Exro Technologis Stock Price, News & Analysis

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.

Exro Technologies has successfully completed performance testing for its 100 Volt Coil Driver in collaboration with Zero Motorcycles, showcasing improvements in motor output for light electric vehicles. The Coil Driver increased peak power to 90 kW and peak torque to 227 Nm compared to Zero's existing system. Achieving over 13% more speed, 15% more torque, and 33% more power signifies a strong competitive edge in the lightweight electric mobility market. These results validate Exro’s engineering capabilities and support its reputation for delivering efficient, affordable electric vehicle solutions.

Exro Technologies Inc. has appointed Darrell Bishop as the new President, Finance and Investor Relations. Bishop, based in Mesa, Arizona, brings extensive capital markets experience, including roles in equity research and investment banking. His role includes leading Exro's finance and capital markets strategy aimed at enhancing shareholder value. The company focuses on innovative clean technology, particularly in electric motors and batteries. Exro aims to address the growing demand for sustainable energy solutions as it enters a new growth phase.

Exro Technologies has filed a defamation lawsuit against ePropelled Inc. in the Middlesex County Superior Court, Massachusetts, on February 15, 2022. The lawsuit alleges that ePropelled published a defamatory statement regarding Exro in a release dated January 24, 2022. Exro’s CEO, Sue Ozdemir, emphasized the company's commitment to protecting its reputation and shareholders. The suit aims to hold ePropelled accountable for its tortious conduct. This litigation reflects Exro's efforts to counteract misleading claims in the clean technology industry.

Exro Technologies announced its Coil Driver technology is a finalist for the 2022 Edison Best New Product Awards in the automotive category. Recognized by 3,000 business leaders for its innovative design, Coil Driver enhances electric vehicle performance, delivering improved power, speed, and torque. The awards ceremony will take place on April 21, 2022, in Fort Myers, Florida. CEO Sue Ozdemir emphasized the technology's scalability and cost-effectiveness, positioning Exro favorably in the clean technology sector.