VANCOUVER, B.C. – Exro Technologies Inc. (CSE:XRO; OTCQB: EXROF) is pleased to announce that it has developed its “Electric Gearbox” technology, which is derived from Exro’s Dynamic Power Management (DPM) System. The Electric Gearbox brings material value to many applications, and was recently reviewed and validated by an independent qualified company ELEN-MECH Consulting Inc.
ELEN-MECH was founded by Constantin Pitis (the reviewer), who was previously employed by Powertech, BC Hydro and has performed reviews for the Canadian Standard Association (CSA). His 50 years of experience is unprecedented and in 2010 he received “Legend in Energy” Award at the World Energy Engineering Congress in Washington. Constantin Pitis reviewed Exro’s technology and witnessed the system testing during a 2 days site inspection. The evaluation simulated Canadian Standards Association (CSA) testing and it was found that tests have been performed in full compliance to testing standards. Although not an official CSA approval, the report demonstrates that the technology is sustainable and has gone through the rigours of hard testing.
Torsten Broeer, PhD & Vice President of Engineering stated “I am very excited to have reached this major milestone! This validation gives Exro the credibility to attract many new partners. It proves that our Electric Gearbox can improve our partners’ products and it will have significant value in many markets.” Discussions have been initiated with potential clients in small electric motor markets like e-bikes and scooters.
Concurrently, Exro will be collaborating with Potencia Industrial to integrate its technology into Potencia’s electric motors. The partnership will be focused on converting traditional internal combustion engines in Mexico City’s taxis to electric motors, as part of the mayor’s initiative to green the city’s taxi fleet.
Below are a few key statements from the evaluation report:
Exro Technologies has continued to update its patent portfolio as new innovations have been developed. Jonathan Ritchey, Exro’s Founder and Director states “Our engineering team continues to innovate and is now focussed on product development based on our DPM technology. Further, we are building a strong portfolio of patents and other intellectual property to bring value to our shareholders. These patents will enhance the protection of our products as we move towards commercialization.”
Exro offers the potential to accelerate the transition to clean energy by intelligently managing the efficiency and reliability of various power systems, including fuel-powered electric motors and generators, variable renewable energy sources, and energy storage in various applications such as EV and grid connected storage, which make up about half the worldwide market for electric power.
Exro’s patented DPM (Dynamic Power Management) technology works for various energy systems, dynamically adapting input and output with the goal of achieving specific, measurable performance gains in applications ranging from electric cars, UAVs, pumps, ship drives, grid storage, industrial motors, vacuums and all other applications that require smart energy conversion. Please visit our website at www.exro.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Godsy, Director & CEO
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Forward Looking Statements
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words “believe”, "may", "would", "could", "will" and similar expressions, as they relate to the Company or its management are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company’s intention to commercialize its product in the near term, Such statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual performance or achievements to vary from those described herein. Should one or more of these factors or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not assume any obligation to update these forward-looking statements, except as required by law.
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