Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that has developed new-generation power electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries, has released an operational update in conjunction with the filing its financial results for the nine months ended Sept. 30, 2022. Highlights of the update note that the company is on schedule for key deliverables and milestones for the next quarter, including the delivery of a prototype e-axle to Linamar as well as pilots with Vicinity and SEA Electric and ISO certification by the end of the year. The update noted that the initial deliveries of its Coil Driver(TM) for series production is slated to begin in third quarter 2023 and its Cell Driver(TM) is on schedule for completion of UL certification requirements in second quarter 2023. The company also reported that, following a capital raise of approximately $9.8 million earlier this year, it is closing Q3 2023 with approximately $13.1 million in cash.
“We are energized, we are focused, and we are determined,” said Exro Technologies CEO Sue Ozdemir. “Our Q3 results demonstrate Exro’s tenacity to continue to advance our products, our partnerships and our business through a challenging macro environment. Despite interim delays with various items, our team has worked hard to execute and deliver. Thanks to these efforts, we remain on track for all key deliverables in Q4 2022 and, importantly, for start of production in Q3 2023. While bringing new technology to market is never easy, and there are bound to be challenges ahead, internally we are excited by the potential the next several quarters hold for our business and shareholders. Our Coil Driver is derisked and moving into customer vehicles, our Cell Driver energy storage is scheduled for UL certification in Q2 2023, and the demand we are seeing for our products is promising. We look forward to keeping our shareholders updated regularly on our progress on their behalf.”
To view the full press release, visit https://ibn.fm/1x1nR
About Exro Technologies Inc.
Exro is a clean technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators and batteries. Exro enables the application to achieve more with less energy consumed. The company’s advanced motor control technology, the Coil Driver, expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with many partners from all over the world to bring its technology to the electric mobility industries and beyond. For more information about the company, please visit www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
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