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News Update

TICKERS: XRO; EXROF

Cleantech Firm Partners to Develop Large Vehicle Electric Powertrains
News Update

Source:

Exro Technologies brings its proprietary motor control technology to the collaboration.

In a news release, Exro Technologies Inc. (XRO:CSE; EXROF:OTCQB) announced it is partnering with SEA Electric to develop enhanced electric powertrain technology for heavy duty trucks and delivery vehicles.

Canada-based Exro is a cleantech firm that developed a new class of control technology for electric powertrains, Coil Driver, that expands the capabilities of electric motors and powertrains. Australia's SEA Electric is "recognized as a global leader in the electrification of commercial vehicles," the release noted.

The two entities will co-develop and test powertrains that feature both of their technologies.

"By implementing an overall system optimization in concert with our patented power electronics technology, we can improve gradeability without sacrificing speed range—all without the need for multispeed mechanical gearing or a dual motor powertrain," Exro Chief Engineer Eric Hustedt said in the release.

The company noted that the "electric commercial vehicle market is growing quickly, partly because of the efficiencies and performance benefits they offer as well as government policies aimed at accelerating adoption to reduce carbon emissions." The commercial electric vehicle market is estimated to grow to $38.6 billion from $19.8 billion by 2025, the company stated.

"We believe that the trend to electrification of truck and commercial delivery fleets is profound," SEA Electric CEO Tony Fairweather said in the release. "We look forward to our partnership with Exro to continue developing powertrains that both serve existing and open new markets in this space."

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Disclosure:
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 billboard 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 Technologies. Please click here for more information.
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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 Technologies, a company mentioned in this article.




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