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Exro Technologies boss committed to closing eight strategic partnerships by the end of 2020

Last updated: 10:09 08 Apr 2020 EDT, First published: 10:35 08 Apr 2020 EDT

Exro Technologies -
The group said the Aurora snowmobile partnership was very exciting

Exro Technologies Inc (CSE:XRO) (OTCMKTS:EXROF) CEO Sue Ozdemir told shareholders she was optimistic about the clean energy group's future as she outlined the main activity of its current commercialization phase.

In a letter to shareholders, the company boss, who's been in the role for six months, said she was committed to closing eight strategic partnerships by the end of this year — four are ongoing, while four are on the horizon, she said.

READ: Exro Technologies names Werner Kitz to its Business Advisory Board

Here are the four key ongoing projects:

  • Motorino Electric Bike - The firm delivered the first proof of concept in December with outstanding results of exceeding speed and torque by 25%.
  • Potencia - The project was a multi-stage delivery that started with the Exro motor driver. This driver is delayed due to parts from China; the firm anticipates delivery in June. In the meantime, Exro, with the agreement of its customer, has moved ahead to stage 2, which is the coil switching module. Now, both stages will deliver together in June, giving Exro its first proof of concept in an electric vehicle.
  • Templar Marine - This project is to optimize the powertrain in an electric water taxi. The initial development time was approximately four months, and the firm  expects only a small delay of a few weeks.
  • Aurora Snowmobile - The firm says this is a very exciting partnership as there are several opportunities to both integrate its technology into the Aurora powertrain and work with electric motor suppliers in their supply chain. The firm will start with the 100 volts driver and look to deliver in the third quarter at their request. This project remains on time.

Ozdemir revealed the company was also now in the midst of  a "robust rebranding program" hot on the heels of another rebrand as the firm moved from DPM (Dynamic Power Management) to ETR (Electronic Transmission) early in 2019.

"It was a necessary strategic move to align us to the marketplace better," she said.

Commercialization of the group's patented coil switching technology also remains a focus and using this in generators will bring efficiency gains to a new group of prospective partners, including the wind industry, added Ozdemir.

More deals on the horizon

"These are four key partnerships as they demonstrate the scalability and versatility of the Exro technology. We are now working with bikes, cars, boats, and snowmobiles. The next four deals are on the horizon, and I am very confident that we will close all 8 deals this year," said Ozdemir. 

The Exro Technologies boss said the company was "in discussions with potential partners" to bring a proof of concept to market by the end of this year, where it expected "to be able to demonstrate the value of integrating the company's technologies into generators."

"Lots is going on; we are listening to the feedback of our partnerships," Ozdemir added.

On the current, unprecedented coronavirus situation, Ozdemir concluded: "We have taken many precautions, and while there are some delays, we do not see any risks to existing or upcoming projects.

"Our bank account is strong, and we are financially prudent with our spending to best execute the business strategy. While this is a turbulent market, I am not shaken and remain very committed and optimistic about the future of Exro."

Contact the author at giles@proactiveinvestors.com

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