Exro Technologis Stock Price, News & Analysis

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.

Exro Technologies Inc. announced the appointment of Rod Copes, former Chief Operating Officer at Rivian, to its Board of Directors. Copes, a graduate of MIT, brings extensive experience in the electric mobility industry, having previously held senior roles at Harley-Davidson and Royal Enfield. He replaces Julie Wurmlinger, who resigned for personal reasons. Copes' expertise is expected to guide Exro through its commercialization phase, as the company focuses on expanding its advanced power electronics technology for electric vehicles.

Exro Technologies Inc. has announced that its CEO, Sue Ozdemir, will speak at two prominent technology events: TechCrunch Sessions: Mobility in San Mateo, California from May 18-20, 2022, and Collision in Toronto from June 20-23, 2022. At TechCrunch, she will lead a discussion on challenges in building EVs in corporate settings. Meanwhile, at Collision, she'll participate in a panel on sustainable infrastructure. These appearances highlight Exro's commitment to advancing electric mobility technologies and building partnerships to drive electrification forward.

Exro Technologies announced its Q1 2022 financial results, reporting a comprehensive loss of $10.17 million, compared to $6.68 million in Q1 2021. Operating expenses rose significantly, with SG&A expenses at $2.65 million and R&D costs at $2.28 million. The company opened an office in Dexter, Michigan, and continues its construction of a manufacturing facility in Calgary, with $6.8 million invested to date. Exro secured sales agreements for up to 3,500 units of its Coil Driver™ technology, enhancing its position in the EV market.

Exro Technologies has partnered with evTS to implement its Coil Drive System in the 2023 FireFly vehicles. This collaboration marks a significant milestone, as evTS plans to order 1,000 units of the 100V Coil Drive System, enhancing vehicle efficiency and torque through intelligent gear switching. Over three years, Exro will supply increasing volumes of this technology, enabling evTS to optimize its vehicles and facilitate battery repurposing for energy storage, supporting sustainability efforts.