Exro Technologies (TSX.V: EXRO) (OTCQB: EXROF), a leading clean-technology company that has developed a new class of power electronics for electric motors and batteries, has released its financial numbers for the period ending Dec. 31, 2020. Company highlights for the year include the successful close of a short-form prospectus offering, which resulted in gross proceeds of almost C$50 million; the opening of its Calgary Innovation Center, a facility designed for in-house design, testing, and assembly of prototypes; the completion of the engineering validation on the 100 Volt Coil Driver for electric cars; and successful technology validation on its Battery Control Systems (“BCS”), which are designed for optimizing second-life energy storage applications. “On the commercialization front, in the first quarter of 2021, LAND Electric Motorcycles (“LAND”) signed a letter of intent to purchase up to 2,000 units and SEA Electric signed an expanded strategic collaboration agreement to showcase the BCS while expanding on the Coil Driver commercialization scope. We will be opening a 36,700-square-foot facility in Calgary in late 2021 that will be capable of producing automotive compliant Coil Driver units in late 2022,” said Exro CEO Sue Ozdemir in the press release. “We completed the engineering validation on the 100 Volt Coil Driver for electric cars and the technology validation for the BCS that demonstrated the principles of operation in second-life environments. In a very short time span, our engineers have been able to validate the Coil Driver technology for multiple platforms while continuing to develop the battery technology. We are excited to gear up for standard product designs and series production in the coming year.”
To view the full press release, visit https://ibn.fm/e8Mj6
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 Driver, expands the capabilities of powertrains by enabling two separate torque profiles within a given motor. A major advancement in the sector, dynamic motor configuration enables efficiency optimization for each operating mode resulting in reduction of energy consumption. The controller automatically selects the appropriate configuration in real time so that power and efficiency are intelligently optimized. For more information about the company, please visit www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
MissionIRNewsBreaks provide a rapid summary of corporate news that catch the attention of MissionIR. MissionIRNewsBreaks are created by our Team of professional journalists that keep a constant eye on the markets, these posts are designed to inform you on the latest happenings of our clients and other publicly traded companies on our radar. From earnings, acquisitions and agreements to conference attendance and clinical study results, our news breaks keep you up-to-date with the day’s top movers. MissionIR is primarily focused on strategic communications. We have executed countless communications programs to address the needs of companies ranging from start-ups to established industry leaders, gaining valuable experience and the expertise necessary to determine the most effective strategy for any given situation.