Exro Technologis Stock Price, News & Analysis

Exro Technologies has successfully passed the initial phase of UL certification testing for its Cell Driver™ Energy Storage System, demonstrating superior safety performance during large-scale fire tests. The testing revealed that the system required three times the heat to induce a thermal event, with any detected fire being too small to measure after more than 10 hours. Exro aims to complete all UL certification requirements by Q2 2023 while concurrently marketing the Cell Driver™ to secure pilot projects and orders from commercial partners.

Exro Technologies has signed a multiyear agreement with SEA Electric to supply high-voltage Coil Drive Systems, with initial deliveries of 500 units starting in Q4 2023. This partnership follows a successful pilot phase, aimed at integrating Exro's technology into SEA Electric's zero-emissions vehicles. Over 36 months, the agreement could expand to 1,500 units. Exro's Coil Driver technology enhances electric motor efficiency, promising sustainable and cost-effective solutions for Class 5/6 delivery applications. The project underscores Exro's commitment to reducing CO2 emissions and advancing electrification in mobility.

Exro Technologies Inc. reported significant progress in Q2 2022, focusing on its new manufacturing facility and achieving key milestones despite a challenging macroeconomic environment. The company has secured a purchase order worth over $1 million from a Tier-1 automotive supplier and initiated sales agreements for its Coil Drive Systems with Vicinity Motor Company and ev Transportation Services. Financially, Exro recorded a comprehensive loss of $18.9 million for the first half of 2022, driven by increased operational expenses, yet has $13.6 million in cash as of June 30, 2022.

Exro Technologies has commenced the UL certification process for its Energy Storage System (ESS), utilizing its patented Battery Control System™ (BCS) technology. This marks a key milestone in the commercialization of Exro's ESS, aimed at extending battery lifespan and promoting a circular economy through reuse of battery packs. The modular design of the ESS is tailored for commercial and industrial applications, promising reduced operation costs and enhanced safety. Exro plans to secure pilot projects and commence marketing while targeting completion of UL certification in approximately nine months.

Exro Technologies hosted a live webcast on July 14, 2022, led by CEO Sue Ozdemir, showcasing the company's sustainable manufacturing facility in Calgary, Alberta. The presentation highlighted pivotal business updates and progress towards a localized supply chain in North America. Exro discussed its award-winning Coil Driver™ technology, enhancing AC fast charging and V2X capabilities. The company aims to meet automaker ESG expectations with a 37,000 sq ft facility capable of producing up to 100,000 units annually. Additionally, partnerships with Traktionssysteme Austria and SEA Electric were addressed, with future testing and project timelines outlined.

Exro Technologies Inc. announced that all director nominees from their Management Information Circular dated May 24, 2022, were elected at the Annual General Meeting of Shareholders held in Vancouver, B.C. The meeting saw 19,531,431 shares voted, representing 14.59% of the company’s outstanding shares. All other matters proposed were also approved by the required majority, including setting the number of directors at six and appointment of auditors. A shareholder update is scheduled for July 14 at 10:00 a.m. MDT.

Exro Technologies has filed a petition with the U.S. Patent and Trademark Office to challenge ePropelled’s patent, claiming it is invalid. This filing follows an independent analysis by an MIT professor, who concluded that ePropelled’s patent, No. 7,382,103, is not patentable due to prior art. If successful, this could invalidate ePropelled's infringement claims against Exro. Additionally, Exro has initiated a defamation lawsuit against ePropelled due to misleading statements made in a press release. The company remains focused on its product development in the electric mobility market.

ev Transportation Services Inc. will showcase its Firefly® ESV at the Last Mile Delivery Summit & Expo 2022 on June 16-17 in Las Vegas. This event gathers industry leaders to discuss advancements in parcel delivery technologies and challenges in last-mile logistics. The Firefly ESV is designed for urban e-mobility and essential services, offering a lightweight, modular design ideal for last-mile applications. The company targets a $7 billion annual market with approximately 185,000 vehicles needing replacement in the U.S. for various essential services.

ev Transportation Services Inc has delivered a 2022 FireFly®ESV demonstration vehicle to Santa Monica, California, showcasing its capabilities for urban mobility. This vehicle supports the city’s pioneering Zero Emissions Delivery Zone, aimed at reducing carbon emissions. The FireFly is designed for municipal services with an electric dump bed, promoting enhanced sustainability and electrification of the city’s vehicle fleet. CEO David Solomont emphasized the vehicle's value in urban last-mile delivery and the growing support for fleet electrification from government programs.