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Investors, 'Don't Miss the Bus on Exro's Coil Driver Technology'

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Source: Streetwise Reports   05/03/2021

The recent agreement between Exro Technologies and an electric vehicle manufacturer is reviewed in a Haywood Securities report.

In an April 27 research note, Haywood Securities analyst Colin Healey reported that Exro Technologies Inc. (EXRO:CSE; EXROF:OTCQB), a Haywood 2021 Top Pick, signed an agreement with Vicinity Motor Corp. to test, validate and, potentially, use Exro’s coil driver technology in Vicinity’s electric buses.

“We consider this a key partnership with a higher profile bus maker and expect Exro’s stock to respond well to the news,” Healey wrote.

Healey relayed that Vicinity manufactures shuttle transportation vehicles for commercial and public use in Canada and the U.S. Its flagship vehicle is the Vicinity EV bus.

According to the agreement, explained Healey, Exro will provide Vicinity with a coil driver system and Vicinity will incorporate it into the powertrain of one of its buses. The vehicle company then will test and validate the technology with an eye toward deploying it in future Vicinity EV bus production.

According to Vicinity, Healey noted, Exro’s coil driver technology offers what existing systems cannot, improved performance and efficiency, resulting in extended bus range.

“Today’s news is important as it further accelerates Exro’s path to commercialization of its coil driver technology,” Healey wrote. He added that he expects the agreement will lead to commercial sales and greater exposure of the technology to prospective customers. The Haywood report was titled “Don’t Miss the Bus on Exro’s Coil Driver Technology.”

Haywood has a Buy rating and a target price of CA$8 on Exro. “We continue to like Exro and, following the more recent weakening in the stock, we recommend investors continue to add to positions, taking advantage of the current discount to recent highs (trading in the $5.50-$6.50 range in February) as Exro progresses towards formal commercialization,” Healey wrote. At the time of publication of the report, Exro’s share price was CA$4; it currently is trading around CA$4.51.

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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Exro Technologies, a company mentioned in this article.

Disclosures from Haywood Securities, Exro Technologies Inc., April 27, 2021

Analyst Certification: I, Colin Healey, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.

Important Disclosures
The following Important Disclosures apply for Uranium Energy Corp.: ▪ Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for Exro Technologies Inc. (XRO-V) in the past 12 months.

▪ Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from Exro Technologies Inc. (EXRO-V) in the past 24 months..

Research policy available here.

( Companies Mentioned: EXRO:CSE; EXROF:OTCQB, )


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