Exro Technologies Inc (CSE:XRO) (OTCMKTS:EXROF) has revealed it is further commercializing its technology as it unveiled a tie-up with Toronto-listed Clean Seed Capital Group Ltd (CVE:CSX) to enhance the latter's high-tech agricultural seeder and planter platforms.
The pair will produce a working prototype to be implemented in the field by 2021 so farmers will be able to reduce power needed to run Clean Seed's revolutionary farm tools, the company said.
Exro is focused on the world’s transition to clean energy by providing products, which increase the efficiency and reliability of power systems, including electric motors, generators and batteries.
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"This is another step in the commercialization of Exro's technology that will expand the capabilities of the world's electric motors," Exro's CEO Sue Ozdemir told investors in a statement.
"Clean Seed is a pioneer in improving the efficacy and sustainability of farming. With this new agreement, we will, together, electrify the industry to maximize its potential, driving better productivity and efficient use of energy," she added.
Ozdemir noted that the Clean Seed agreement represented Exro's fifth commercialization deal. She took the helm at Exro in September last year after serving as CEO of General Electric's industrial motors division.
"As we have set out in our company plan, we have now strategically placed Exro's technology with respected leaders in the agriculture, automotive, marine, recreational and electric-bicycle markets," noted the company boss.
"This worldwide exclusive collaboration and supply agreement with Exro will set new benchmarks in the electrification of agriculture," added Graeme Lempriere, CEO of Clean Seed, which is based in Burnaby, British Columbia.
Shared added nearly 7% on the day to stand at C$0.46 in Toronto.
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Contact the author at giles@proactiveinvestors.com
