Exro and a Major Automaker to collaborate in innovation
project utilizing Coil Driver™ technology for improving powertrain
performance.
- A world leading global automotive OEM has engaged Exro in a
collaboration to explore the latest advancements in power
electronics technology to deliver higher continuous power and
torque output compared to conventional systems.
CALGARY,
AB, July 13, 2023 /CNW/ - 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, is pleased to announce an innovation
agreement with a Major Automaker, to mutually explore powertrain
innovations in the Company's electric passenger vehicles utilizing
Exro's advanced power electronics technology.
Innovation Agreement
The purpose of the collaboration is to determine the performance
of Exro's Coil Driver™ product for improving the continuous power
and torque output of the powertrain in the OEM's vehicles. Under
the terms of the agreement, the Parties will work together to
design a proof-of-concept Coil Driver™ plus motor system that would
specifically fit into a defined electric machine housing. The
proposed Coil Driver™ product will utilize the latest advancements
in power electronics technology, paired with an optimized machine
design, to deliver higher continuous power and torque output
compared to conventional 3 phase inverters.
Under the agreement, the Parties anticipate completion of the
proof-of-concept Coil Driver™ plus optimized motor design system by
the end of Q4 2023, followed by delivery of functional prototypes
to the OEM by the end of Q4 2024. The prototypes are then expected
to enter a period of testing, including performance, durability,
and reliability while determining next steps. Signing the agreement
does not constitute any exclusivity to either of the
Parties.
For additional information on Exro's Coil
Driver™ technology access the catalog here: Exro Coil Driver
Catalogue.
Shareholder Webcast
Please join Exro leadership today at 11:00 am ET for a Quarterly Deep Dive
where the company will speak to ongoing corporate activities. To
attend please register here: Live Stream Registration.
ABOUT EXRO TECHNOLOGIES
INC.
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.
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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
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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.
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SOURCE Exro Technologies Inc.