CALGARY,
AB, Feb. 3, 2025 /CNW/ - Exro
Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company"
or "Exro"), a leading clean-technology company that provides
new-generation power control electronics that expand the
capabilities of electric motors and batteries, today released a
letter to its shareholders.
Dear Fellow Shareholders,
As we move into 2025, we reaffirm our commitment to executing on
our strategy and building on the progress achieved in 2024. We
remain confident in the strength of our blue-chip OEM partnerships,
particularly those enhanced by our merger with SEA Electric in
2024.
Operations Update
Throughout 2024, we overcame numerous operational challenges,
focused on delivering our leading technology for key customers, and
improved operational efficiency. As we enter 2025, we remain
dedicated to accelerating innovation and driving organizational
improvements, all with the goal of achieving profitability. Most
importantly, we are committed to enhancing our balance sheet.
Our commercial vehicle OEM programs have seen continued
progress, with ongoing successful Coil Driver™ pilot programs.
These collaborations with leading OEM partners have positioned us
for growth in the commercial industrial truck segment. Notably, we
have secured an additional paid pilot program for the Coil Driver™
drivetrain with a top OEM. The program has launched, and subject to
successful on-road testing we aim to secure production for 2026.
Please stay tuned to our social media channels for additional
information on the program and other operational progress
updates.
In the passenger vehicle sector, development with key OEM
partners Stellantis and others under NDA are advancing, which we
believe will position us for future expansion in the consumer
markets for both battery-electric and hybrid applications. We
continue to develop this sector to set a strong foundation for
future success.
Additionally, we are gaining traction in the energy storage
sector, with projects set to deliver in 2025. An update on our
Cellex Energy division will be shared at our earnings call in
March, as we continue to build momentum in this area.
Corporate Update
Exro continues to transform and establish the foundation for a
profitable future with patented IP underpinning all of our key
technology. As we evolve, we are right-sizing our business and
creating the organization design to build our future.
Tony Fairweather, the founder of SEA Electric,
has resigned from the Exro board.
Mr. Fairweather was a founder of SEA
Electric, and joined the Exro board on completion of the SEA
Electric acquisition in April 2024. We
thank Tony for his contributions to Exro.
We recognize that financial stability is on everyone's mind. We
are confident in the strength and continued support of our major
shareholders and customer partnerships as we work on funding
solutions, and we look forward to updating our shareholders prior
to end of Q1.
Conclusion
Exro would like to express its
sincere gratitude to its investors for their continued support. The
progress we have made so far is a direct result of our collective
efforts, and it is only with your commitment that we are able to
make an impact in the transformation of global mobility.
Thank you for being a part of this journey. Here's to a
successful 2025!
Sincerely,
Sue Özdemir
Chief Executive Officer
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 is 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
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 using 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, which 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, 2023, and financial
statements and related MD&A for the financial year ended
December 31, 2023, 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.
