Exro Technologies (TSX.V: EXRO) (OTCQB: EXROF), a leading clean-technology company that has developed a new class of power electronics for electric motors and batteries, has reported financial numbers and operational milestones for the fourth quarter 2021. Highlights of the report include the fact that Exro R&D activities increased twofold during 2021 as the company worked to expand development relationships and execute on testing and project validation to progress toward commercialization. The report also noted the launch of Exro Vehicle Systems Inc. as a services division and the successful completion of a vehicle integration of Exro’s proprietary 100 Volt Coil Driver(TM) technology, marking the second vehicle integration of the technology. In addition, Exro completed a new 37,000-square-foot, world-class manufacturing facility in Calgary and started construction on a new clean room and automotive-grade manufacturing lines, both of which are scheduled for completion this year; the company also welcomed employees to its U.S. headquarters located in Mesa, Arizona. The new facility increased Exro’s Coil Driver testing capacity and has space for its Energy Storage Systems and an area where customers can view Exro’s demonstration vehicles. “Our company continued operational momentum into Q4 2021 where we achieved a number of important milestones, closing out what was a challenging year for early-stage technology companies like Exro,” said Exro CEO Sue Ozdemir in the press release. “We continued to advance our Coil Driver towards commercialization with further product validations and integration into a second vehicle platform. We launched Exro Vehicle Systems, a services division that will provide critical automotive customer support early in the design process. We also began construction on our world-class product manufacturing facility in Calgary , which is on schedule to be commissioned later this year. These milestones allowed us to start 2022 from a position of strength with our team focused, and highly motivated, to execute our commercialization strategy in 2022. We believe this execution holds the potential to unlock value for our shareholders.”
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About Exro Technologies Inc.
Exro is a clean-technology company pioneering intelligent control solutions in power electronics to help solve the most challenging problems in electrification. Exro has developed a new class of control technology that expands the capabilities of electric motors, generators and batteries. Exro enables the application to achieve more with less energy consumed. The company’s advanced motor control technology, the Coil Driver(TM) , expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro is working with partners from all over the world to bring its technology to the electric mobility industries and beyond. For more information about the company, please visit www.Exro.com.
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