Exro Technologies Announces Second Quarter 2022 Financial Results – QNT Press Release

  • The Company continued progress on its world-class manufacturing facility during the quarter, including delivery of all equipment required for Surface Mount Technology (“SMT”) and Printed Circuit Board (“PCB”) assembly lines, included in phase one of the facility operations . Exro is on track to commission the phase one assets in the second half of 2022.
  • Exro Vehicle Systems Inc, a division of Exro Technologies Inc., continued to deliver against its ongoing projects, in addition to securing a purchaser order to provide more than $US1 million in engineering design services to a Tier-1 automotive supplier.
  • The Company announced initial purchase orders backed by multiyear master sales agreements from both Vicinity Motor Company (“Vicinity”) and ev Transportation Services, Inc. (“evTS”) to supply Coil Drive Systems.
  • Exro has initiated the process to obtain Underwriter Laboratories (“UL”) certification for its Energy Storage System (“ESS”) powered by its patented Battery Control System™ (“BCS”) technology. Submission for UL certification marks a significant milestone for the Company’s ESS in its path to commercialization.

CALGARY, AB, Aug. 11, 2022 /PRNewswire/ – Exro Technologies Inc. (TSX:EXRO) (OTCQB:EXROF) (the “Company” or “Exro”), a leading clean technology company that has developed a new class of power electronics for electric motors and batteries, announced today its financial results for the six months ended June 30, 2022.

“Despite a volatile macro environment through the first half of the year, Exro successfully achieved a number of key milestones during the second quarter,” said CEO Sue Ozdemir. “Our world-class net-zero-target manufacturing facility continues to progress on schedule with all equipment for the first phase now on site. Our team at Exro Vehicle Systems in Michigan secured a design project with a leading Tier-1 automotive supplier delivering our company’s first revenues in 2022, and we announced two major supply agreements for our Coil Drive Systems with initial purchase orders backed by multiyear sales agreements for both our low voltage and high voltage product lines. As we look to the second half of 2022 and into 2023, we are excited to continue to execute for our shareholders. While there are bound to be bumps in the road, like those most companies are facing these days, our technology is de-risked, we are recognized as a differentiator in the electric vehicle space, and momentum with our customers continues to build.”

During the quarter the Company continued to focus on the construction of its world-class manufacturing facility in Calgary, Alberta. During Q2, the delivery of all equipment related to the phase one surface mount technology (“SMT”) line was completed which allowed the Company to fit the last three panels in the cleanroom east wall and prepare for the cleanroom HVAC start up. Exro continues to remain on schedule for construction of the manufacturing facility and expects to have the development process completed in the second half of 2022, allowing the Company to exercise the line by assembling Printed Circuit Board Assemblies (“PCBAs”) for internal use and evaluation.

In addition, the Company entered into several agreements during Q2, including a secured purchase order through Exro Vehicle Systems, a division of Exro Technologies Inc., with a leading Tier-1 automotive supplier to provide more than $USD 1 million in engineering design and consulting services. Under the terms of the purchase order, Exro will deliver design and installation services for a custom electric powertrain system that features a custom battery pack solution. The custom system, designed for a light-duty on-road vehicle, will also integrate with many automotive original equipment manufacturer (OEM) systems, including power and control architectures. Exro’s Vehicle Systems division will execute this order from its 15,000 square foot facility in Ann Arbor, Michigan.

On April 22, 2022 the Company announced that its Coil DriverTM technology received a Gold Edison Award for Best New Product in manufacturing, logistics …

Full story available on Benzinga.com

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