- Progression of integration of Coil Driver™ technology
into Exro's proprietary EV propulsion system
- Coil Driver™ integration for innovative Class 5 platform
commercial vehicle
- Flexibility in packaging enables shorter wheelbase design
offering improved total cost of ownership
CALGARY, AB, Aug. 13, 2024 /PRNewswire/ - Exro Technologies
Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or
"Exro"), a leading clean-technology company that provides
proprietary motor-control and complete electric propulsion system
technology for e-mobility, is pleased to announce progression in
its integration project of Exro's Coil Driver™ inverter technology
with Exro's proprietary EV propulsion system that powers SEA 5e, a
Class 5 Battery Electric Truck that is built on Hino's Class 5
Rolling Cab Chassis.
The pilot project is a key step towards commercialization and
enables a cost-effective powertrain that supports the mission to
reduce costs in commercial electric vehicles, bringing electric
vehicles to parity with combustion engines. Exro's 120a propulsion
system, controlled by the Coil Driver inverter, can increase system
efficiency and reduce costs. By optimizing the performance of
powertrains with right-sized, differentiating technology, the
result is real-world driving with unparalleled efficiency. The
integration offers flexibility in packaging, allowing multiple
truck bed configurations from the existing 173" platform currently
in production to a 150" wheelbase in demand by large national
fleets under development for release to customers by Q1 2025.
"We are excited for the innovation that Exro continue bringing
to the COE 5 (cab over electric class 5) market with innovative and
cost-effective solutions," says KC Wong, Business and Product
Development Director, Hino Trucks –
a Toyota Group Company.
The transportation sector targets significant emission reduction
targets. The goals behind the project align with the regulatory
landscape shaped by the Advanced Clean Truck ("ACT") and Advanced
Clean Fleet ("∫") standards. These regulations, adopted in
California and several other
states, mandate a gradual increase in zero-emission vehicles
("ZEVs") in commercial fleets starting from 2024. By incorporating
Coil Drive inverter technology, Exro is contributing to the broader
adoption of ZEVs. This collaboration supports compliance with the
ACT and ACF regulations and promotes emissions reduction from the
commercial transportation sector. The enhanced efficiency and
cost-effectiveness of the Coil Driver-enabled propulsion system
make electric trucks a viable option for fleet operators,
accelerating the transition to cleaner transportation
solutions.
"Integrating Coil Driver™ inverter technology into the 120a has
been a goal for Exro since merging with SEA Electric in April. This
combination is another step towards enabling the transition to cost
effective electrification platforms," said Exro CEO Sue Ozdemir. "This enhances the market impact of
our technology, contributing significantly to the regulatory goals
of reducing emissions and increasing the adoption of zero-emission
vehicles in the commercial sector. Our technology supports
regulatory compliance, while driving cost reductions and efficiency
improvements."
Shareholders can expect continued advancements and increased
market presence as Exro furthers its integration projects and
partnerships. The successful integration of Coil Driver™ technology
in the medium duty propulsion platform marks strides towards
leading the medium duty commercial vehicle market with efficient,
cost-effective electric propulsion systems, and highlights Exro's
dedication to sustainable transportation solutions.
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc., now expanded through the strategic
acquisition of SEA Electric, is a leading clean technology company
that has developed new generation power control electronics. Its
innovative suite of solutions, including Coil Driver™, Cell
Driver™, and SEA-Drive®, expand the capabilities of electric motors
and batteries and offer OEMs a comprehensive e-propulsion solution
with unmatched performance and efficiency. Exro is reshaping global
energy consumption, accelerating adoption towards a circular
electrified economy by delivering more with less – minimum energy
for maximum results.
For more information visit our website at www.exro.com.
To view our Corporate Presentation visit us at
www.exro.com/investors
Visit us on social media @exrotech.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
STATEMENTS
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
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"may", "could", "would", "might", "will be taken", "occur" or "be
achieved". Forward looking statements involve risks, uncertainties
and other factors disclosed under the heading "Risk Factors" and
elsewhere in the Company's filings with Canadian securities
regulators, that could cause actual results, performance,
prospects, and opportunities to differ materially from those
expressed or implied by such forward-looking statements. Although
the Company believes that the assumptions and factors used in
preparing these forward-looking statements are reasonable based
upon the information currently available to management as of the
date hereof, actual results and developments may differ materially
from those contemplated by these statements. Readers are therefore
cautioned not to place undue reliance on these statements, which
only apply as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed times
frames or at all. Except where required by applicable law, the
Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
This information is qualified in its entirety by cautionary
statements and risk factor disclosure contained in filings made by
the Company with the Canadian securities regulators, including the
Company's annual information form for the financial year ended
December 31, 2022, and financial
statements and related MD&A for the financial year ended
December 31, 2022, filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although the Company has attempted
to identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended. The
Company does not intend, and does not assume any obligation, to
update this forward-looking information except as otherwise
required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry
Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this press
release.
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SOURCE Exro Technologies Inc.
