Oleblue
3 weeks ago
Exro’s Cellex Division Completes Installation of First Cell Driver™ Energy Storage System at Red Deer Polytechnic
Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) (the “Company” or “Exro”), a leading clean-technology company that provides new-generation power control electronics that expand the capabilities of electric motors and batteries, announced today the successful installation of its first in-field Cell Driver™ Battery Energy Storage System (“Cell Driver™”) at Red Deer Polytechnic (“RDP”). The installation was led by Cellex Energy Inc, Exro’s subsidiary dedicated to Cell Driver™ development and commercialization, and was completed earlier this month. This achievement will be celebrated with an official ribbon cutting ceremony this morning with members of RDP, Exro, and local officials.
The RDP installation integrates Exro’s Cell Driver™ system with a 1.6-megawatt rooftop solar system (nearly 4,200 solar panels) and a one-megawatt Combined Heat and Power Unit installed in partnership with Inferno Solar, at RDP’s Energy Innovation Centre. The project is intended to demonstrate how clean energy technologies can be incorporated into existing commercial buildings -- potentially a significant market opportunity for the deployment of Cell Driver™. The installation of the Cell Driver™ system at RDP is a use-case for educational facilities and municipalities committed to meeting net-zero standards and is expected to enhance the institution’s efforts in advancing alternative energy research, education, and green technology adoption in Alberta. It will be a component of Red Deer Polytechnic’s Energy Living Lab, which allows industry experts and students to explore energy innovation on a large scale at a systems level.
“We are pleased to have successfully completed the installation of the first Cell Driver™ system at Red Deer Polytechnic,” said John Meekison, General Manager of Exro’s Cellex division.“ As we work toward the goal of commercializing our Cell Driver™ technology this application serves as a powerful proof of concept for future opportunities, demonstrating how our system can lower energy costs and improve operational efficiency for commercial and industrial users. We’re excited to demonstrate how our technology can drive sustainable energy solutions”
RDP’s Energy Innovation Centre research staff, along with industry partners and students who engage within this innovation space, will assess how the new Cell Driver™ energy storage system works to help determine its capabilities and how it can best be used to support reliable, affordable energy generation in other organizations across Alberta. The province’s cold winter climate often creates challenges for battery and power generation systems to work efficiently and effectively.
“The partnership with Exro to install the Cell Driver™ system on Red Deer Polytechnic’s main campus has been a great success in showcasing our Energy Living Lab and how we support the industry to find and use innovative solutions that contribute to a more sustainable and secure energy future. This directly impacts organizations and people in Alberta and beyond,” said Tonya Wolfe, Associate Vice President, Applied Research, at Red Deer Polytechnic. “This installation also addresses a need at our post-secondary institution to provide a state-of-the-art energy storage solution that enriches our students’ learning experiences. The Cell Driver™ will offer hands-on opportunities for students to work with next-generation technology, preparing them for career success in green energy roles and sectors. We look forward to continuing our collaboration with Exro.”
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results.
For more information visit our website at www.exro.com.
To view our Corporate Presentation visit us at www.exro.com/investors
Visit us on social media @exrotech.
ABOUT RED DEER POLYTECHNIC
Focused on advancing the economic and social priorities of Alberta, Red Deer Polytechnic (RDP) provides more than 80 industry-relevant programs and a breadth of credentials to approximately 10,000 credit, non-credit, and apprenticeship students. With modern teaching and learning spaces, and state-of-the-art research and innovation centres, RDP provides education and applied research opportunities in partnership with industry and communities. Red Deer Polytechnic’s main campus is located on Treaty 7, Treaty 6 and Métis ancestral lands. This is where we will strive to honour and transform our relationships with one another.??
For more information about RDP’s sustainability initiatives visit www.rdpolytech.ca/sustainability
Visit us on social media at facebook | X | instagram????
?Contact Information
Investor inquiries: ir@exro.com
Media inquiries: media@exro.com or media@rdpoltyech.ca
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified using terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, which could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's annual information form for the financial year ended December 31, 2023, and financial statements and related MD&A for the financial year ended December 31, 2023, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.
While the price has bottomed at $.07, the OBV has not turned up so there is still more tax loss selling
Oleblue
2 months ago
CALGARY, Alberta (November 6, 2024) – Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) (the “Company” or “Exro”), a leading clean technology provider specializing in proprietary motor control and complete electric propulsion systems for e-mobility, today announced the release of a shareholder letter. The letter provides details on the upcoming Q3 earnings release, scheduled for November 13, 2024, as well as an Analyst Day event to be hosted at the Company's U.S. headquarters in Mesa, Arizona, on November 14, 2024. The letter also addresses recent stock volatility and reaffirms Exro's commitment to advancing its strategic initiatives and driving long-term growth in the electrification sector.
Dear Exro Shareholders,
Despite recent headwinds, Exro’s proprietary intellectual property continues to position us for strong growth. Our patented and proven technology is designed to make the transition to electrification more cost-effective while improving performance. The acquisition of SEA Electric was a strategic move to accelerate the integration of our Coil Driver® technology into OEM platforms, a development expected to drive market adoption and revenue growth. We are pleased to report that this integration is progressing as planned and will be showcased at our upcoming Analyst Day.
In light of recent market volatility, we are committed to continuing to enhancing our investor relations strategy. Shareholders can look forward to the following updates:
Enhanced Investor Relations Support: We are committed to continuously improving our investor relations efforts with more frequent updates and more transparent communication channels to ensure investors continue to have timely access to information and a comprehensive understanding of Exro’s progress. In this light, Exro recently engaged leading North American investor relations firm, The Blueshirt Group, to manage and support Exro’s IR strategy. The Blueshirt team is comprised of Wall Street and industry veterans who have extensive relationships and established credibility with analysts, bankers, institutional investors, VCs and the media through years of strong execution.
Q3 Results Announcement on November 13, 2024: We will announce our Q3 results after the market closes. Management will host a conference call for analysts following the release of Q3 results with details to be provided in advance on our website.
Analyst Day on November 14, 2024: We are hosting our inaugural Analyst Day in Mesa, Arizona. This invitation-only event will showcase our technology with on-site demos of vehicles. Attendees will have the opportunity to speak with customers, industry experts and Exro executives to better understand the disruptive nature of our technology. Additionally, we will provide an update on our business strategy and path to profitability. Video recordings from the event will be posted to our investor relations website following the event.
Our resilience is rooted in our strong partnerships with blue-chip OEMs and a commitment to quality and innovation. Following our merger with SEA Electric, we have made significant strides in addressing key operational challenges, including:
Supply Chain Management: We successfully navigated many inventory and parts shortages that were highlighted in our Q2 results, ensuring minimal disruption to our operations.
Operational Efficiencies: We remain focused on cost reductions and right-sizing the business to meet OEM demand. To that end, we’ve achieved substantial annualized cost savings through headcount reductions, facility closures, and proactive resource management, positioning Exro on a clear path to profitability.
Financial Stability: We recently raised additional capital to support our working capital needs as we scale SEA-Drive® production volumes for two OEMs, which will drive both growth and profitability.
In recent weeks, our share price has faced significant downward pressure, with a decline of over 50% since late September. We understand the concerns this has raised among our shareholders and want to reassure you of our ongoing commitment to achieving long-term, profitable growth.
We believe the recent pressure on our stock is primarily attributable to the expiration of the lock-up agreement related to our merger with SEA Electric. Specifically, SEA shareholders received Exro shares with a six-month lock-up period, which expired in early October. This event, combined with weak broader market conditions for electric vehicle-related stocks, resulted in trading volumes more than three times the average daily levels, which contributed to the downward pressure on the share price.
While we are currently navigating short-term market challenges, we remain focused on operational excellence, revenue growth, and profitability through scale. The long-term market outlook remains positive as demand for electrified commercial vehicles continues to grow. In 2023, commercial truck sales in the U.S. and Europe tripled compared to the previous year, and this growth trend is expected to continue. OEMs are increasingly seeking innovative technology solutions to bridge the performance-cost gap. With our strong OEM partnerships and industry-leading technology, Exro is well-positioned to become the market leader in this space.
We deeply appreciate the continued support of our shareholders and look forward to updating you on our progress in the coming weeks. We are confident that we are building a better future, where sustainability and innovation work hand in hand.
Thank you for your ongoing trust and support.
Sue Ozdemir
CEO, Exro
Rod Copes
Board Chair, Exro
Contact Information
Investor inquiries: jodowd@exro.com
Media inquiries: media@exro.com
Oleblue
8 months ago
Exro Technologies Announces Fourth Quarter and Full Year 2023 Financial Results
April 1, 2024
At a Glance
Exro generated revenue of $5,736,140 for the twelve months that ended December 31, 2023.
The Company lifted the nondisclosure agreement with Giaffone and announced the completion of Coil DriverTM validation in Q4 2023 and acceptance of purchase order agreements which commenced in Q1 2024.
Coil Driver™ start of production was launched in Q3 2023 with low volume production and was followed by initial deliveries to customers of sample units in Q4 2023.
On January 30, 2024, Exro entered into a Merger Agreement with SEA Electric Inc
Exro Technologies Announces Fourth Quarter and Full Year 2023 Financial Results
Calgary, Alberta (April 1, 2024) – Exro Technologies Inc. (TSX: EXRO, OTC QB: EXROF) (the “Company” or “Exro”), a leading clean technology company which has developed new generation power control electronics that expand the capabilities of electric motors and batteries, announced today its financial results for the quarter ended December 31, 2023.
"Our Company continued operational momentum through Q4 2023, closing out the year with several important milestones achieved", said Exro Chief Executive Officer, Sue Ozdemir. "2023 already feels like a distant memory with Exro entering into transformational merger with electric vehicle technology company SEA Electric in Q1 2024, setting the stage for accelerated revenue growth, technology deployments, and path to profitability. We look forward to closing the transaction and delivering on commitments to our major commercial and passenger vehicle OEM partners in 2024 and beyond."
Exro and Sea Electric Merger
Subsequent to year end Exro entered into a Merger Agreement ("the Transaction") with SEA Electric Inc. ("SEA Electric"). The Transaction is expected to enhance Exro's technology offerings, accelerate revenue growth, and contribute to its path to profitability.
The Transaction is expected to provide meaningful benefits to Exro, including but not limited to:
Technology Synergy: The Transaction combines Exro’s Coil Driver™ motor control technology with SEA Electric’s SEA-Drive vehicle control unit (VCU) software technology. This integration is anticipated to deliver superior performance, efficiency, and total cost of ownership advantages, embedded in a complete package electric propulsion system for the commercial vehicle space. Exro and SEA Electric have been testing the technology in partnership over the prior 3 years.
Revenue Acceleration: Following the Transaction, the company is forecasting delivery of over 1,000 propulsion systems in 2024 to blue-chip original equipment manufacturers (OEMs). This strategic move is expected to drive substantial revenue growth.
Multi-Year Commitments: Leading commercial vehicle OEMs have made multi-year commitments to the combined company. These commitments underscore the confidence in the merged entity’s capabilities and potential
In conjunction with the Transaction, the Company announced a bought deal private placement offering for gross proceeds of $30 million through the offering of 31,600,000 subscription receipts at a price of $0.95 per subscription receipt. The subscription receipts will be exchanged for common shares upon close of the Transaction and proceeds released to the Company. The Transaction is expected to be completed on April 5, 2024, subject to customary closing conditions, including regulatory approvals and approval by Exro shareholders.
Fourth quarter and subsequent operating highlights
In Q4 2023, Exro lifted the NDA and announced a partnership with Giaffone Electric, further expanding its strategic collaborations into South America. In Q1 2023, Exro and Giaffone integrated Coil Driver™ systems within commercial delivery vehicles for a global leading food and beverage company. Additional systems were ordered and deliveries continued through Q1 2024.
Exro successfully completed bench testing of 48V coil drivers for a hybrid diesel application with its off-highway NDA partner in Europe. Commercial discussions for units and systems are underway, with negotiations involving the lifting of the NDA.
Coil Driver™ start of production was launched in Q3 2023 with low volume production and was followed by initial deliveries of sample units in Q4 2023.
With Exro’s Cell Driver™ energy storage, the company announced a distribution partnership with Greentech Renewables Southwest and named Re:Build Manufacturing as the exclusive manufacturing partner for the Company’s Cell Driver cabinets. Exro has onboarded 40+ distribution and installation partners across North America and the Caribbean
On March 6, 2024 Exro announced that it has completed the testing program required to receive UL certification for its Cell Driver™ stationary energy storage system. The test results are currently being reviewed by approved UL certifier Intertek Laboratories, followed by an audit of Exro’s contract manufacturer for the Cell Driver™, Re:Build Manufacturing. It is anticipated that final UL certification will be received in Q2 2024. Commercial sales and marketing activities continue.
The Company has disclosed additional key highlights from 2023 in the MD&A released on April 1, 2024.
Fourth quarter and year ended 2023 financial highlights
For the three months ended December 31, 2023
Revenue of $935,410 (2022 – $1,807,859)
Comprehensive loss of $18,201,611 (2022 – $25,301,810)
Selling, general and administration expense decreased by $5,886 to $2,592,706 from $2,598,592
Payroll and consulting fees increased by $796,058 to $4,474,702 from $3,678,644
Research and development increased by $1,840,285 to $4,485,833 from $2,645,548
For the twelve months ended December 31, 2023
Revenue of $5,736,140 (2022 – $2,185,448)
Comprehensive loss of $50,143,198 (2022 – $39,495,905)
Selling, general and administration expense decreased by $1,343,234 to $9,776,036 from $11,119,270
Payroll and consulting fees increased by $2,883,319 to $16,669,923 from $13,786,604
Research and development increased by $4,071,391 to $12,836,892 from $8,765,501
The Company generated revenue of $935,410 and $5,736,140, for the three and twelve months ended December 31, 2023, respectively through the execution on engineering services agreements.
Exro saw an overall increase in operating costs for the twelve months ended December 31, 2023, which was driven largely by higher payroll and research and development costs compared to the same period in 2022, offset by a reduction in selling, general and administration expenses. In addition the Company saw higher expenses related to non-cash items including a loss on investment in SEA, fair value loss on derivative assets, interest expense settled through the issuance of shares in the Company, and higher depreciation and share-based payments.
Liquidity and capital resources
As at December 31, 2023, the Company had cash and cash equivalents of $6,241,176 and accounts receivable of $4,233,672. The Company had accounts payable and accrued liabilities of $8,629,951.
Results of operations and selected financial data
Outstanding share data
As of April 1, 2024, there were 170,121,818 Common Shares issued and outstanding.
Additional information
The financial statements and Management’s Discussion and Analysis for the quarter ended December 31, 2023, released April 1, 2024, can be viewed at www.exro.com/investors or on SEDAR+ under Exro Technologies Inc. at www.sedarplus.ca.
Unless otherwise indicated, all figures are in Canadian currency, Cdn.
About Exro Technologies Inc.
Exro Technologies Inc. is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company’s innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil Driver™) and stationary energy storage (Cell Driver™), and act to accelerate adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results.
For more information visit our website at www.exro.com.
Visit us on social media @exrotech.
On behalf of the board of directors
Sue Ozdemir, Chief Executive Officer
Contact information
Investor inquiries: ir@exro.com
Chief Investment Officer, Darrell Bishop: dbishop@exro.com
Media inquiries: media@exro.com
Cautionary statement regarding forward looking statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's annual information form for the financial year ended December 31, 2023, and financial statements and related MD&A for the financial year ended December 31, 2023, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.
https://www.exro.com/news/exro-technologies-announces-fourth-quarter-and-full-year-2023-financial-results?utm_source=mailchimp&utm_medium=email&utm_campaign=newsletter&utm_content=april-2024-newsletter
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