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Exro Technologies inks deal with electric boat manufacturer Templar Marine Group to optimize engine performance

Exro’s patented technology uses artificial intelligence to improve the performance of things like electric engines and power systems

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The electric boat sector is projected to reach US$14.3 billion by 2023

Exro Technologies Inc (CSE:XRO) (OTCMKTS:EXROF) took another step in commercializing its electrical engine performance system, thanks to a new partnership with a Canadian boat manufacturer. 

The Vancouver-based company is teaming up with The Templar Marine Group Ltd, which produces commuter electric boats such as water taxis and rental fleets. 

Exro’s patented technology uses artificial intelligence to sense and adapt to variable inputs and matches it to desired outputs to improve the performance of things like electric engines and power systems. 

READ: ElectraMeccanica cruises towards delivering its flagship SOLO electric vehicle to customers in 2020

Kicking off the partnership, Templar will integrate Exro’s system into its water taxis as a pilot project to see how it can increase the motor’s performance at high speeds, as well as improving the range through increased system efficiency, the company said in a statement.

Exro’s technology has already proven to increase motor speed by 30%, according to the company.

“We believe Exro’s technology will dramatically enhance the performance of electric motors in boats and other watercraft,” said Sue Ozdemir, Exro’s CEO.

“The e-Boat sector is clearly growing as people look for solutions that are sustainable and also meet regulatory requirements preventing the pollution of our lakes, rivers and oceans.”

Research and Markets estimates that the burgeoning electric boat sector is projected to reach US$14.3 billion by 2023.

The market for pure electric and hybrid boats and ships is growing rapidly, as vessel operators face restrictions surrounding emissions of Nitrogen and Sulphur oxides, as well as greenhouse gases such as carbon dioxide, Templar’s CEO Mark Fry said in a statement.

“We are excited about the opportunity to work with this cutting-edge technology and believe the advancements Exro can add to electric boats can make a real difference,” Fry told investors. “More speed and greater range are the primary limitations we face, and we have no doubt Exro’s technological advancements will be fully embraced by the market.”

Exro said it will move upstream with its electric engine offering and look to license directly to multiple global suppliers of boats and ships.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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