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Exro Technologies enters multibillion-dollar snowmobile sector via agreement with leading Finnish manufacturer

Aurora Powertrains will use Exro’s technology in its all-electric snowmobile, the eSled

snowmobile through winter landscape
There were just over 133,081 snowmobiles sold worldwide in 2019

Exro Technologies Inc (CSE:XRO) (OTCMKTS:EXROF) is motoring across new terrain, thanks to a new partnership with Finland’s leading snowmobile manufacturer Aurora Powertrains Oy. 

The Vancouver-based clean motor manufacturer said Thursday that Aurora will use Exro’s technology in its all-electric snowmobile, the eSled. Exro’s technology will be added to Aurora’s electric powertrain. 

The agreement represents Exro’s expansion into a multi-billion-dollar market segment and is a key step in its global commercialization strategy. 

READ: Exro Technologies opening brand-new Exro Innovation Centre in spring 2020

"We are very excited to now be entering the snowmobile industry, which sees more than one billion dollars of global sales annually," said Exro CEO Sue Ozdemir.

"This is also important as it takes Exro's technology overseas to Europe and forms a key partnership with one of the transportation sector's true innovators in the use of electric powertrains."

Aurora CEO Ari Karjalainen told investors that it is looking forward to working alongside Exro to further develop the capabilities of our electric powertrain technology.

“This is a growing market and we see increased potential with partners like Exro," Karjalainen said in a statement. "We believe this is a global market that will continue to grow as consumers demand low-impact, zero-emission recreation vehicles."

According to the International Snow Machine Manufacturing Association, there were just over 133,081 snowmobiles sold worldwide in 2019. The association estimates the economic annual economic impact of snowmobiling to be $26 billion in the US, $8 billion in Canada and $5 billion in Europe and Asia (all figures USD).

Exro's technology improves energy systems by dynamically sensing and adapting varying inputs and matching them to desired outputs, creating performance gains and an extended lifespan.

The company’s patented technology is used in electric vehicles, unmanned aerial vehicles (UAVs) and ship drives.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Exro Technologies

Price: 0.92 CAD

Market: CSE
Market Cap: $76.25 m

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