In a statement accompanying the company’s first-quarter results, Ozdemir said the business is also working to open a 6,500 square-foot innovation center in Calgary, Alberta to “demonstrate how the company dramatically improves the performance of the world's electric motors”.
READ: Exro Technologies taps automotive and power electronics industry innovator Eric Hustedt as chief of engineering
“The Exro Innovation Center (EIC) will also increase the company's laboratory space, to expand its service capabilities to customers and showcase where Exro's technology can be applied to key sectors of the economy. The EIC will also host collaborative events to explore advances in energy consumption and power electronics innovations, with participants from Calgary, across Canada and around the world", Ozdemir noted.
"Exro is in full force at commercializing its patented Coil Switching technology. We engaged multiple partnerships with manufacturers during the first quarter such as Finland's Aurora Powertrains Oy and Clean Seed Capital Group Ltd along with the partnerships from 2019, Motorino Electric Bike, Potencia, and Templar Marine. We are in talks with several potential partners to build prototypes that will be implanted into the field", the Exro boss added.
The deal with Aurora will see Exro add its technology to the company’s electric powertrain to both increase motor performance while decreasing cost for future production.
Meanwhile, Exro will, as well, integrate its technology into Clean Seed’s high-tech agricultural seeder and planter platforms to the electrification of the world's heavy-farm equipment.
The group also said it had raised around $4.3 million through a private placement of 12.28 million shares at a price of $0.35 per share.
Exro reported a comprehensive loss for the three months to March 31, 2020, of $1.5 million compared to a loss of $1.02 million in 2019.
The company also reported that at period-end it had a cash balance of $3.55 million, accounts payable and accrued liabilities of $425,287, and a related party payable of $51,394.
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.
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