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Exro LiveStream at EVS on 8/17/2022 at 12:OO PM EST
Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) (the “Company” or “Exro”), a leading clean-technology company that provides proprietary motor-control and complete electric propulsion system technology for e-mobility, is pleased to announce progression in its integration project of Exro’s Coil Driver™ inverter technology with Exro's proprietary EV propulsion system that powers SEA 5e, a Class 5 Battery Electric Truck that is built on Hino’s Class 5 Rolling Cab Chassis.
The pilot project is a key step towards commercialization and enables a cost-effective powertrain that supports the mission to reduce costs in commercial electric vehicles, bringing electric vehicles to parity with combustion engines. Exro’s 120a propulsion system, controlled by the Coil Driver™ inverter, can increase system efficiency and reduce costs. By optimizing the performance of powertrains with right-sized, differentiating technology, the result is real-world driving with unparalleled efficiency. The integration offers flexibility in packaging, allowing multiple truck bed configurations from the existing 173” platform currently in production to a 150” wheelbase in demand by large national fleets under development for release to customers by Q1 2025.
“We are excited for the innovation that Exro continue bringing to the COE 5 (cab over electric class 5) market with innovative and cost-effective solutions,” says KC Wong, Business and Product Development Director, Hino Trucks – a Toyota Group Company.
The transportation sector targets significant emission reduction targets. The goals behind the project align with the regulatory landscape shaped by the Advanced Clean Truck (“ACT”) and Advanced Clean Fleet (“∫”) standards. These regulations, adopted in California and several other states, mandate a gradual increase in zero-emission vehicles (“ZEVs”) in commercial fleets starting from 2024. By incorporating Coil Driver™ inverter technology, Exro is contributing to the broader adoption of ZEVs. This collaboration supports compliance with the ACT and ACF regulations and promotes emissions reduction from the commercial transportation sector. The enhanced efficiency and cost-effectiveness of the Coil Driver-enabled propulsion system make electric trucks a viable option for fleet operators, accelerating the transition to cleaner transportation solutions.
“Integrating Coil Driver™ inverter technology into the 120a has been a goal for Exro since merging with SEA Electric in April. This combination is another step towards enabling the transition to cost effective electrification platforms,” said Exro CEO Sue Ozdemir. “This enhances the market impact of our technology, contributing significantly to the regulatory goals of reducing emissions and increasing the adoption of zero-emission vehicles in the commercial sector. Our technology supports regulatory compliance, while driving cost reductions and efficiency improvements.”
Shareholders can expect continued advancements and increased market presence as Exro furthers its integration projects and partnerships. The successful integration of Coil Driver™ technology in the medium duty propulsion platform marks strides towards leading the medium duty commercial vehicle market with efficient, cost-effective electric propulsion systems, and highlights Exro’s dedication to sustainable transportation solutions.
Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating 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.
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Contact Information
Investor inquiries: Jeff O’Dowd, Director of Investor Relations jodowd@exro.com
Media inquiries: media@exro.com
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 using 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.
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