Exro Technologies' Achieves ISO 9001 Certification for its World-Class Manufacturing and Innovation Centers in Calgary, Alberta

November 21, 2022

At a Glance

  • Exro hasachieved ISO 9001:2015 certification at its world-class manufacturing centerand innovation center, both located in Calgary, Alberta, Canada    
  • ISO 9001:2015is an internationally recognized standard for quality, processes, and safety,and is a gateway prerequisite to IATF 16949 certification (global automotivequality management)
  • Exro’s manufacturing, innovation, and vehicle systems centers are complimentary operations, enabling Exro the ability to provide end-to-end technology solutions for customers
  • Exro has delivered on its commitment to shareholders to achieve ISO certification by year-end 2022, backstopping the company’s timeline for start of series production of its industry disruptive Coil DriverTM and Cell DriverTM products in Q3 2023
Exro Technologies' Achieves ISO 9001 Certification for its World-Class Manufacturing and Innovation Centers in Calgary, Alberta

CALGARY, Alberta (November 15, 2022) – Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) (the "Company" or "Exro"), a leading clean technology company that has developed new generation power electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries, is pleased to announce that the Company has achieved International Organization for Standardization (ISO) ISO 9001:2015 certification at its world-class manufacturing center and engineering innovation center, both located in Calgary, Alberta, Canada. This certifies that the Company has met the technical and quality benchmarks required by ISO 9001:2015 for its quality management system related to R&D, design, development, and testing of Coil Driver™ inverter for e-mobility and Cell Driver™ energy storage systems for commercial & industrial applications.

"This is a foundational operational milestone for Exro," said Exro’s President of Manufacturing Simon Strawbridge, who led the certification program. "Certification underpins Exro’s vision of Quality before Quantity (QbQ) in a world-class manufacturing facility, operating on a Right First Time (RFT) approach with a Zero-Defect mentality.”

An internationally recognized quality standard, ISO 9001:2015 sets quality management principles for both service and manufacturing organizations, including a strong customer focus, a process-based approach, risk-based thinking, continual improvement, and top-down management support. In an increasingly competitive market, ISO 9001 certification is a necessary tool for conducting domestic and global business.

“ISO 9001 certification is an essential milestone on Exro's path of developing superior products to the highest standards in performance, quality, and functional safety”, said Chief Executive Officer Sue Ozdemir. “This certification is a fundamental building block towards achieving IATF 16949 certification (Global Automotive Quality Management System), ensuring that Exro’s systems and processes are focused on meeting the highest quality, safety, and efficiency standards for our current and future automotive customers. This achievement is a testament to the high-quality, cross-functional, and collaborative efforts of every employee at Exro.”

World Class Manufacturing Complimented by R&D, Design, Testing, & Vehicle Integration Services

Exro’s Manufacturing Center is a 37,000 ft2 world-class automated inverter manufacturing and assembly facility. The manufacturing center compliments the company’s research and development, design, and testing innovation centers in Calgary and Mesa, Arizona as well as Exro Vehicle Systems EV integration services in Ann Arbor, Michigan, to provide end-to-end full-stack technology solutions for customers. Boasting a class 10,000 clean room, the facility brings European automotive standards for technical cleanliness and track and trace to North America. The only facility of its kind in North America, the manufacturing center fills a unique gap by providing customers with a strategic onshore supply chain solution for key powertrain components. On schedule for start of production (SOP) in Q3 2023, this net-zero targeted facility will be capable of producing 100,000 Coil Driver™ units per year, per an 8-hour work shift.

Exro’s Calgary and Mesa Innovation Centers are both 15,000 ft2 engineering laboratories focused on advanced power electronics design and development for the Company’s core technology: the Coil Driver™ inverter for e-mobility, and the Cell Driver™ battery control system for stationary energy storage. The Calgary facility is equipped with both a medium and small duty dyno for product testing, as well as sample assembly, while Mesa hosts a medium duty dyno and is Exro’s primary site for vehicle product demonstration. Exro Vehicle Systems in Ann Arbor rounds out Exro’s eco-system by providing end-to-end EV design and engineering services complete powertrain designs that integrate Exro’s core technology including embedded software, Vehicle Control Units (VCUs) and batteries.

Since May 2022, Exro has announced three initial purchase orders, each backed by multi-year sales agreements, in addition to a new product development with a major European partner in off-highway applications announced in October. In the months ahead, Exro intends to continue backfilling the manufacturing facility production capacity, demonstrating the strong customer demand witnessed internally for the Company’s products while further de-risking visibility for shareholders to a significant revenue ramp-up beginning in 2023.

About Exro Technologies Inc.

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.

Contact Information

Investor inquiries: ir@exro.com

Canada investors: Jake Bouma at 604-317-3936

United States investors: Vic Allgeier at 646-841-4220

Media inquiries: media@exro.com

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.

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