Exro Technologis Stock Price, News & Analysis

Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) has signed a Memorandum of Understanding (MoU) for a strategic partnership with an undisclosed global automotive supplier to develop powertrain solutions for electric commercial vehicles. The partnership aims to leverage Exro's Coil Driver™ technology and the partner's design capabilities, focusing on the electric truck and bus markets. The initial phase includes proof-of-concept testing, with a joint announcement expected in Q3 2023 upon successful validation of the L040 800V inverter. This collaboration aligns with long-term electrification trends and showcases Exro’s scalability across multiple applications.

Exro Technologies has announced a non-exclusive partnership with Greentech Renewables Southwest to distribute its Cell Driver™ Energy Storage System across Greentech's extensive sales network. This collaboration aims to meet the growing demand for energy storage solutions in commercial and industrial applications as well as EV charging stations in the U.S. southwest region, a major market for solar energy. Greentech, a leading solar equipment distributor, will enhance its offerings with Exro's technology, supporting clean energy initiatives. The Cell Driver™ is expected to play a pivotal role in addressing energy management challenges, with orders accepted starting Q3 2023.

Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) has released its Q1 2023 letter to shareholders, detailing significant advancements in commercialization ahead of series production of its Coil Driver™ and Cell Driver™ products, expected to commence in Q3 2023. The company announced new commercial agreements, product updates, and outlined goals for the upcoming year. Exro aims to enhance electric vehicle and energy storage technologies, contributing to a more efficient energy ecosystem.

Exro Technologies has completed phase one of its e-axle co-development project with Linamar Corporation, a major tier-1 automotive supplier. This milestone is pivotal as it transitions into phase two involving system integration and validation. The company aims to fulfill key shareholder commitments by year-end, such as pilot deliveries to SEA Electric and Vicinity. Series production of Exro's Coil Driver™ is on track to begin in Q3 2023 from its Calgary facility, despite slight delays in testing equipment delivery. A shareholder webcast is scheduled for today to discuss strategies and operations.

Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) has resolved its patent infringement dispute with ePropelled, Inc., confirming that Exro's Coil Drive System™ and Coil Drivers™ do not infringe on ePropelled's U.S. Patent No. 7,382,103. The dismissal of the lawsuit, along with Exro's defamation suit against ePropelled, allows the company to focus on upcoming deliverables, including customer pilots in Q4 2022 and series production in Q3 2023. CEO Sue Ozdemir noted the litigation's impact on stock price but expressed optimism for future developments.

Exro Technologies (EXROF) provided an operational update and Q3 2022 financial results, highlighting key milestones on schedule for Q4 2022. This includes prototype e-axle delivery to Linamar and UL certification for its Cell Driver™ expected by Q2 2023. The company raised approximately $9.8 million and ended Q3 with $13.1 million in cash, supporting planned operations for 2023. Despite a comprehensive loss of $26.5 million for the nine months ending September 30, 2022, Exro continues to drive product advancement amid a challenging environment.

Exro Technologies has announced a product development agreement with a major European partner in the off-highway sector. The collaboration aims to create a hybrid diesel-electric powertrain using Exro's Coil Driver™ technology. This agreement includes an initial order for multiple sample units, expected to be delivered by Q1 2023. Following successful testing, it could lead to series production of 8,000-10,000 units annually starting in 2024. This initiative aligns with Exro's strategy to enhance performance, reduce costs, and support a sustainable future.