VANCOUVER, B.C. (July 15, 2020) – Exro Technologies Inc. (CSE:XRO; OTCQB: EXROF) (“Exro” or the “Company”), and Australia’s SEA Electric Pty Ltd. (“SEA Electric”) are partnering to enhance electric powertrain technology for heavy duty trucks and delivery vehicles.
Recognized as a global leader in the electrification of commercial vehicles, SEA Electric and Exro will co-develop and test powertrains based on Exro’s Coil Driver and the SEA-Drive technologies.
Founded in 2012, SEA Electric has successfully commercialized its proprietary SEA-Drive® electric power-system technology. SEA Electric products are now deployed in 5 countries, with collectively more than 1.6 million kms (1 million miles) of independently OEM tested and in-service operation, making it widely recognised as the market leader in the electrification of commercial vehicles.
“This is another application where the Coil Driver advantages are most apparent,” said Exro Chief Engineer, Eric Hustedt. “By implementing an overall system optimization in concert with our patented power electronics technology, we can improve gradeability without sacrificing speed range—all without the need for multispeed mechanical gearing, or a dual motor powertrain.”
The electric commercial vehicle market is growing quickly, partly because of the efficiencies and performance benefits they offer as well as government policies aimed at accelerating adoption to reduce carbon emissions. Motor Intelligence estimates the commercial vehicle market will surge from USD $19.8 billion in 2020 to USD $38.6 billion in 2025.
“We believe that the trend to electrification of truck and commercial delivery fleets is profound,” said Sea Electric CEO, Tony Fairweather. “We look forward to our partnership with Exro to continue developing powertrains that both serve existing and open new markets in this space.”
About SEA Electric
SEA Electric was founded in Australia in 2012 and is an automotive technology company that has created proprietary electric power-system technology (known as SEA-Drive®) for the world's urban delivery and distribution fleets.
After 5 years of product development and field testing, SEA Electric launched its first model in 2017 once the cost of lithium-ion dropped below the USD300/kWh threshold. Since then SEA Electric has released 7 x, SEA-Drive® models, to power rear-wheel drive cargo vans/commuter buses and cab/chassis trucks from 3.5t (7,700 lbs) GVM to 29t (64,000 lbs) GVM.
About Exro Technologies Inc.
Exro is a Clean Tech company that has developed a new class of control technology for electric powertrains. Exro’s advanced motor control technology, our “Coil Driver”, expands the capabilities of electric motors and powertrains. The Coil Driver enables two separate torque profiles within a given motor. The first is calibrated for low speed and high torque, while the second provides expanded operation at high speed. The ability to change configuration allows efficiency optimization for each operating mode, resulting in overall reductions in energy consumption. The controller automatically and seamlessly selects the appropriate configuration in real time so that torque demand and efficiency are optimized.
The limitations of traditional electric machines and power technology are becoming more evident. In many increasingly prominent applications, traditional methods cannot meet the required performance. This means either oversizing the equipment, adding additional motors, or implementing heavy mechanical geared solutions. Exro offers a new solution for system optimization through implementation of its technology which can yield the following results: increased drive cycle efficiency, reduced system volume, reduced weight, expanded torque and speed capabilities. Exro allows the application to achieve more with less energy consumed.
For more information visit our website at www.exro.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Sue Ozdemir, Chief Executive Officer
Canada: Jake Bouma
VP of Investor Relations
United States: Vic Allgeier
TTC Group Inc.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS
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.
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