CALGARY — Exro Technologies Inc., a clean-technology manufacturer that provides proprietary motor-control and complete electric propulsion system technologies for e-mobility, provided an operational update on propulsion system deliveries, progress with partners, and the signing of Exro’s outbound intellectual property licensing agreement.
“As promised, since the closing of the acquisition of SEA Electric on April 5th, Exro has been focused on increasing revenue, reducing costs, and progressing technology development,” said Exro CEO Sue Ozdemir. “Since our last update three weeks ago, there has been progress across these three facets. The past 60 days have provided many challenges, opportunities, and progress with management working diligently to implement process that helps to scale the business efficiently and profitably. We are focused on our execution with customers while continuing to utilize our technology to break down the barriers to electrification including cost, performance, and infrastructure.”
Exro reports that May marked material progress in execution. The Company continues efforts to increase production and enhance operational efficiency, producing 46 propulsion systems for customers in April and May. As Exro accelerates its output, the Company is focused on meeting its goal of delivering more than 250 propulsion systems to customers through Q2 and Q3 of 2024 — the first six months post-closing the SEA acquisition.
Exro and Hino Trucks are preparing to integrate the Coil Driver
inverter technology with the current SD120a propulsion system. This integration reportedly allows additional packaging flexibility, improved performance, and greater system efficiency while utilizing the same propulsion system as Exro’s existing production SEA-5e, validating the scalability of the technology.
Mack Trucks continues to progress with deliveries on its electric MD6 series medium-duty trucks. Exro and Mack continue to build their partnership to scale deliveries and lead medium duty truck performance. Mack Trucks has a goal of 35% of its sales to be zero emission vehicles by 2030, and it also has a goal to reduce emissions by 50% in its operations and freight transports by 2030.
Licensing Agreement with Tier-1 OEM Supplier HB4
After several years of co-development and successful initial deliveries, Exro and HB4 S.r.l. of Capri, Italy have entered into Exro’s first technology licensing agreement to better serve the European market with a powertrain solution in electric vehicles. The first application of the intellectual property license will be in Casalini vehicles, which will soon hit Italian roads, demonstrating Exro’s low-voltage Coil Driver inverter technology.
Giaffone Delivers Exro Tech to Global Beverage Company
After approximately 2,000 km of road testing with Giaffone Electric, the partners successfully transitioned the pilot to a major global beverage company for continued on-road validation.
“The progress made on Exro’s propulsion system technology is remarkable, and I am confident that together our technology will provide impressive results for customers in South America,” said Zeca Giaffone, CEO of Giaffone.
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