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Exro Technologies in 'great position' to deliver on its pipeline of projects for 2020

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Exro Technologies Inc (CSE:XRO) (OTCQB:EXROF) CEO Sue Ozdemir told investors Thursday that the energy firm has the “ideal platform” to be successful.

In a letter to shareholders, Ozdemir said that the Calgary-based company was on schedule to close eight commercial partnerships by the end of 2020.

The firm is also in a strong financial position, having recently closed an oversubscribed $8 million financing earmarked for the research and development of its intelligent battery management system and electric vehicle programs.

READ: Exro Technologies adds three new “high quality” partnerships as it posts second quarter results

“We have been establishing our position in the marketplace: our mission “Minimum Energy, Maximum Results” has become a guiding light for us to continue to develop new and innovative ways to utilize our technology and become a market leader in advanced power electronics within the mobility space,” Ozdemir wrote.

“On all fronts we are executing according to our technology roadmap and the second half of the year is already shaping up to support us in our expectations for the remainder of 2020.”

Exro expects to deliver its first in-car electric vehicle application to Potencia Industrial SA DE CV in November and another electric motorcycle application to Zero Motorcycle in early 2021, according to the CEO.

In addition, it is planning to deliver its proof of concept of its Intelligent Battery Management System by the end of December in advance of a pilot application planned for the first quarter of 2021.

“We are in a great position to execute on our commitments. Our team is motivated, engaged and confident in the developments ahead and looking forward to sharing more good news with all of you,” Ozdemir told investors.

“Our growth plan is one that will sustain us for a vibrant future. It takes time to build a masterpiece but we have the paint, the brushes, the canvas and all the artists we need to make it happen.”

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors


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