Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that has developed new-generation power control electronics that expand the capabilities of electric motors and batteries, has released its financial results for the three months and six months ending June 30, 2023. Highlights of the report included revenue of $2,443,292 for the three-month period and $2,768,061 for the six-month period; the signing of a definitive commercialization agreement with Linamar Corporation, a global tier-1 automotive supplier; the closing of a common share bought deal financing for aggregate gross proceeds of of $34,931,250; and the election of three new directors — Aleksandra Miziolek, Anita Ganti and Frank Simpkins — along with the appointment of board chair Rod Copes. “The second quarter of 2023 demonstrated continued progress towards commercialization of our next generation technologies for electric vehicles and stationary energy storage,” said Exro Technologies CEO Sue Ozdemir in the press release. “We finished the quarter in a strong financial position, significantly expanded the expertise of our board of directors, and are in final preparations to start our production before the end of Q3. We have customers proceeding towards additional purchase orders and are digging in with our new leading global automaker partner on our power train innovation project — evidence that we are capitalizing on the efforts we have put in over the last three years.”
To view the full press release, visit https://ibn.fm/uNArZ
About Exro Technologies Inc.
Exro is a clean-tech company that has developed a new class of control technology for electric powertrains. Exro’s advanced motor-control technology, its Coil Driver, expands the capabilities of electric motors and powertrains. The Coil Driver enables two separate torque profiles within a given motor. The first is calibrated for low speed and high torque, while the second provides expanded operation at high speed. The ability to change configuration allows efficiency optimization for each operating mode, resulting in overall reductions in energy consumption. The controller automatically and seamlessly selects the appropriate configuration in real-time so that torque demand and efficiency are optimized. The limitations of traditional electric machines and power technology are becoming more evident. In many increasingly prominent applications, traditional methods cannot meet the required performance. This means either oversizing the equipment, adding additional motors or implementing heavy mechanical-geared solutions. Exro offers a new solution for system optimization through implementation of the technology, which can yield the following results: increased drive cycle efficiency, reduced system volume, reduced weight, and expanded torque and speed capabilities. Exro allows the application to achieve more with less energy consumed. For more information about the company, please visit www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
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