Exro Technologis Stock Price, News & Analysis

Exro Technologies Inc. (EXROF) issued a statement responding to a false report from Mariner Group, which allegedly aimed to manipulate its stock price. The company emphasizes its strong business strategy, effective partnerships, and leadership. Exro has not yet generated revenue but has made significant progress in validating its technologies with partners in the electric mobility sector. The company is focused on R&D with a dedicated $12M budget and has a strong balance sheet with over $40M USD in funding.

Exro Technologies Inc. (OTC: EXROF) addresses a detrimental report falsely linked to the company, which CEO Sue Ozdemir claims is a short seller attack filled with inaccuracies. The company plans to release a detailed response within 48 hours to counter these claims. Ozdemir reassures shareholders of Exro's integrity and confidence in their patented technology, outlining the company's commitment to delivering market value and maintaining a strong financial position to achieve its business milestones.

Exro Technologies (EXROF) has enhanced its partnership with SEA Electric to accelerate the development of its Battery Control System (BCS). SEA Electric will provide electric delivery vehicles to showcase BCS in second-life storage applications. This strategic collaboration aims to commercialize Exro's Coil Driver technology in SEA's Class 6 to Class 8 trucks, targeting a minimum production of 400 trucks by the second year post-validation. Exro is also investing $5 million into SEA Electric, which may lead to significant advancements in battery utilization and sustainability.

Exro Technologies Inc. (TSXV: EXRO) (OTC: EXROF) has secured a significant agreement with LAND Electric Motorcycles to deliver up to 2000 units of its Coil Driver technology in 2021. The first shipment is scheduled for February, aimed at enhancing the performance of LAND's District motorcycle. This collaboration is positioned as a vital step towards commercialization and revenue growth for Exro's innovative power electronics, designed for electric motors and batteries.

Exro Technologies (OTC: EXROF) reports that its 100 Volt Coil Driver is ready for shipment to Potencia Industrial. In-house testing of the integration with Potencia's electric motor is complete, following a slight delay. Potencia is expected to deliver performance validation results by early Q3 2021. CEO Sue Ozdemir expressed confidence in the collaboration and emphasized the importance of meeting project milestones. Exro's Coil Driver enhances electric motor efficiency, allowing optimized energy consumption.

Exro Technologies has partnered with Traktionssysteme Austria (TSA) to enhance electric commercial vehicles by integrating their traction motor systems with Exro's Coil Driver technology. This collaboration aims to develop a full powertrain system for heavy-duty vehicles like delivery vans and buses, responding to the growing electric vehicle market. The global traction inverter market is projected to grow from USD 2.5 billion in 2018 to USD 7.7 billion by 2025, highlighting significant market potential.

Exro Technologies Inc. has granted stock options totaling 2,618,000 shares at a price of $3.15 per share to its directors, officers, employees, and consultants. The options are set to expire in five years and are subject to vesting provisions, with a hold period of four months and one day upon exercise. This move emphasizes Exro's commitment to incentivize its team while leveraging its advanced motor control technology to enhance electric powertrains' efficiency.

Exro Technologies Inc. (TSXV:EXRO)(OTCQB:EXROF) announced that its patented Coil Driver technology significantly enhances electric bike performance, achieving over a 20% increase and up to 50% in climbing conditions. Tested by Motorino Electric, the results are poised to transform the electric bike and micro-mobility markets, projected to exceed USD $23 billion by 2025. Exro aims to start commercial negotiations for 2021, emphasizing advancements in efficiency and energy use across micro-mobility applications.

Exro Technologies welcomes Julie Wurmlinger to its Board of Directors, adding significant automotive expertise. A retired Global Chief Engineer from Ford and President of OhmTek, LLC, Wurmlinger brings over 30 years of experience in powertrain innovation. Her focus will be on accelerating Exro's technology commercialization across global sectors. Wurmlinger has a strong background in product development and has received accolades for her engineering contributions. This leadership addition is regarded as crucial for advancing Exro's objectives in the clean tech industry.