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Cleantech Company to Open New Facility, Targets First Production in 2022
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A description of Exro Technologies' planned manufacturing plant and its timeline are provided in a Haywood Securities report.

In a March 31 research note, Haywood Securities analyst Colin Healey reported that Exro Technologies Inc. (EXRO:CSE; EXROF:OTCQB) intends to open a new manufacturing facility in Calgary, Alberta, this year, with production starting sometime in 2022, thereby moving toward formal commercialization.

"We continue to see potential for material shareholder returns in the coming 12–18 months as the company is at an inflection point—transitioning from the 'proof of concept' phase and into 'deployment' of its patented technologies across a wide range of applications," Healey wrote.

As such, Haywood recommends investors take advantage of Exro's current share price weakness to add to their positions in the stock ahead of the upcoming catalysts.

Healey noted that the new automotive electric motor parts plant will be 37,000 square feet in size, and the space will encompass production lines, showrooms and offices. It will have the capacity to scale up annual production to 100,000 units of all coil driver products. It will meet all automotive industry quality standard certification requirements for ISO 9001:2015, IATF 16949 and ISO 26262-compliant product development. "The facility will boast a net zero carbon emissions objective, with solar power and battery energy storage solutions," the analyst wrote.

Exro will still use its existing Calgary facility for research and development and design and testing of coil drivers, battery control systems and other technologies it develops in the future.

The new location will "support the company's objective of positioning itself for low-volume in-house manufacturing while still utilizing manufacturing partners and licensing contracts for high-volume manufacturing," Healey wrote.

The analyst also noted that Exro has $40 million in cash and, thus, the financial flexibility to accelerate its development and release of additional products.

"We anticipate it will continue to execute on value additive items in sectors highly sought after by investors, similar to the track record built in 2020," added Healey.

Haywood rates Exro Buy and assigns it an CA$8 per share target price. Currently, the share price is about CA$3.90.


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Disclosures from Haywood Securities, Exro Technologies Inc., March 31, 2021

Analyst Certification: I, Colin Healey, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.

Important Disclosures
The following Important Disclosures apply for Uranium Energy Corp.: ▪ Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for Exro Technologies Inc. (XRO-V) in the past 12 months.

▪ Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from Exro Technologies Inc. (EXRO-V) in the past 24 months..

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