Welcome to our dedicated page for Exro Technologis news (Ticker: EXROF), a resource for investors and traders seeking the latest updates and insights on Exro Technologis stock.
Exro Technologies Inc. develops power-control electronics for electric vehicles and energy storage. The company’s recurring updates cover its Coil Driver, Cell Driver, and SEA-Drive technologies, electric propulsion unit deliveries, aftersales services, and operating results following its acquisition of SEA Electric.
Exro news also includes capital-structure developments, credit-facility activity, convertible debenture matters, restructuring actions, subsidiary wind-downs, strategic review updates, annual meeting timing, and governance changes. These announcements frame the company as a clean-technology issuer managing commercialization, financing, and corporate restructuring alongside its electric-motor and battery-control technology portfolio.
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Exro Technologies has announced a strategic partnership with Wolong Electric Group, enhancing its market presence in the e-mobility sector. This partnership aims to utilize Exro's innovative Coil Driver™ technology alongside Wolong's motor manufacturing expertise to create next-generation electric vehicle powertrains, targeting key customers like Mercedes-Benz and Geely Automotive.
The agreement consists of two phases: initial system development involving testing of Wolong’s motors and a commercial phase focusing on marketing and sales strategies for the motor-inverter solutions. Wolong is a top global motor manufacturer with over 10% market share in electric vehicle motors, and the collaboration is expected to drive significant advancements in the performance and efficiency of electric vehicles.
Exro Technologies has announced that Mark Godsy will step down as Executive Chairman effective March 31, 2023. Rod Copes, a current Board Director, has been appointed as Interim Chairman. This leadership transition aligns with Exro’s plans to advance into series production by Q3 2023 and prepare for a potential Nasdaq listing. Copes brings extensive experience from automotive manufacturing, crucial for Exro's growth. Godsy expressed gratitude for his time with Exro and confidence in the company's future under new leadership. This move is seen as a strategic step to enhance operational capabilities as Exro prepares to launch its Coil Driver™ and Cell Driver™ technologies.
Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) reported revenue of $2.2 million for the year ending December 31, 2022, marking a significant growth compared to zero revenue in 2021. The company incurred a comprehensive loss of $39.5 million, up from a loss of $24.6 million the previous year. Exro successfully completed phase one of its e-axle program with Linamar, and secured $15 million from a convertible debenture financing. The company continues to strengthen its position by closing strategic partnerships, and as of March 30, 2023, it had cash reserves of $17.4 million.