Exro Technologies Inc (OTCMKTS: EXROF) is among the most exciting stories in small caps currently making a powerful move up the charts as EV stocks heat up across the board. The EV market is booming and is projected to grow by more than 10 fold from current levels over the next day. Tesla is trading at a sky high valuations and EV startups such as Hyliion Inc., Fisker Inc. and Lordstown Motors Corp are trading at billion dollar valuations without a product on the market yet.
Exro recenlty took out all-time highs and is now on a blue sky EV breakout! Investors are accumulating as the Company just opened up doors to its newly established Calgary Innovation Center. Exro is getting ready to start negotiations on a commercial product for 2021. Exro’s Coil Driver technology can be added to an electric vehicle power train to make electric motors faster, stronger, and smarter. The electric bike field-tests results now indicate that Exro can be transformative for the quickly growing electric bike and electric scooter market.
Exro Technologies Inc (OTCMKTS: EXROF) operating out of Vancouver, Canada is a Clean Tech company that has developed a new class of control technology for electric powertrains. Exro’s advanced motor control technology, our “Coil Driver”, expands the capabilities of electric motors and powertrains. The Coil Driver enables two separate torque profiles within a given motor. The first is calibrated for low speed and high torque, while the second provides expanded operation at high speed. The ability to change configuration allows efficiency optimization for each operating mode, resulting in overall reductions in energy consumption. The controller automatically and seamlessly selects the appropriate configuration in real time so that torque demand and efficiency are optimized.
2020 has been a busy year for the Company; they opened a 6,500 sq. ft. innovation center in Calgary, Alberta, to demonstrate how the Company’s technology can improves the performance of electric motors. The Exro Innovation Center increases the Company’s laboratory space, allowing it to expand its service capabilities to customers and showcase areas in which the Company’s technology can be applied to key sectors of the economy. The EIC also hosts collaborative events to explore advances in energy consumption and electric motor innovations, with participants from Calgary, across Canada and international jurisdictions.
Exro has a joint development collaboration with Potencia. Exro and Potencia are currently collaborating on two demonstration projects. Project #1: Objective: Convert traditional internal combustion engines in Mexico City’s taxis to electric motors, as part of a city initiative to green the city’s 250,000 taxi fleet. Exro will jointly work to integrate its hardware and software technology into Potencia’s motor drives. Exro technology will be tested initially with the battery systems followed by testing on Potencia electric motors. The goal is to establish full communications between several systems utilizing Exro technology, to achieve optimal efficiency and performance. Requirements are: Integrate the Battery Management System (BMS) with Potencia’s Super-B lithium ion batteries in the battery packs and Design the motor controller, the voltage limit unit (VLU) for protection, and the central power control unit (CPCU) for data logging and cloud connection.
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Project #2: Objective: Demonstrate voltage and current control, with improved power, for small renewable power sources (hydro, wind, etc.) by incorporating Exro technology into a Potencia generator used for a small wind turbine. Exro engineering team delivered the customized driver to Potencia at the end of June. The driver is now undergoing rigorous testing with Potencia’s engineering team. After Potencia’s internal testing is complete, the driver will be installed in a vehicle and road tested. This will provide the first on road application for Exro. The Company also completed a $8 million Cdn financing issuing 11,428,571 units at a price of $0.70.
Exro signed a collaboration and supply agreement with Clean Seed to integrate the Company’s technology into Clean Seed’s high-tech agricultural seeder and planter platforms, advancing the electrification of one of the world’s heavy-farm equipment. The Company also initiated a collaboration agreement with Zero to evaluate Exro’s patented coil drive technology using Zero’s SR/S powertrain platform. Exro also partnered with Australia’s SEA Electric to enhance electric powertrain technology for heavy duty trucks and delivery vehicles.
On October 20 Exro Technologies announced it is opening the doors to the newly established Calgary Innovation Center. Launching of the Innovation Center in Calgary marks a major milestone for Exro in its path to delivering commercial products. The new facility will allow in-house design, testing, and assembly of manufactured products to enhance the performance of electric motors and powertrains. The test equipment will feature small and large test bays that will demonstrate the patented technology in relevant environments and accelerate prototypes in operating applications. This will expand the potential for more strategic partnerships with the Coil Driver technology while also creating a platform for proof of concepts in new research and development projects. Exro will continue to be focused on its mission to deliver intelligent innovations in electrification with minimum energy and maximum results.
CEO Sue Ozdemir stated: “We are looking forward to delivering on the vision of the new Calgary headquarters. Calgary has welcomed us with open arms, and we couldn’t be more excited to be here during this transformative time. We have had explosive growth since arriving in Calgary, and we look forward to continuing that growth with our business and technology.”
— Canadian Green Trader (@CDNGreenTrader) November 20, 2020
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Currently running northbound EXROF is getting ready to start negotiations on a commercial product for 2021. Exro’s Coil Driver technology can be added to an electric vehicle power train to make electric motors faster, stronger, and smarter. The electric bike field-tests results now indicate that Exro can be transformative for the quickly growing electric bike and electric scooter market. EXRO just opened up the doors to its newly established Calgary Innovation Center. Launching of the Innovation Center in Calgary marks a major milestone for Exro in its path to delivering commercial products. The new facility will allow in-house design, testing, and assembly of manufactured products to enhance the performance of electric motors and powertrains. We will be updating on EXROF when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with EXROF.
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Disclosure: we hold no position in EXROF either long or short and we have not been compensated for this article.