CALGARY, AB, Nov. 20, 2023 /PRNewswire/ – Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the “Company” or “Exro“), a leading clean-technology company that develops new generation power-control electronics that expand the capabilities of electric motors and batteries, today announced a significant milestone in its first in-field pilot location for its Cell Driver™ Energy Storage System in partnership with post-secondary institution Red Deer Polytechnic, in Central Alberta. Exro is also pleased to announce moving Brazilian partner Giaffone Electric (“Giaffone”) out of a nondisclosure agreement (“NDA”). This milestone is marked by purchase order commitments for Exro’s 800 Volt Coil Driver™ System to be integrated into Giaffone electric commercial vehicles with initial deliveries beginning in Q4 2023.
Red Deer Polytechnic has agreed to purchase Exro’s Cell Driver™ Battery Energy Storage System with plans to integrate It into its on-campus Energy Innovation Centre in early Q1 2024, following UL certification for the technology which remains on track for late Q4 2023. The energy storage system will be coupled with a rooftop solar system in collaboration with channel partner, Inferno Solar. Exro’s Cell Driver™ is the latest technology addition to the Energy Innovation Centre’s Alternative Energy Lab which opened in February 2019 to serve as a research, teaching, and data hub to remove barriers to adopting green technology opportunities in Alberta.
“We are thrilled to announce the first of several near-term pilot projects for our Cell Driver Battery energy storage system technology”, said Sue Ozdemir. “The pilot projects represent our ability to commercialize the Cell Driver in parallel to the final months of UL testing. These pilots will serve to demonstrate our best-in-class battery control through the collection of real-time metered data on commercial industry-building applications in North America. The C&I industry is a growing sector forecasted to be up to $14 billion by 2027 (McKinsey et al, 2023). Exro is well positioned to become a market leader for commercial & industrial energy storage applications.”
The pilot with Red Deer Polytechnic is the first of several initial pilots Exro has planned in the months ahead. The company is working on additional initial pilots in a variety of sectors (restaurants, vertical gardening, and warehouses) to demonstrate real-world data that supports the Cell Driver’s™ ability to reduce annual electricity bills and generate payback of less than four years (Cell-Driver-Case-Study.pdf).
Giaffone Electric is on a mission to drive a more sustainable future by electrifying commercial and competition mobility. The founding company, Giaffone Racing, is the largest company in its segment in Latin America, supplying equipment and development for the main motorsport categories in Brazil.
In Q1 2023, Exro disclosed its commercial agreement with a Brazil-based emerging-growth company under NDA until successful validation. The initial development included an Exro-supplied Coil Driver™, and a top 5 global NDA partner-supplied motor, to be integrated into a prototype vehicle in collaboration with a major global beverage company. Under the agreement, Exro delivered a calibrated motor-inverter prototype system in Q3 2023, which Giaffone subsequently tested, and validated for delivery to the Fortune 500 beverage company. Now following successful completion, Exro and Giaffone have entered into a purchase order agreement for Coil Driver™ Systems. The commitment calls for initial volumes to be supplied in Q4 2023 and growing through 2024 as the beverage company works to convert its large fleet of gasoline and diesel delivery vehicles to all-electric.
“We are pleased to demonstrate continued operational progress, lifting the NDA on Giaffone and advancing the partnership to purchase order”, said Exro CEO Sue Ozdemir. “Our partnership with Giaffone is exciting for several reasons. Firstly, the acceleration of the transition to electric will occur only with innovative technology that tackles real-world driving conditions. Globally the driving conditions vary, hills and mountains, extreme weather driving conditions, and road conditions all play a part in the efficiency of the vehicle and how far it can travel on a single charge. Our Coil Driver is a key differentiator in this mobility power system in terms of performance, and following successful testing we are thrilled to advance our partnership. The agreement sees our technology piloted in fleet vehicles for one of the largest beverage companies in the world providing the potential to demonstrate best-in-class performance and serve as a gateway to Brazil and the South American market. Secondly, Brazil presents opportunity for substantial growth as it actively works to meet its renewable energy target of 45% by 2030.”
The 800V Coil Driver™ System utilized by Giaffone is a core product offering in combination with an NDA motor partner that is a top 5 global motor supplier. The system is also being integrated into other commercial vehicle partner platforms in Q4 2023 and Q1 2024. The partnership establishes the ability to amplify Exro’s sales in the high-voltage commercial trucking sector as the company scales, globalizes, and standardizes its product offering. For additional information on the 800 Volt Coil Drive System™ please follow this link.
Shareholder Webcast Today at 12:30 EST
Exro management will host a shareholder ‘live’ webcast today at 12:30 pm ET. The theme of the event is an “AMA” format (Ask Me Anything) with questions submitted through the company’s website. To register for the event please follow this link.
Alberta-based Red Deer Polytechnic (formerly Red Deer College) is a public comprehensive polytechnic institute, serving over 6,300 students. Situated in Red Deer, midway between Edmonton and Calgary, the campus serves as a hub of research and education for Central Alberta, offering education in the trades, sciences, and fine arts.
Located in Cotia (Sao Paulo), Giaffone Electric is a Brazilian company developing electric mobility solutions for commercial applications, focused on combustion vehicle transformation. For more information visit its website at https://www.giaffoneelectric.com.br/.
Exro Technologies Inc. is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company’s innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil Driver™) and stationary energy storage (Cell Driver™), and act to accelerate adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results.
For more information visit our website at www.exro.com.
To view our Corporate Presentation visit us at www.exro.com/investors
Visit us on social media @exrotech.
This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”. Forward looking statements involve risks, uncertainties and other factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual information form for the financial year ended December 31, 2022, and financial statements and related MD&A for the financial year ended December 31, 2022, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.
Enabling renewable energy with battery energy storage systems. McKinsey and Company, Aug 2023. https://www.mckinsey.com/industries/automotive-and-assembly/our-insights/enabling-renewable-energy-with-battery-energy-storage-systems
SOURCE Exro Technologies Inc.
Source PR Newswire
