Exro Technologis Stock Price, News & Analysis

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.

Exro Technologies Inc. (EXROF) has signed a multi-year agreement with ev Transportation Services (evTS) for the purchase of 1,000 units of its 100V Coil Drive System. Initial deliveries are set to begin in 2023. This deal marks a significant expansion of their partnership, aimed at enhancing the efficiency and range of evTS's FireFly ESV vehicles. The Coil Drive System technology will enable real-time gear switching to optimize vehicle performance. Additionally, the collaboration focuses on repurposing used batteries for energy storage, showcasing Exro's commitment to sustainability and electrification.

Exro Technologies has entered into a multiyear agreement with Vicinity Motor Corp. to supply high-voltage Coil Drive Systems, initiating with a purchase order of 100 units. The total delivery could reach 2,500 units over the next 36 months. This partnership aims to enhance the sustainability and efficiency of Vicinity's electric buses, which are vital for public transit. Exro will also offer design and engineering services, further increasing its revenue stream. This deal underscores Exro's commitment to advancing electrification in the mobility sector.

Exro Technologies, a leader in clean technology, will host a quarterly webcast led by CEO Sue Ozdemir, focusing on key updates including Coil Driver performance tests. The webcast will highlight a $1 million purchase order for engineering services from a Tier-1 automotive supplier and ongoing developments with partners like Potencia Industrial and Traktionssysteme Austria. Notable company changes include new executive hires and Coil Driver recognition as an Edison Awards Finalist. Link to the webcast and demonstration videos will be shared, emphasizing Exro's progress towards commercialization.

Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) announced its financial results for the year ending December 31, 2021, reporting a comprehensive loss of $24.6 million, up from $11.0 million in 2020. The Company increased its R&D activities twofold, reaching $7.4 million for the year. Exro launched its new services division, Exro Vehicle Systems, to support automakers in electrification. The Company opened a 37,000 sq. ft. manufacturing facility in Calgary and achieved a second vehicle integration of its Coil Driver technology. Cash reserves stood at $15.3 million.

Exro Technologies has appointed Rod Copes, the recently retired Chief Operating Officer of Rivian, to its advisory board. With a robust background including a degree from MIT and experience at Harley-Davidson and Royal Enfield, Copes brings significant expertise in the mobility industry. His role aims to provide strategic direction for Exro as it transitions from development to commercialization of its innovative power electronics technology, which enhances the efficiency of electric vehicle systems.