Commercialization deal number 5 establishes Exro in the agriculture sector
VANCOUVER, B.C. (April 28, 2020) – Exro Technologies Inc. (CSE:XRO; OTCQB: EXROF) (the “Company”) is pleased to announce it has signed a collaboration and supply agreement (the “Agreement”) with Clean Seed Capital Group Ltd. (“Clean Seed”) (TSX-V: CSX) to integrate Exro’s technology into Clean Seed’s high-tech agricultural seeder and planter platforms, advancing the electrification of the world’s heavy-farm equipment.
Under the Agreement, Clean Seed will issue a purchase order to integrate Exro’s electric-motor-enhancing technology into Clean Seed’s latest technology offerings and beyond.
“This is another step in the commercialization of Exro’s technology that will expand the capabilities of the world’s electric motors,” said Exro CEO Sue Ozdemir. “Clean Seed is a pioneer in improving the efficacy and sustainability of farming. With this new agreement, we will, together, electrify the industry to maximize its potential, driving better productivity and efficient use of energy.”
Clean Seed, in collaboration with Exro, will be building a working prototype that will be implemented in the field by 2021. This addition and integrated technology will further enhance Clean Seed’s SMART Seeder™ technologies by reducing the power requirements to operate its revolutionary tools that put row-by-row, variable-rate seeding technology into the hands of farmers, putting them at the forefront of agricultural innovation and sustainability.
“This worldwide exclusive collaboration and supply agreement with Exro will set new benchmarks in the electrification of agriculture,” said Graeme Lempriere, Chief Executive Officer of Clean Seed, based in Burnaby, British Columbia. “This collaboration will benefit the agricultural community by promoting good stewardship of our resources. It has been a pleasure getting to know the team at Exro and we look forward to working together to electrify the agricultural industry and usher in a new sustainable application.”
Under the agreement, both companies also plan to develop after-market retrofit products that use Exro technology to further expand and accelerate the electrification of agricultural farm equipment.
“The Clean Seed agreement represents Exro’s fifth commercialization deal,” added Ozdemir, who joined Exro as CEO in September 2019 after serving as CEO of GE’s Industrial Motors Division. “As we have set out in our Company plan, we have now strategically placed Exro’s technology with respected leaders in the agriculture, automotive, marine, recreational and electric-bicycle markets.”
About Exro Technologies Inc.
Exro facilitates the transition to clean energy by providing products and services to manufacturers to increase the efficiency and reliability of power systems, including electric motors, generators and batteries. Exro's patented technology enhances energy systems by dynamically sensing and adapting variable inputs and optimally matching them to desired outputs, creating measurable performance gains and extended lifespan. The widespread applications of the technology apply to optimizing the performance of electric vehicles, UAVs, and ship drives, as well as pumps, industrial motors, and energy capture from wind and tides.
ON BEHALF OF THE BOARD OF DIRECTORS
Sue Ozdemir, Chief Executive Officer
Canada: Jake Bouma
Intrynsyc Capital Corp.
United States: Vic Allgeier
TTC Group Inc.
Forward Looking Statements
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words “believe”, "may", "would", "could", "will" and similar expressions, as they relate to the Company or its management are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company’s intention to commercialize its product in the near term. Such statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual performance or achievements to vary from those described herein. Should one or more of these factors or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not assume any obligation to update these forward-looking statements, except as required by law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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