Exro Technologis Stock Price, News & Analysis

Exro Technologies has successfully piloted its Battery Control System (BCS) in a 25kW 150kWh Energy Storage System, optimizing second life battery applications. The BCS demonstrated effective cell balancing with aftermarket batteries, paving the way for future validation in a larger 250kW 1.5MWh system by the end of 2021. Exro anticipates launching its commercial Energy Storage System powered by BCS in 2022. This development aims to enhance battery efficiency and longevity, positioning Exro as a competitive player in the clean technology sector.

Exro Technologies Inc. (OTCQB: EXROF) reported a comprehensive loss of $6,676,520 for Q1 2021, up from $1,525,182 in Q1 2020. The Company signed a non-binding letter of intent with LAND for up to 2,000 units of the Coil Driverᵀᴹ. A strategic investment of $5 million was made in SEA Electric to accelerate the Battery Control System development. Exro secured a 36,966 square foot facility in Calgary, targeting production compliance by late 2022. Cash as of March 31, 2021, stood at $39,174,239, with accounts payable at $1,925,152.

Exro Technologies (OTC: EXROF) shared its annual shareholder letter, highlighting significant advancements in its electric mobility technology and strategic plans. The company has raised approximately $57 million CAD, expanded its workforce to over 30 employees, and opened an Innovation Centre in Calgary. Key products include the Coil Driver and Battery Control System, aimed at enhancing power electronics for electric motors and batteries. Exro is set to pursue new partnerships and aims for a potential up-list to the Toronto Stock Exchange.

Exro Technologies Inc. (EXROF) reported a comprehensive loss of Cdn $10,969,454 for 2020, compared to Cdn $4,665,031 in 2019. The company's general and administration expenses rose to Cdn $2,991,963, while payroll and consulting fees increased to Cdn $3,031,863. Despite these losses, Exro closed two public offerings totaling Cdn $49,974,998, strengthening its balance sheet with cash reserves of Cdn $48,298,894. Key advancements included the engineering validation of the 100 Volt Coil Driver and the opening of the Calgary Innovation Center, projecting optimism for future commercialization efforts.

Exro Technologies announced plans to launch a 37,000 square foot facility in Calgary, capable of producing up to 100,000 Coil Driver units annually. The facility aims for automotive industry certifications and is expected to open in late Q4 2021, with production certification by the end of 2022. This expansion will create clean technology jobs in Calgary and supports Exro's strategic goals in low-volume manufacturing, enhancing its position in the automotive market.

Exro Technologies has successfully integrated its 100 Volt Coil Driver with Heinzmann's PMS motors, enhancing performance for light electric vehicles. Validated tests show improved speed and torque capabilities. Commercialization is set to begin in Q4 2021, with expected revenues in Q1 2022. This collaboration marks a pivotal step for Exro in providing advanced motor and inverter solutions, reflecting the company's commitment to innovation in electrification.

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.