Exro Technologis Stock Price, News & Analysis

Exro Technologies Inc. has announced Stellantis N.V. as its automotive OEM partner for a passenger vehicle innovation program. The announcement follows 14 months of collaboration integrating Exro's Coil Driver® technology into Stellantis' next-generation electric powertrains. Exro has also been named a finalist for Best Supplier in the Innovation Category at the Stellantis Supplier Awards 2024.

The partnership has progressed through multiple technical, performance, and cost study milestones. Exro's technology aims to enhance system efficiency and power while potentially reducing costs and accelerating EV adoption. Stellantis recognized Exro for its innovative motor control technology, which improved electrified motor design, enhanced performance, and reduced costs in passenger car EVs.

Exro Technologies (TSX: EXRO, OTCQB: EXROF) reported record quarterly revenue of C$5.3 million in Q2 2024, with 36 propulsion system units delivered. The company had C$6.7 million in completed units at quarter-end, including 40 units for early Q3 delivery. Exro achieved ETL certification for its Cell Driver® battery energy storage system and is on track to deliver its 2024 target of US$10 million in cost savings, having already realized US$7.5 million. The company restructured a US$53 million convertible debenture into a promissory note, removing dilution potential and securing up to US$7 million in additional funding. Exro is focused on profitability and integrating its Coil Driver® technology into major OEM programs launching in Q3 and Q4, aiming for production in 2025.

Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) has announced progress in integrating its Coil Driver™ inverter technology with its proprietary EV propulsion system for the SEA 5e, a Class 5 Battery Electric Truck. This integration project is a important step towards commercialization, aiming to reduce costs in commercial electric vehicles. The 120a propulsion system, controlled by the Coil Driver inverter, can increase system efficiency and reduce costs, offering flexibility in packaging for various truck bed configurations.

The project aligns with the Advanced Clean Truck (ACT) and Advanced Clean Fleet (ACF) standards, supporting the adoption of zero-emission vehicles in commercial fleets. Exro's technology contributes to regulatory compliance while driving cost reductions and efficiency improvements in the commercial transportation sector.

Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) has announced a strategic agreement through its division Cellex Energy Inc. with a premier North American 'Energy as a Service' (EaaS) partner. The agreement includes a binding purchase order for 10 Cell Driver™ pilot units to be deployed in key US energy markets, focusing on California and New England. This follows the Cell Driver™ receiving ETL certification to UL standard 9540 in June.

The EaaS partner will own and operate the Cell Driver™ energy storage systems, showcasing various operational modes including backup power, solar assistance, and grid-tied features. The systems will participate in local demand response programs as part of a virtual power plant. The 12-month pilot phase will demonstrate the scalability and effectiveness of the technology, with payment terms spanning up to two years from delivery.

Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF), a leading clean technology company in e-mobility, will participate in the Canaccord Genuity 44th Annual Growth Conference from August 13-15, 2024, in Boston. CEO Sue Ozdemir and CFO Darrell Bishop will present on August 13th and be available for one-on-one meetings on August 13-14.

The presentation will focus on Exro's advanced e-propulsion system technology, current deliveries to blue-chip OEM customers, and the company's path to profitability in 2025. This event provides Exro with an opportunity to showcase its innovative solutions to institutional investors and financial analysts, highlighting its position in the rapidly growing e-mobility sector.

On June 28, 2024, Exro Technologies (TSX: EXRO, OTCQB: EXROF) announced the results of its 2024 Annual General Meeting held in Mesa, Arizona. All candidates listed in the Management Information Circular dated May 21, 2024, were elected as directors. Key directors include Sue Ozdemir, Aleksandra Miziolek, Frank Simpkins, Rodney Copes, John Macleod, Anthony Fairweather, and Nancy Lee Gioia. The number of directors was set at seven, and the auditors were appointed with a high approval rate. A total of 169,778,669 shares were voted, representing 48.762% of Exro's outstanding common shares. Detailed voting results are filed on SEDAR+.

Exro Technologies has secured UL certification for its Cell Driver™ energy storage system and launched a subsidiary, Cellex Energy, focused on its commercialization.

This milestone follows over two years of development and testing, allowing immediate deployment in commercial and industrial sectors such as office buildings, hospitals, and retail centers. Achieving UL certification ensures that the Cell Driver™ meets safety and regulatory standards necessary for grid connection in the USA and Canada.

Additionally, Exro continues its cost optimization strategy, aiming to reduce annual expenses by up to $10 million in 2024. This includes recognized savings of approximately $7.5 million from redundancies and operational efficiencies post-acquisition of SEA Electric. The Cell Driver™ offers enhanced safety features and cost-saving capabilities, optimizing performance for stationary energy storage.

Exro Technologies, a clean tech company specializing in motor-control and electric propulsion systems, announced details of interest payments on its outstanding convertible debentures issued on December 30, 2022. The C$15 million debentures bear a 12% annual interest, payable semi-annually, with the latest payment due on June 30, 2023. As of June 24, 2023, the company has 14,950 debenture units outstanding, amounting to C$897,000 in interest. Exro has opted to pay this interest by issuing 1,794,000 common shares at $0.50 per share, based on the volume-weighted average trading price for five days prior to June 24, 2024. The issuance of these shares is pending approval from the Toronto Stock Exchange and other requisite conditions.

Exro Technologies (TSX: EXRO, OTCQB: EXROF), a prominent clean tech firm specializing in motor-control and electric propulsion systems for e-mobility, will participate in the 10th Annual ROTH London Conference from June 25-27, 2024.

CEO Sue Ozdemir will represent the company at the Four Seasons Hotel London at Park Lane. This event presents a significant opportunity for Exro to showcase its technology and engage with potential investors and partners through one-on-one presentations.

The focus will be on the company's operational progress and the impact of its innovations on the e-mobility sector.