- Strategic agreement with premier North American partner for
commercial businesses with repeatable footprints
- Agreement includes binding purchase order for 10 Cell
Driver™ pilot units for deployment in key energy markets
with focus on California and New
England
- Binding purchase order follows directly after Cell
Driver™ awarded ETL certification to UL standard 9540 in
June
- Partnership presents the first of many opportunities for
future customer growth and further solidifies Cell Driver's value
proposition and commitment to advancing sustainable energy
CALGARY,
AB, Aug. 12, 2024 /PRNewswire/ - Exro
Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company"
or "Exro"), a leading clean-technology company that provides
proprietary propulsion system technology for e-mobility and
proprietary battery control technology for stationary energy
storage, today announced a strategic agreement (the "Agreement")
between the Company's new division Cellex Energy Inc.
("Cellex") and a premier North American "Energy as a
Service" (EaaS) partner (the "EaaS Partner") for commercial
businesses with repeatable footprints. The Agreement includes a
binding purchase order for 10 of Exro's Cell Driver™
pilot units, with plans to deploy the units in strategic US regions
including California and New
England.
This Agreement is significant for both parties. Cellex's new
EaaS Partner is in the market of providing comprehensive energy
management solutions to a portfolio of commercial customer clients
across the USA: leveraging unique
tools, innovative vendor relationships, and expert skills, to
support clients in reducing energy use, increasing sustainability,
and driving businesses toward net-zero emissions. The Eaas
Partner will own and operate the Cell Driver™ energy storage
systems, with installers already identified and currently being
trained on the technology. These units will be deployed in key
energy markets, with a focus on customers in California and New England. Host sites have
been qualified and equipment is being specified for these
locations, ensuring a seamless integration process.
"This Agreement represents an exciting launch for Cellex, coming
directly after achieving ETL certification to UL standard 9540,"
said Cellex's General Manager, John
Meekison. "We are eager to see our Cell Driver™ units in
action and the resulting benefits for both our clients and
shareholder value. This partnership presents the first of many
opportunities for future customer growth and further solidifies our
commitment to advancing sustainable energy solutions."
In addition to the key geographical coverage, these projects
will showcase Cell Driver™ operating in several modes such as
stand-alone backup power, solar-assisted backup power, plus
grid-tied features including demand charge management, solar
self-consumption, and net-zero export. The systems will participate
in various local demand response programs, functioning as part of a
virtual power plant (VPP). It is planned for several sites to
feature multiple Cell Driver™ energy storage systems (units stacked
together), highlighting the scalability and effectiveness of the
technology.
As part of this Agreement, 10 Cell Driver™ units are being
purchased for deployment during a 12-month pilot phase. Units will
be slotted for manufacturing as project sites are selected and
timelines are confirmed. Payment terms include six invoicing
milestones starting from the time of site selection up to two years
from delivery. Exro will maintain a security interest against the
Cell Driver™ units sold until all payments are fulfilled. Following
the pilot phase, the Parties will evaluate together plans for
future Cell Driver™ rollouts.
About Cell Driver™
The 90kW / 192kWh Cell Driver™ is Cellex Energy's first
product offering for the Commercial and Industrial ("C&I")
energy storage market. While still in the early stages, the global
C&I market size was valued at US$221.8
Billion in 2023 and is expected to reach US$435.7 Billion by the end of 2030 with a CAGR
of 9% during the Forecast Period 0f 2024-2030 (Source: Verified
Market reports - August 2024). In the
US, Wood McKenzie is forecasting that 2.6GW of energy storage
capacity will be installed over 2024 to 2028 (Source: Wood
McKenzie, US Energy Storage Monitor, June
2024). Typical end users in this space consist of
restaurants, telecommunication equipment facilities, machine shops,
EV charging stations, etc. where both managing the economics of
energy use plus minimizing power disruptions are critical to
business operations.
Cell Driver's unique patented technology allows for a new
paradigm of battery management right down to the cell level.
Individual cells can be managed, turned off or on and isolated from
other cells. This in turn enables enhanced safety, visibility into
and management of battery health, plus increased "up time" during
maintenance and repair cycles. Combined with Cellex's state of the
art energy management system ("EMS"), Cell Driver is perfectly
suited for managing a user's complete energy needs both from grid
delivered power, solar, wind, hydrogen or any combination of the
above energy sources.
The Cell Driver Pilot program is a key step in validating the
technology's utility and value proposition for end users as Cellex
ramps it's marketing and sales programs.
ABOUT EXRO TECHNOLOGIES INC.
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 recently formed
Cellex Energy Inc., a wholly owned subsidiary of Exro with the goal
of launching Exro's energy storage product lines.
Together, Exro and Cellex are 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.
To view our Corporate Presentation visit us at
www.exro.com/investors
Visit us on social media @exrotech.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
STATEMENTS
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forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws. All
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and other factors disclosed under the heading "Risk Factors" and
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prospects, and opportunities to differ materially from those
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the Company believes that the assumptions and factors used in
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December 31, 2023, filed with the
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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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SOURCE Exro Technologies Inc.