Exro Technologies Inc. (XRO:CSE; EXROF:OTCQB) announced in a news release it signed a joint venture development agreement with Exarge AS to integrate Exro's Intelligent Energy Management System (IEMS) into mobile energy storage batteries that Exarge will use in its battery containers for sale or lease.
Exro provides products and services to manufacturers to increase the efficiency and reliability of power systems, including batteries, electric motors and generators. Norway-based Exarge specializes in mobile energy storage solutions.
Exarge intends to supply containers full of batteries for permanent or temporary storage for use in any place in the world, which can be replaced when necessary or recharged when and where feasible. Such containers could be used for replacing generators at construction sites, energy storage of solar and wind power and grid balancing.
Connecting Exarge's service with Exro's modular IEMS technology should enhance battery efficiency and extend longevity.
Per the agreement, Exro will receive a fee per unit sold that "will be based upon the economics of each opportunity," the release noted.[NLINSERT]
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Exro. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Exro, a company mentioned in this article.