- Creates intelligent energy management systems
- Forging global partnerships and licensing agreements
- Operates in billion-dollar market segments that are ripe for disruption
What Exro Technologies does:
Exro Technologies Inc (CSE:XRO) (OTCMKTS:EXROF) is dedicated to enhancing the performance and efficiency of electrical and renewable power systems to accelerate the transition to clean energy around the world.
It may sound like a mammoth task, but the Vancouver, British Columbia-based company is confident that it has the right suite of services and products to keep green energy flowing.
Currently, electric motors require some type of mechanical transmission to change the speed or torque range. Conventional motors operate through a single speed torque characteristic and one static efficiency curve. Battery-powered motors come with their own limitations.
Exro’s technology improves energy systems by dynamically sensing and adapting varying inputs and matching them to desired outputs, creating performance gains and an extended lifespan.
The company’s patented technology is used in electric vehicles, unmanned aerial vehicles (UAVs) and ship drives. Each market is a multibillion-dollar industry, with the global electric engine market alone expected to hit over US$214 billion by 2025.
Most of its competition comes from companies that are developing a new motor. But while other companies must build a manufacturing facility and scale it to accommodate large volumes, Exro works within the existing power train.
How is it doing:
In April 2021, Exro revealed that it has C$48 million in cash on hand, allowing it to further commercialize its Coil Driver technology in 2021 and carry out its operations for the next two years.
Relatedly, the company said it completed the engineering validation on its 100 Volt Coil Driver for electric vehicles in the fourth quarter of 2020. This is a crucial step towards bringing to market a product that the company believes “will deliver next-generation performance in power and efficiency to mobility applications with electric powertrains.”
To help get to the finish line, Exro announced in March that it is launching a new facility in Calgary with automotive class manufacturing. The new facility is expected to feature 37,000 square feet of production lines, product showrooms, and office spaces capable of producing units for the entire Coil Driver product line.
Also in March, the company said it achieved validation of its motor and inverter system solution for light mobility with global electric-drives manufacturer Heinzmann GmbH & Co KG. The 100 Volt Coil Driver was validated alongside Heinzmann’s PMS 120 motors, and testing has proven that dynamic coil switching under load is successful and operating as expected at peak currents.
Meanwhile, to accelerate development of its battery control system (BCS), Exro announced the expansion of its strategic partnership with SEA Electric Pty Ltd. The expanded deal includes SEA Electric providing Exro with two electric delivery vans to showcase Exro’s battery control system and facilitate second-life battery storage by the second half of 2021.
The agreement expands on the companies’ initial plans to commercialize the Exro Coil Driver in SEA’s Electric trucks to now include a Class 8 electric truck for the Canadian market.
Exro stepped up its stock listing in September 2020, moving to the TSX Venture Exchange from the CSE under the ticker EXRO.
- Partnership with SEA Electric to develop battery control system
- Shooting for growth on the TSX-V
- Further commercialization of 100 Volt Coil Driver
What the boss says:
Exro’s CEO Sue Ozdemir, said in a recent statement: “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.”
“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,” she added.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
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