Exro Technologies Inc (OTCMKTS: EXROF) is making a powerful run up the charts in recent months attracting legions of shareholders and emerging as a volume leader in small caps. EXROF has run from a start point of $0.15 the stock has seen recent highs near $2 per share.
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) is a Clean Tech company that has developed a new class of control technology for electric powertrains. Exro’s advanced motor control technology; “Coil Driver”, expands the capabilities of electric motors and powertrains. The Coil Driver enables two separate torque profiles within a given motor. Utilizing Exro’s patented motor coil switching technology as a foundation, the Company has developed a new battery cell management software technology called the Intelligent Battery Management System (“IBMS”). Exro is optimistic that IBMS can become a market leader in second life battery technology. Exro’s IBMS technology applies the principle of managing “energy” as it converts at the individual level to lithium ion batteries. Its topology of the system and intelligent algorithms control the battery cells at an individual level to extend life. For example, the new IEMS when fully commercialized, will allow for constant monitoring and manipulation of energy inflows and outflows, at rates of up to 100,000 manipulations per second. By utilizing the Company’s technology to manage the charge and discharge of energy at the individual cell level of a lithium ion battery, Exro aims to improve battery performance and efficiencies, which could result in longer usage and a second life battery application.
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 7 Exro reported third-party testing has proven its patented Coil Driver technology dramatically improves performance of electric bikes. Motorino Electric, the Vancouver-based manufacturer and distributor of electric bikes and motorcycles, tested Exro’s technology through 2020 against a standard electric bike in the field. Testing found that the Exro-enhanced electric bike saw its performance increase by more than 20 percent, and up to 50 percent in climbing conditions. Exro will now 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, which Allied Market Research reports will exceed USD $23 billion by 2025.
“This is an amazing breakthrough not just in electric bike technology but also for micro-mobility applications,” stated Sue Ozdemir, Chief Executive Officer of Exro. “We couldn’t be more excited. This changes the model for enhancing the performance of electric bikes and other micro-mobility applications, to ensure we get more from the energy we put into batteries. I’m looking forward to moving into product commercialization for next year.”
— InvestorBrandNetwork (@IBNMediaNetwork) October 7, 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. The Company recently added Julie (McCoy) Wurmlinger, an accomplished engineering leader in the automotive industry and retired chief engineer from Ford motor company and President/Owner of OhmTek, LLC joined the Exro Board of Directors. 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.