Exro Technologies touts C$48M war chest to advance Coil Driver commercialization in 2020 results

Exro Technologies Inc (CVE:EXRO) (OTCQB:EXROF) (FRA:1O2), a clean power electronics company, was armed with more than C$48 million at the end of 2020, allowing it to further commercialize its Coil Driver technology in 2021 and carry out its operations for the next two years.   

The Coil Driver works by expanding the capabilities of powertrains by enabling two separate torque profiles within an electric motor. The controller automatically selects the appropriate configuration in real-time so that power and efficiency are intelligently optimized. 

“2020 was a spectacular year as Exro achieved several key milestones on all fronts,” CFO John Meekison. “First and foremost, we successfully closed in July and December short form prospectus offerings of C$8 million and [roughly C$42 million] at a price of C$0.70 and C$3.25 per share respectively.” 

READ: Exro Technologies to launch Calgary facility with automotive class manufacturing

“The net proceeds from these offerings will enable us to do further commercialization of the Coil Driver in the mobility segment including micro, light and commercial electric vehicle programs, plus capital investments in support of our Innovation Center and manufacturing facility development,” Meekison added. “Our balance sheet is sufficiently strong to execute our plans for the next two years.” 

During the fourth quarter, Exro announced that it completed the engineering validation on its 100 Volt Coil Driver for electric vehicles. 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.”

“We completed the engineering validation on the 100 Volt Coil Driver for electric cars and the technology validation for the BCS that demonstrated the principles of operation in second-life environments,” Chief Engineer Eric Hustedt said. “In a very short time span, our engineers have been able to validate the Coil Driver technology for multiple platforms while continuing to develop the battery technology. We are excited to gear up for standard product designs and series production in the coming year.” 

The Calgary-based company says it has already made progress to that end in 2021.

“On the commercialization front, in the first quarter of 2021, LAND Electric Motorcycles signed a letter of intent to purchase up to 2,000 units, and SEA Electric signed an expanded strategic collaboration agreement to showcase the BCS while expanding on the Coil Driver commercialization scope,” CEO Sue Ozdemir said. “We will be opening a 36,700-square-foot facility in Calgary in late 2021 that will be capable of producing automotive compliant Coil Driver units in late 2022.”

For the year, Exro’s comprehensive loss grew to more than C$10.9 million from 4.6 million in 2019 due to the expansion of the engineering team to accelerate its technology development and commercialization efforts. 

Additionally, the company said it issued 1.1 million stock options Tuesday to certain directors, employees and consultants with an exercise price of C$4.77 per common share. The options are exercisable for a period of five years from the grant date. 

Contact Andrew Kessel at [email protected]

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Story by ProactiveInvestors