provides an increased depth of control over battery cells, resulting in superior charging, deeper discharge rates, enhanced safety, and continuous operation. This enables commercial and industrial buildings to manage energy consumption, safeguard against grid outages, store energy produced on-site, and realize benefits through peak shaving and load shifting. Cell Driver™ is also equipped with Exro’s proprietary Battery Control System™, that actively manages cells based on their State-of-Charge (SoC) and State-of-Health (SoH). This enables micro-protection mechanisms to electronically isolate faults, significantly reducing chances of thermal runaways, without any disruptions to system operation. Combined, the Exro Cell Driver™ confronts challenges facing the stationary energy storage market and also provides an optimal solution for influx of retired electric vehicle batteries with its active cell balancing functionalities by repurposing into a second life in stationary energy storage.
Exro’s Cell Driver™ remains on schedule to complete UL Certification in late Q2 2023 – certification required to connect to the power grid in North America.
Please see link to the Exro’s Cell Driver™ product catalog: Exro-Cell-Driver-Catalog.pdf
Greentech is now accepting orders for Cell Driver™ for delivery in Q3 2023. Exro and Greentech Southwest will be offering technical and sales training on an ongoing basis to support product introduction to electrical and solar contractors. Interested parties may contact:
SVP Sales - Energy Storage
Business Development - SW Division
Exro Technologies Inc. is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company’s innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil Driver™) and stationary energy storage (Cell Driver™), and act to accelerate 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.
Investor inquiries: Darrell Bishop, Chief Investment Officer firstname.lastname@example.org
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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.